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REGISTERED NUMBER: 02836306 (England and Wales)















J.B. ASPHALT LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023






J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J.B. ASPHALT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J Bennett
K M Bennett





SECRETARY: K M Bennett





REGISTERED OFFICE: Knowsley Metropolitan Borough Council
Stretton Way Depot
Stretton Way, Huyton
Liverpool
L36 6JF





REGISTERED NUMBER: 02836306 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 55,339 46,102

CURRENT ASSETS
Inventories 5,000 5,000
Debtors 5 158,752 82,610
Cash at bank and in hand 124,869 21,118
288,621 108,728
CREDITORS
Amounts falling due within one year 6 (250,511 ) (84,134 )
NET CURRENT ASSETS 38,110 24,594
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,449

70,696

CREDITORS
Amounts falling due after more than one
year

7

(64,477

)

(67,064

)

PROVISIONS FOR LIABILITIES (10,514 ) -
NET ASSETS 18,458 3,632

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 18,358 3,532
18,458 3,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





J Bennett - Director


J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

J.B. Asphalt Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02836306 and registered office address is Knowsley Metropolitan Borough Council, Stretton Way Depot, Stretton Way, Huyton, Liverpool, L36 6JF.

2. ACCOUNTING POLICIES

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

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Revenue
Revenue represents the aggregate of the fair value of sale of goods and services provided, net of value added tax, rebates and discounts, plus an appropriate proportion of maintenance contract income provided during the period. Revenue is recognised as follows:-

Revenue from the sale of goods is recognised when the customer collects the goods or company has delivered and installed products to the customer and collectability of the related receivables is fairly stated.

Service revenue is recognised as those services are provided to customers.

Property, plant and equipment
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.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Government grants
Grants of a revenue nature are credited to income in the period to which they relate.

J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

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

Cost includes any expenditure incurred in bringing the inventory to its present location and condition. The cost comprises of actual purchase price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position. 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 the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 October 2022 179,786
Additions 20,195
At 30 September 2023 199,981
DEPRECIATION
At 1 October 2022 133,684
Charge for year 10,958
At 30 September 2023 144,642
NET BOOK VALUE
At 30 September 2023 55,339
At 30 September 2022 46,102

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2022 51,139
Additions 9,300
At 30 September 2023 60,439
DEPRECIATION
At 1 October 2022 25,182
Charge for year 7,458
At 30 September 2023 32,640
NET BOOK VALUE
At 30 September 2023 27,799
At 30 September 2022 25,957

J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 50,688 42,522
Amounts owed by related party 96 96
Other debtors 107,968 39,992
158,752 82,610

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,834 5,690
Hire purchase contracts 4,811 8,758
Trade creditors 75,993 30,739
Taxation and social security 42,655 32,086
Other creditors 121,218 6,861
250,511 84,134

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 36,082 41,917
Hire purchase contracts 28,395 25,147
64,477 67,064

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 11,234 17,681

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 33,206 33,905

Obligations under hire purchase contracts are secured on the assets to which they relate.

J.B. ASPHALT LIMITED (REGISTERED NUMBER: 02836306)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
J Bennett and K M Bennett
Balance outstanding at start of year 30,100 29,439
Amounts advanced 77,771 90,661
Amounts repaid (83,503 ) (90,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 24,368 30,100

The amounts are unsecured, interest free and repayable on demand. The maximum overdrawn balance in the period was £30,100. There have be no advances in the period which the director's consider to be material.