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COMPANY REGISTRATION NUMBER: 01287633
Jarrobs Ltd
Filleted Unaudited Financial Statements
31 January 2024
Jarrobs Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
889,637
994,688
Current assets
Stocks
337,790
801,737
Debtors
6
1,037,168
1,477,685
Cash at bank and in hand
2,772,004
1,277,892
------------
------------
4,146,962
3,557,314
Creditors: amounts falling due within one year
7
2,085,348
1,431,851
------------
------------
Net current assets
2,061,614
2,125,463
------------
------------
Total assets less current liabilities
2,951,251
3,120,151
Creditors: amounts falling due after more than one year
8
556,091
959,018
Provisions
Taxation including deferred tax
256,464
207,447
Other provisions
10,000
10,000
---------
---------
266,464
217,447
------------
------------
Net assets
2,128,696
1,943,686
------------
------------
Capital and reserves
Called up share capital
40,000
40,000
Share premium account
250
250
Profit and loss account
2,088,446
1,903,436
------------
------------
Shareholders funds
2,128,696
1,943,686
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31st January 2024 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 .
Jarrobs Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 8 April 2024 , and are signed on behalf of the board by:
Mr R Robinson
Director
Company registration number: 01287633
Jarrobs Ltd
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 1-5, Excalibur Site , Fields Road, Alsager, Stoke-on-Trent, Staffs, ST7 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 & Machinery
-
25% to 33.3% per annum reducing balance basis
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 includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 67 (2023: 59 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2023
201,441
2,584,272
109,426
2,895,139
Additions
130,840
34,912
165,752
Disposals
( 59,522)
( 17,220)
( 76,742)
---------
------------
---------
------------
At 31st January 2024
201,441
2,655,590
127,118
2,984,149
---------
------------
---------
------------
Depreciation
At 1st February 2023
201,441
1,643,172
55,838
1,900,451
Charge for the year
247,535
19,177
266,712
Disposals
( 58,495)
( 14,156)
( 72,651)
---------
------------
---------
------------
At 31st January 2024
201,441
1,832,212
60,859
2,094,512
---------
------------
---------
------------
Carrying amount
At 31st January 2024
823,378
66,259
889,637
---------
------------
---------
------------
At 31st January 2023
941,100
53,588
994,688
---------
------------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31st January 2024
598,097
---------
At 31st January 2023
759,640
---------
6. Debtors
2024
2023
£
£
Trade debtors
542,205
1,386,120
Other debtors
494,963
91,565
------------
------------
1,037,168
1,477,685
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
739,742
91,664
Trade creditors
191,233
419,077
Corporation tax
92,000
70,358
Social security and other taxes
301,780
390,698
Other creditors
760,593
460,054
------------
------------
2,085,348
1,431,851
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
190,419
481,059
Other creditors
365,672
477,959
---------
---------
556,091
959,018
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2023: £42,501) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included in bank loans and overdrafts are the following amounts for unsecured bank loans
2024 2023
£ £ within one year59,945 121,698
Between 2 and 5 years199,816 515,457
Over 5 years- 43,343
________
Less future finance charges161,507
Loans outstanding518,990
________
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
161,366
169,496
Later than 1 year and not later than 5 years
397,286
535,404
---------
---------
558,652
704,900
Less: future finance charges
( 59,239)
( 93,168)
---------
---------
Present value of minimum lease payments
499,413
611,732
---------
---------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial liabilities measured at amortised cost
Bank and similar borrowings repayable in less than 12 months
739,741
91,664
Bank and similar borrowing repayable in more than 12 months
190,420
481,059
---------
---------
930,161
572,723
---------
---------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
94,884
122,612
Later than 1 year and not later than 5 years
71,704
166,588
---------
---------
166,588
289,200
---------
---------
12. Other financial commitments
The company had contracted for capital expenditure at the balance sheet date of £221,955(2023 £289,199) Capital expenditure has been approved by the directors but contracted at the balance sheet date of £8,000
13. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R J Robinson
( 4,095)
129,914
( 313,953)
( 188,134)
Mr R Robinson
( 23,969)
453,875
( 339,732)
90,174
Mr J C Robinson
( 62,864)
230,636
( 338,881)
( 171,109)
Mr C A Robinson
( 4,599)
160,077
( 310,463)
( 154,985)
--------
---------
------------
---------
( 95,527)
974,502
( 1,303,029)
( 424,054)
--------
---------
------------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R J Robinson
( 3,291)
446
( 1,250)
( 4,095)
Mr R Robinson
( 47,514)
28,912
( 5,367)
( 23,969)
Mr J C Robinson
( 70,996)
13,152
( 5,020)
( 62,864)
Mr C A Robinson
( 3,744)
33,395
( 34,250)
( 4,599)
---------
--------
--------
--------
( 125,545)
75,905
( 45,887)
( 95,527)
---------
--------
--------
--------
14. Related party transactions
Interest at 5% per annum is paid on the directors loan account credit balances.