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Registered number: 8256997
JB Engineering Services Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Branagans Accountancy Services Ltd
352 Herringthorpe Valley Rd
Rotherham
S60 4LA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 8256997
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 460,137 419,516
460,137 419,516
CURRENT ASSETS
Debtors 6 1,171,410 998,410
Cash at bank and in hand 333,075 13,536
1,504,485 1,011,946
Creditors: Amounts Falling Due Within One Year 7 (674,587 ) (672,578 )
NET CURRENT ASSETS (LIABILITIES) 829,898 339,368
TOTAL ASSETS LESS CURRENT LIABILITIES 1,290,035 758,884
NET ASSETS 1,290,035 758,884
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 11 5,233 234
Profit and Loss Account 1,284,800 758,648
SHAREHOLDERS' FUNDS 1,290,035 758,884
Page 1
Page 2
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.
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 Jamie Bell
Director
24/04/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
JB Engineering Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 8256997 . The registered office is 46 Canklow Road, Canklow, Rotherham, S60 2JF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 0%
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 year 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.
Deferred tax is recognised on 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred 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 and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
Manufacturing 7 7
9 9
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 310,291 87,230 128,091 6,512
Additions - 3,500 87,069 -
As at 31 October 2023 310,291 90,730 215,160 6,512
Depreciation
As at 1 November 2022 - 49,041 58,892 4,898
Provided during the period - 10,422 39,066 404
As at 31 October 2023 - 59,463 97,958 5,302
Net Book Value
As at 31 October 2023 310,291 31,267 117,202 1,210
As at 1 November 2022 310,291 38,189 69,199 1,614
Computer Equipment Total
£ £
Cost
As at 1 November 2022 2,045 534,169
Additions - 90,569
As at 31 October 2023 2,045 624,738
Depreciation
As at 1 November 2022 1,822 114,653
Provided during the period 56 49,948
As at 31 October 2023 1,878 164,601
Net Book Value
As at 31 October 2023 167 460,137
As at 1 November 2022 223 419,516
5. Stocks
2023 2022
£ £
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Page 5
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 560,405 446,093
Prepayments and accrued income 21,364 11,440
Expense accounts 695 -
Other taxes and social security 14,503 -
Amounts owed by other participating interests 574,443 540,877
1,171,410 998,410
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 236,605 327,728
Bank loans and overdrafts 35,787 35,833
Corporation tax 168,671 76,948
Other taxes and social security - 18,590
VAT 37,447 26,311
Net wages - 175
Barclays mortgage (Current liabilities - creditors < 1 year) 139,750 147,150
Accruals and deferred income 56,327 39,843
674,587 672,578
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 95,472 97,450
11. Reserves
Revaluation Reserve
£
As at 1 November 2022 234
Transfer to profit and loss 4,999
As at 31 October 2023 5,233
12. Related Party Transactions
Page 5