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Company Registration No. 00889835 (England and Wales)
Jonic Engineering Limited Unaudited accounts for the year ended 31 October 2023
Jonic Engineering Limited Unaudited accounts Contents
Page
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Jonic Engineering Limited Company Information for the year ended 31 October 2023
Directors
Peter Blakeman Stephen Andrews Tonia Baker Eric Holt
Secretary
Tonia Baker
Company Number
00889835 (England and Wales)
Registered Office
SPEEDWELL ROAD HAY MILLS BIRMINGHAM B25 8EU
Accountants
SL Accountancy Services Ltd First Floor Churchill House Pensnett Trading Estate West Midlands DY6 7XZ
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Jonic Engineering Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,154,421 
2,149,289 
Current assets
Inventories
487,707 
480,632 
Debtors
1,691,572 
1,476,785 
Cash at bank and in hand
39,422 
50,496 
2,218,701 
2,007,913 
Creditors: amounts falling due within one year
(1,334,661)
(1,471,563)
Net current assets
884,040 
536,350 
Total assets less current liabilities
3,038,461 
2,685,639 
Creditors: amounts falling due after more than one year
(43,769)
(89,833)
Provisions for liabilities
Deferred tax
(337,839)
(356,662)
Net assets
2,656,853 
2,239,144 
Capital and reserves
Called up share capital
989 
989 
Share premium
80,000 
80,000 
Revaluation reserve
696,516 
696,516 
Capital redemption reserve
8,630 
8,630 
Profit and loss account
1,870,718 
1,453,009 
Shareholders' funds
2,656,853 
2,239,144 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2024 and were signed on its behalf by
Tonia Baker Director Company Registration No. 00889835
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Jonic Engineering Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Jonic Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 00889835. The registered office is SPEEDWELL ROAD, HAY MILLS, BIRMINGHAM, B25 8EU.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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Jonic Engineering Limited Notes to the Accounts for the year ended 31 October 2023
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 November 2022
1,250,000 
2,471,944 
123,578 
166,863 
4,012,385 
Additions
- 
68,082 
58,618 
7,182 
133,882 
Disposals
- 
- 
(36,339)
(88)
(36,427)
At 31 October 2023
1,250,000 
2,540,026 
145,857 
173,957 
4,109,840 
Depreciation
At 1 November 2022
- 
1,661,345 
53,667 
148,084 
1,863,096 
Charge for the year
- 
87,868 
13,632 
4,518 
106,018 
On disposals
- 
- 
(13,628)
(67)
(13,695)
At 31 October 2023
- 
1,749,213 
53,671 
152,535 
1,955,419 
Net book value
At 31 October 2023
1,250,000 
790,813 
92,186 
21,422 
2,154,421 
At 31 October 2022
1,250,000 
810,599 
69,911 
18,779 
2,149,289 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
284,086 
315,651 
- Motor vehicles
88,571 
65,091 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,521,686 
1,457,604 
Accrued income and prepayments
95,809 
19,181 
Other debtors
74,077 
- 
1,691,572 
1,476,785 
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Jonic Engineering Limited Notes to the Accounts for the year ended 31 October 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
69,068 
129,104 
VAT
118,097 
109,418 
Obligations under finance leases and hire purchase contracts
87,482 
116,811 
Trade creditors
817,301 
652,776 
Taxes and social security
152,463 
87,768 
Other creditors
31,653 
345,745 
Loans from directors
5,692 
(14,955)
Accruals
52,905 
44,896 
1,334,661 
1,471,563 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
43,769 
89,833 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
890 Ordinary "A" shares of £1 each
890 
890 
99 Ordinary "C" shares of £1 each
99 
99 
989 
989 
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Peter Blakeman
Directors Loan
18,427 
57,843 
59,119 
17,151 
Stephen Andrews
Directors Loan
(3,471)
23,573 
25,794 
(5,692)
14,956 
81,416 
84,913 
11,459 
10
Average number of employees
During the year the average number of employees was 43 (2022: 38).
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