2 31/10/2023 2023-10-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05257685 2022-11-01 2023-10-31 05257685 2023-10-31 05257685 2022-10-31 05257685 2021-11-01 2022-10-31 05257685 2022-10-31 05257685 core:PlantMachinery 2022-11-01 2023-10-31 05257685 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 05257685 core:MotorVehicles 2022-11-01 2023-10-31 05257685 bus:RegisteredOffice 2022-11-01 2023-10-31 05257685 bus:LeadAgentIfApplicable 2022-11-01 2023-10-31 05257685 bus:Director1 2022-11-01 2023-10-31 05257685 bus:CompanySecretary1 2022-11-01 2023-10-31 05257685 core:PlantMachinery 2022-10-31 05257685 core:FurnitureFittingsToolsEquipment 2022-10-31 05257685 core:MotorVehicles 2022-10-31 05257685 core:PlantMachinery 2023-10-31 05257685 core:FurnitureFittingsToolsEquipment 2023-10-31 05257685 core:MotorVehicles 2023-10-31 05257685 core:WithinOneYear 2023-10-31 05257685 core:WithinOneYear 2022-10-31 05257685 core:ShareCapital 2023-10-31 05257685 core:ShareCapital 2022-10-31 05257685 core:RetainedEarningsAccumulatedLosses 2023-10-31 05257685 core:RetainedEarningsAccumulatedLosses 2022-10-31 05257685 core:PlantMachinery 2022-10-31 05257685 bus:Director1 2022-10-31 05257685 bus:Director1 2023-10-31 05257685 bus:Director1 2021-10-31 05257685 bus:Director1 2022-10-31 05257685 bus:Director1 2021-11-01 2022-10-31 05257685 bus:SmallEntities 2022-11-01 2023-10-31 05257685 bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 05257685 bus:FullAccounts 2022-11-01 2023-10-31 05257685 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05257685 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05257685 1 2022-11-01 2023-10-31
Company registration number: 05257685
L J I Limited
Unaudited filleted financial statements
31 October 2023
L J I Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
L J I Limited
Directors and other information
Directors Mr L Jarrett
Secretary Mrs P Jarrett
Company number 05257685
Registered office 2 Park View
Crosskeys
Newport
Gwent
NP11 7DD
Accountants Beverley & Williams Accountants Ltd
Unit A St Davids House
Feeder Row
Cwmcarn
Newport, Gwent
NP11 7ED
L J I Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 899 841
_______ _______
899 841
Current assets
Stocks 4,448 690
Debtors 6 3,533 -
Cash at bank and in hand 5,717 7,262
_______ _______
13,698 7,952
Creditors: amounts falling due
within one year 7 ( 6,155) ( 1,536)
_______ _______
Net current assets 7,543 6,416
_______ _______
Total assets less current liabilities 8,442 7,257
Provisions for liabilities ( 171) ( 159)
_______ _______
Net assets 8,271 7,098
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 8,270 7,097
_______ _______
Shareholders funds 8,271 7,098
_______ _______
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.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr L Jarrett
Director
Company registration number: 05257685
L J I Limited
Notes to the financial statements
Year ended 31 October 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 2 Park View, Crosskeys, Newport, Gwent, NP11 7DD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 14,596 1,604 5,250 21,450
Additions 510 - - 510
Disposals ( 514) ( 794) - ( 1,308)
_______ _______ _______ _______
At 31 October 2023 14,592 810 5,250 20,652
_______ _______ _______ _______
Depreciation
At 1 November 2022 13,755 1,604 5,250 20,609
Charge for the year 452 - - 452
Disposals ( 514) ( 794) - ( 1,308)
_______ _______ _______ _______
At 31 October 2023 13,693 810 5,250 19,753
_______ _______ _______ _______
Carrying amount
At 31 October 2023 899 - - 899
_______ _______ _______ _______
At 31 October 2022 841 - - 841
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,533 -
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 968 244
Other creditors 5,187 1,292
_______ _______
6,155 1,536
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr L Jarrett ( 332) ( 895) ( 3,000) ( 4,227)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr L Jarrett ( 327) 7,995 ( 8,000) ( 332)
_______ _______ _______ _______
9. Controlling party
The ultimate controlling party is Mr L Jarrett .