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COMPANY REGISTRATION NUMBER: 07672514
JKC (Maintenance) Ltd
Filleted Unaudited Financial Statements
30 June 2023
JKC (Maintenance) Ltd
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
290,913
220,572
Current assets
Stocks
18,362
203,618
Debtors
6
1,549,085
1,550,716
Cash at bank and in hand
204,492
64,371
------------
------------
1,771,939
1,818,705
Creditors: amounts falling due within one year
7
( 1,552,686)
( 1,585,591)
------------
------------
Net current assets
219,253
233,114
---------
---------
Total assets less current liabilities
510,166
453,686
Creditors: amounts falling due after more than one year
8
( 231,504)
( 204,833)
Provisions
Taxation including deferred tax
( 48,885)
( 41,908)
---------
---------
Net assets
229,777
206,945
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9
229,677
206,845
---------
---------
Shareholders funds
229,777
206,945
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JKC (Maintenance) Ltd
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
N Schneider
Director
Company registration number: 07672514
JKC (Maintenance) Ltd
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Sherburn Networkcentre, Lancaster Close, Leeds, LS25 6NS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period when the outcome of a transaction involving the rendering of services can be reliably estimated. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. 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. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors, including amounts due from customers for contracts. Cash in the balance sheet comprises cash at banks and in hand. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the income statement when due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
40,464
240,013
41,842
322,319
Additions
223,461
4,570
228,031
Disposals
( 120,301)
( 120,301)
--------
---------
--------
---------
At 30 June 2023
40,464
343,173
46,412
430,049
--------
---------
--------
---------
Depreciation
At 1 July 2022
28,773
40,799
32,175
101,747
Charge for the year
1,754
55,209
5,520
62,483
Disposals
( 25,094)
( 25,094)
--------
---------
--------
---------
At 30 June 2023
30,527
70,914
37,695
139,136
--------
---------
--------
---------
Carrying amount
At 30 June 2023
9,937
272,259
8,717
290,913
--------
---------
--------
---------
At 30 June 2022
11,691
199,214
9,667
220,572
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
936,361
1,113,217
Other debtors
612,724
437,499
------------
------------
1,549,085
1,550,716
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
61,250
61,250
Trade creditors
648,663
943,921
Corporation tax
45,819
8,468
Social security and other taxes
464,584
494,587
Other creditors
332,370
77,365
------------
------------
1,552,686
1,585,591
------------
------------
The bank loan is secured by a charge on the assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
61,250
122,500
Other creditors
170,254
82,333
---------
---------
231,504
204,833
---------
---------
The bank loan is secured by a charge on the assets of the company.
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
23,179
21,851
Later than 1 year and not later than 5 years
49,669
22,672
--------
--------
72,848
44,523
--------
--------
11. Contingencies
The company is in dispute with the Norwegian vat authority with regards to when the period of notification to charge vat commenced and the subsequent interest levied on the company. The company has been advised that it is possible, but not probable, the action will succeed and accordingly, no provision for any liability has been made in these financial statements. It has been estimated that should the claim be successful the liability would be £50,000.
12. Director's advances, credits and guarantees
During the year the advances totalling £157,380 were made to directors and £157,380 in respect of advances to directors was outstanding at the year end. The maximum amount outstanding during the year in respect of advances to the directors was £157,380. The company has not provided any guarantees on behalf of its directors during the year.
13. Controlling party
The company is a wholly owned subsidiary of Marlie Holdings Limited.