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REGISTERED NUMBER: 04243630 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

J.T.S. (Cushions) Ltd

J.T.S. (Cushions) Ltd (Registered number: 04243630)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 5


J.T.S. (Cushions) Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: S Shrimpton
J S Shrimpton





SECRETARY: T A Shrimpton





REGISTERED OFFICE: Unit C
Gresley Road
Keighley
West Yorkshire
BD21 5JG





REGISTERED NUMBER: 04243630 (England and Wales)





ACCOUNTANTS: Stirk Lambert & Co
Chartered Accountants
Russell Chambers
61a North Street
Keighley
West Yorkshire
BD21 3DS

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Statement of Financial Position
31 July 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Intangible assets 5 4,707 12,505
Tangible assets 6 141,489 206,451
146,196 218,956

CURRENT ASSETS
Stocks 7 1,287,460 2,476,549
Debtors 8 1,456,546 1,941,022
Cash at bank 177,806 19,079
2,921,812 4,436,650
CREDITORS
Amounts falling due within one year 9 (1,013,899 ) (2,446,451 )
NET CURRENT ASSETS 1,907,913 1,990,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,054,109

2,209,155

CREDITORS
Amounts falling due after more than one
year

10

(130,632

)

(205,226

)

PROVISIONS FOR LIABILITIES (17,125 ) (25,801 )
NET ASSETS 1,906,352 1,978,128

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,906,252 1,978,028
SHAREHOLDERS' FUNDS 1,906,352 1,978,128

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Statement of Financial Position - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Statement of Financial Position - continued
31 July 2023



The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2024 and were signed on its behalf by:





S Shrimpton - Director


J.T.S. (Cushions) Ltd (Registered number: 04243630)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

J.T.S. (Cushions) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the period of the lease
Plant & machinery - 25% on cost
Fixtures & fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


J.T.S. (Cushions) Ltd (Registered number: 04243630)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 96 (2022 - 105 ) .

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 August 2022
and 31 July 2023 98,683
AMORTISATION
At 1 August 2022 86,178
Amortisation for year 7,798
At 31 July 2023 93,976
NET BOOK VALUE
At 31 July 2023 4,707
At 31 July 2022 12,505

6. TANGIBLE FIXED ASSETS
Improvements
to Plant & Fixtures
property machinery & fittings
£    £    £   
COST
At 1 August 2022 320,299 251,753 295,893
Additions - 33,127 -
At 31 July 2023 320,299 284,880 295,893
DEPRECIATION
At 1 August 2022 300,585 178,124 213,192
Charge for year 7,571 45,365 35,380
At 31 July 2023 308,156 223,489 248,572
NET BOOK VALUE
At 31 July 2023 12,143 61,391 47,321
At 31 July 2022 19,714 73,629 82,701

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022 23,199 82,945 974,089
Additions - 3,675 36,802
At 31 July 2023 23,199 86,620 1,010,891
DEPRECIATION
At 1 August 2022 12,626 63,111 767,638
Charge for year 4,229 9,219 101,764
At 31 July 2023 16,855 72,330 869,402
NET BOOK VALUE
At 31 July 2023 6,344 14,290 141,489
At 31 July 2022 10,573 19,834 206,451

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2022
and 31 July 2023 23,199
DEPRECIATION
At 1 August 2022 12,626
Charge for year 4,229
At 31 July 2023 16,855
NET BOOK VALUE
At 31 July 2023 6,344
At 31 July 2022 10,573

7. STOCKS
31.7.23 31.7.22
£    £   
Stocks 1,287,460 2,476,549

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,226,771 1,680,595
Prepayments 229,775 260,427
1,456,546 1,941,022

J.T.S. (Cushions) Ltd (Registered number: 04243630)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 70,000 70,000
Hire purchase contracts 4,595 4,595
Trade creditors 410,582 460,550
Corporate taxation 62,630 123,826
Social security & other taxes 250,537 214,993
Invoice discounting (25,340 ) 1,274,214
Accrued expenses 240,895 298,273
1,013,899 2,446,451

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans - 1-2 years 70,000 70,000
Bank loans - 2-5 years 58,334 128,333
Hire purchase contracts 2,298 6,893
130,632 205,226

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Hire purchase contracts 6,893 11,488