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Registered number: SC693067
Jac Insulation Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Almond Valley Accounting Limited
CIMA
14 Ellismuir House Ellismuir Way
Tannochside
G71 5PW
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: SC693067
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 645 862
645 862
CURRENT ASSETS
Cash at bank and in hand 14,453 12,561
14,453 12,561
Creditors: Amounts Falling Due Within One Year 5 (13,193 ) (13,336 )
NET CURRENT ASSETS (LIABILITIES) 1,260 (775 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,905 87
NET ASSETS 1,905 87
CAPITAL AND RESERVES
Called up share capital 6 1 1
Profit and Loss Account 1,904 86
SHAREHOLDERS' FUNDS 1,905 87
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Cassells
Director
05/04/2024
The notes on pages 3 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Jac Insulation Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC693067 . The registered office is 24 Cailhead Drive, Glasgow, G68 9FA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Straight Line
Computer Equipment 25% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 160 1,042 1,202
Additions 110 - 110
As at 31 March 2024 270 1,042 1,312
Depreciation
As at 1 April 2023 79 261 340
Provided during the period 67 260 327
As at 31 March 2024 146 521 667
Net Book Value
As at 31 March 2024 124 521 645
As at 1 April 2023 81 781 862
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1
Corporation tax 12,195 6,187
Director's loan account 998 7,148
13,193 13,336
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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