2022-04-012023-03-312023-03-31falseSC590024JEDCO 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JEDCO LTD

Registered Number
SC590024
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

JEDCO LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

ATWAL, Jasvinder Singh

Registered Address

First Floor
108 George Street
Edinburgh
EH2 4LH

Registered Number

SC590024 (Scotland)
JEDCO LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets5183,589214,386
Tangible assets628,37134,349
Investments7300300
212,260249,035
Current assets
Stocks106,4675,216
Debtors11149,053186,776
Cash at bank and on hand30,19821,783
185,718213,775
Creditors amounts falling due within one year12(666,855)(749,506)
Net current assets (liabilities)(481,137)(535,731)
Total assets less current liabilities(268,877)(286,696)
Creditors amounts falling due after one year13(27,124)(31,667)
Net assets(296,001)(318,363)
Capital and reserves
Called up share capital100100
Profit and loss account(296,101)(318,463)
Shareholders' funds(296,001)(318,363)
The financial statements were approved and authorised for issue by the Director on 15 January 2024, and are signed on its behalf by:
ATWAL, Jasvinder Singh
Director
Registered Company No. SC590024
JEDCO LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
There 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 statement have been prepared under the historical cos convention.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery-10
Fixtures and fittings25-
Intangible assets policy
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. Patents and licences are being amortised evenly over their estimated useful life of ten years.
Stocks policy
Stocks are valued at the lower of cost and net realisable value after making due allowances for goods past their usable date
Taxation policy
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 balance sheet date.
Deferred tax policy
Deferred tax is recognized in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognized 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 recognized 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
Leases policy
Rentals payable under operating lease, including any lease incentive received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative time pattern in which economic benefits from the lease asset are consumed.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Valuation of financial instruments policy
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortized cost using the effective interest method.
Going concern
The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's net liabilities exceeded its net assets by £296,002 (2022: £318,364). The director considers the going concern basis to be appropriate because in his opinion, the company will obtain sufficient funding from its shareholders to enable it to pay its debts as they fall due.
4.Employee information

20232022
Average number of employees during the year11
5.Intangible assets

Goodwill

Other

Total

£££
Cost or valuation
At 01 April 22299,4248,541307,965
At 31 March 23299,4248,541307,965
Amortisation and impairment
At 01 April 2290,5413,03893,579
Charge for year29,94285530,797
At 31 March 23120,4833,893124,376
Net book value
At 31 March 23178,9414,648183,589
At 31 March 22208,8835,503214,386
6.Property, plant and equipment

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 April 221,45031,85227,88361,185
At 31 March 231,45031,85227,88361,185
Depreciation and impairment
At 01 April 225059,69916,63226,836
Charge for year1453,1852,6485,978
At 31 March 2365012,88419,28032,814
Net book value
At 31 March 2380018,9688,60328,371
At 31 March 2294522,15311,25134,349
7.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 22300300
At 31 March 23300300
Net book value
At 31 March 23300300
At 31 March 22300300

Notes

1Investments in group undertakings and participating interests
8.Description of financial commitments other than capital commitments
LEASING AGREEMENTS: Minimum lease payments fall due as follows: Net obligations repayable: Due within one year: £65,000(2022: £65,000) Between two and five years: £260,000(2022: £260,000)
9.Description of nature of transactions and balances with related parties
Included in other debtors falling due within one year are due from companies connected to the director. MCA Edinburgh Ltd £2,124 (2022: £2,124); HA Aberdeen Ltd £52,928 (2022: £52,928); NA (Edinburgh) Ltd £15,428 (2022: 15,428); HWS Edinburgh £17,000 (2022: £17,000); HA Fife Ltd £9,228 (2022:£9,228) Included in other creditors falling due within one year is due to companies connected to the director. NA Aberdeen Cr £11,272 (2022: Cr £11,272); Hadplaid Limited Cr £78,978 (2022: Cr £357,716); JA Fife Ltd Ltd Cr £2,000 (2022: Cr £2,000); ST Edinburgh £19,829 (2022: £19,829) Included in other creditors due within one year is the amount due to the director £15,546 (2022: £15,423) Hadplaid Ltd acts as management company for Jedco Ltd. The management charges amounting to £275,857 (2022: £280,580) recorded in accounts are paid to Hadplaid Ltd. Included in other creditors due within one year is the amount due from the close relatives of the director H Atwal: £34,300 (2022: £34,300); N Atwal: £221,300 (2022: £221,300)
10.Stocks

2023

2022

££
Other stocks6,4675,216
Total6,4675,216
11.Debtors

2023

2022

££
Trade debtors / trade receivables4,200-
Other debtors130,139151,134
Prepayments and accrued income14,71435,642
Total149,053186,776
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables250,20157,642
Bank borrowings and overdrafts10,00010,000
Other creditors383,524662,239
Accrued liabilities and deferred income23,13019,625
Total666,855749,506
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts27,12431,667
Total27,12431,667
Included within other creditors falling due within one year and creditors falling due after more than one year is £37,124(2022: £41,667) in respect of a bank loan which is guaranteed by the government under Coronavirus Business Interruption Loan Scheme. The loan is repayable by April 2026 and interest is charged at 3.99% above base rate per annum on this loan. Bank loan is secured by a fixed and floating charge over present and future assets of the company.