2022-11-012023-10-312023-10-31false07884836TABITHA JK 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TABITHA JK LIMITED

Registered Number
07884836
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

TABITHA JK LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

JAMES, Tabitha Heather

Registered Address

3a Market Place
Woodstock
OX20 1SY

Registered Number

07884836 (England and Wales)
TABITHA JK LIMITED
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3-1,000
Tangible assets41,0321,482
1,0322,482
Current assets
Stocks41,42511,987
Debtors57,92313,763
Cash at bank and on hand1,871-
51,21925,750
Creditors amounts falling due within one year6(97,421)(133,086)
Net current assets (liabilities)(46,202)(107,336)
Total assets less current liabilities(45,170)(104,854)
Creditors amounts falling due after one year7(106,339)(82,304)
Net assets(151,509)(187,158)
Capital and reserves
Called up share capital2020
Profit and loss account(151,529)(187,178)
Shareholders' funds(151,509)(187,158)
The financial statements were approved and authorised for issue by the Director on 29 July 2024, and are signed on its behalf by:
JAMES, Tabitha Heather
Director
Registered Company No. 07884836
TABITHA JK LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The financial statements have been prepared on a going concern basis as the director is willing to continue supporting the company with working capital as and when required for the foreseeable future.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be twelve years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year12
3.Intangible assets

Total

£
Cost or valuation
At 01 November 2212,000
At 31 October 2312,000
Amortisation and impairment
At 01 November 2211,000
Charge for year1,000
At 31 October 2312,000
Net book value
At 31 October 23-
At 31 October 221,000
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 227,503
Additions650
At 31 October 238,153
Depreciation and impairment
At 01 November 226,021
Charge for year1,100
At 31 October 237,121
Net book value
At 31 October 231,032
At 31 October 221,482
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables4,1682,649
Other debtors1,5136,290
Prepayments and accrued income2,2424,824
Total7,92313,763
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables15,41211,887
Bank borrowings and overdrafts11,09518,131
Taxation and social security460-
Other creditors68,95495,369
Accrued liabilities and deferred income1,5007,699
Total97,421133,086
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts47,55648,084
Amounts owed to related parties37,16834,220
Other creditors21,615-
Total106,33982,304
8.Operating lease commitments
At 31st October 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £14,200 (2022 – £48,600)