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
Jonic Engineering Limited
Company Information
for the year ended 31 October 2023
Directors
Peter Blakeman
Stephen Andrews
Tonia Baker
Eric Holt
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
Jonic Engineering Limited
Statement of financial position
as at 31 October 2023
Tangible assets
2,154,421
2,149,289
Inventories
487,707
480,632
Debtors
1,691,572
1,476,785
Cash at bank and in hand
39,422
50,496
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
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
Jonic Engineering Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
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.
Jonic Engineering Limited
Notes to the Accounts
for the year ended 31 October 2023
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 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.
Expenditure on research and development is written off in the year in which it is incurred.
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
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
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
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
284,086
315,651
- Motor vehicles
88,571
65,091
Amounts falling due within one year
Trade debtors
1,521,686
1,457,604
Accrued income and prepayments
95,809
19,181
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
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)
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
43,769
89,833
Allotted, called up and fully paid:
890 Ordinary "A" shares of £1 each
890
890
99 Ordinary "C" shares of £1 each
99
99
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan
18,427
57,843
59,119
17,151
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).