Registered number
SC408670
JR Glasgow Ltd
Filleted Accounts
31 October 2023
JR Glasgow Ltd
Registered number: SC408670
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,240 7,800
Tangible assets 4 202,319 203,593
208,559 211,393
Current assets
Stocks 56,000 53,000
Cash at bank and in hand 64,156 56,763
120,156 109,763
Creditors: amounts falling due within one year 5 (93,885) (95,404)
Net current assets 26,271 14,359
Total assets less current liabilities 234,830 225,752
Creditors: amounts falling due after more than one year 6 (90,376) (104,440)
Net assets 144,454 121,312
Capital and reserves
Called up share capital 1 1
Profit and loss account 144,453 121,311
Shareholder's funds 144,454 121,312
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jaspal Singh
Director
Approved by the board on 28 February 2024
JR Glasgow Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets, comprising Goodwill, are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 15,600
At 31 October 2023 15,600
Amortisation
At 1 November 2022 7,800
Provided during the year 1,560
At 31 October 2023 9,360
Net book value
At 31 October 2023 6,240
At 31 October 2022 7,800
Goodwill is being written off over its useful life of 10 years
4 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 200,369 10,921 12,490 223,780
At 31 October 2023 200,369 10,921 12,490 223,780
Depreciation
At 1 November 2022 - 8,320 11,867 20,187
Charge for the year - 651 623 1,274
At 31 October 2023 - 8,971 12,490 21,461
Net book value
At 31 October 2023 200,369 1,950 - 202,319
At 31 October 2022 200,369 2,601 623 203,593
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,340 8,340
Trade creditors 29,700 27,126
Accruals 380 380
Taxation and social security costs 12,604 9,558
Other creditors 42,861 50,000
93,885 95,404
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 90,376 104,440
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 72,188 76,427
The Royal Bank of Scotland Plc have a bond and floating charge over the trading property asset.
8 Controlling party
The director, Jaspal Singh, held a 100% beneficial interest in the share capital of the company.
9 Other information
JR Glasgow Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
42 Hairst Street
Renfrew
PA4 8QY
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