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Registered number: 07061370
JBS Products Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 07061370
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 210,225 161,588
Tangible Assets 5 129,385 159,890
339,610 321,478
CURRENT ASSETS
Stocks 157,250 219,500
Debtors 9,255 73,116
Cash at bank and in hand 30,575 40,247
197,080 332,863
Creditors: Amounts Falling Due Within One Year (849,736 ) (894,375 )
NET CURRENT ASSETS (LIABILITIES) (652,656 ) (561,512 )
TOTAL ASSETS LESS CURRENT LIABILITIES (313,046 ) (240,034 )
NET LIABILITIES (313,046 ) (240,034 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (313,146 ) (240,134 )
SHAREHOLDERS' FUNDS (313,046) (240,034)
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 31 October 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Budha Dhinjan
Director
26/06/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
JBS Products Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07061370 . The registered office is Park Farm, Banbury Road, United Kingdom, CV34 6ST.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 4)
3 4
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4. Intangible Assets
Total
£
Cost
As at 1 November 2022 161,588
Additions 48,637
As at 31 October 2023 210,225
Net Book Value
As at 31 October 2023 210,225
As at 1 November 2022 161,588
5. Tangible Assets
Total
£
Cost
As at 1 November 2022 341,305
Additions 2,115
As at 31 October 2023 343,420
Depreciation
As at 1 November 2022 181,415
Provided during the period 32,620
As at 31 October 2023 214,035
Net Book Value
As at 31 October 2023 129,385
As at 1 November 2022 159,890
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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