Company registration number 08040378 (England and Wales)
JABEZ CONCRETE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JABEZ CONCRETE LIMITED
COMPANY INFORMATION
Director
Mr A T Macleod
Company number
08040378
JABEZ CONCRETE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JABEZ CONCRETE LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
766,985
516,873
Current assets
Stocks
65,000
65,000
Debtors
4
121,075
182,596
Cash at bank and in hand
2,000
-
0
188,075
247,596
Creditors: amounts falling due within one year
5
(620,538)
(526,109)
Net current liabilities
(432,463)
(278,513)
Total assets less current liabilities
334,522
238,360
Creditors: amounts falling due after more than one year
6
(512,761)
(341,050)
Net liabilities
(178,239)
(102,690)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(178,240)
(102,691)
Total equity
(178,239)
(102,690)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr A T Macleod
Director
Company Registration No. 08040378
JABEZ CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Jabez Concrete Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is 18 Loxley Road, Pennygillam Industrial Estate, Launceston, Cornwall, PL15 7PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net liabilities of £true178,239. The director has considered the ability of the company to obtain sufficient funds to support trading activities and at the time of approving the financial statements considers that the company has adequate resources available to continue operational existence for the foreseeable future.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% per annum on the straight line method
Plant and machinery
15% per annum on the reducing balance method and 33.3% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete items.

JABEZ CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Debtors and creditors receivable/ payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
10
JABEZ CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
26,747
398,605
452,693
878,045
Additions
-
0
65,713
446,467
512,180
Disposals
-
0
(170,000)
(122,500)
(292,500)
At 31 October 2023
26,747
294,318
776,660
1,097,725
Depreciation and impairment
At 1 November 2022
866
208,574
151,732
361,172
Depreciation charged in the year
135
13,330
93,286
106,751
Eliminated in respect of disposals
-
0
(53,081)
(84,102)
(137,183)
At 31 October 2023
1,001
168,823
160,916
330,740
Carrying amount
At 31 October 2023
25,746
125,495
615,744
766,985
At 31 October 2022
25,881
190,031
300,961
516,873

Plant and machinery with a carrying value of £80,694 (2022: £138,473) and motor vehicles with a carrying value of £609,291 (2022: £300,961) are held under hire purchase contracts.

4
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
457
39,541
Other debtors
51,415
69,735
51,872
109,276
Deferred tax asset
69,203
73,320
121,075
182,596

 

Trade debtors have been reduced by £45,255 representing factored debts (2022: £36,306).

JABEZ CONCRETE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdraft (secured)
26,392
23,160
Trade creditors
170,477
144,326
Other taxation and social security
122,969
146,744
Other creditors
300,700
211,879
620,538
526,109

The bank overdraft is secured on the assets of the company.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan and overdraft
16,120
26,233
Other creditors
496,641
314,817
512,761
341,050

Hire purchase agreements are secured against the assets to which they relate. The amount outstanding at 31 October 2023 was £720,471 (2022: £442,160).

 

7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
42,625
32,318
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
50,813
1,268
(26,785)
25,296
50,813
1,268
(26,785)
25,296
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