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Registration number: 14369887

JKWired Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2023

 

JKWired Ltd

Director's Report for the Year Ended 30 September 2023

The director presents her report and the financial statements for the year ended 30 September 2023.

Incorporation

The company was incorporated on 22 September 2022 and commenced trading on 1 October 2022

Director of the company

The director who held office during the year was as follows:

Mrs S Kavanagh

Principal activity

The principal activity of the company is electrical installation.

Approved and authorised by the director on 2 February 2024
 

.........................................
Mrs S Kavanagh
Director

Statement of Director's Responsibilities

The director acknowledges her responsibilities for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006 and are prepared in accordance with applicable Financial Reporting Standards. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

JKWired Ltd

(Registration number: 14369887)
Balance Sheet as at 30 September 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

22,316

Current assets

 

Debtors

5

9,260

Cash at bank and in hand

 

3,696

 

12,956

Creditors: Amounts falling due within one year

6

(22,715)

Net current liabilities

 

(9,759)

Total assets less current liabilities

 

12,557

Creditors: Amounts falling due after more than one year

6

(18,169)

Net liabilities

 

(5,612)

Capital and reserves

 

Called up share capital

7

1

Retained earnings

(5,613)

Shareholders' deficit

 

(5,612)

For the financial year ending 30 September 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 of its accounts for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 Section 1A.

Approved and authorised by the director on 2 February 2024
 

.........................................
Mrs S Kavanagh
Director

   
 

JKWired Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 23 Knights Way, Alton, Hampshire, GU34 1PJ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

JKWired Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

JKWired Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3.

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

845

22,495

23,340

At 30 September 2023

845

22,495

23,340

Depreciation

Charge for the

89

935

1,024

At 30 September 2023

89

935

1,024

Carrying amount

At 30 September 2023

756

21,560

22,316

5

Debtors

Current

2023
£

Trade debtors

3,958

Other debtors

5,302

 

9,260

 

JKWired Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Bank loans and overdrafts

8

3,738

Taxes and social security

 

2,982

Directors current accounts

 

13,837

Other creditors

 

2,158

 

22,715

Due after one year

 

Loans and borrowings

8

18,169

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

1

1

     

8

Loans and borrowings

2023
£

Non-current loans and borrowings

Finance lease liabilities

18,169

2023
£

Current loans and borrowings

Finance lease liabilities

3,738