14 31/05/2024 2024-05-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11768103 2023-06-01 2024-05-31 11768103 2024-05-31 11768103 2023-05-31 11768103 2022-06-01 2023-05-31 11768103 2023-05-31 11768103 core:NetGoodwill 2023-06-01 2024-05-31 11768103 bus:Director1 2023-06-01 2024-05-31 11768103 core:NetGoodwill 2023-05-31 11768103 core:NetGoodwill 2024-05-31 11768103 core:FurnitureFittingsToolsEquipment 2023-05-31 11768103 core:MotorVehicles 2023-05-31 11768103 core:FurnitureFittingsToolsEquipment 2024-05-31 11768103 core:MotorVehicles 2024-05-31 11768103 core:WithinOneYear 2024-05-31 11768103 core:WithinOneYear 2023-05-31 11768103 core:AfterOneYear 2024-05-31 11768103 core:AfterOneYear 2023-05-31 11768103 core:ShareCapital 2024-05-31 11768103 core:ShareCapital 2023-05-31 11768103 core:RetainedEarningsAccumulatedLosses 2024-05-31 11768103 core:RetainedEarningsAccumulatedLosses 2023-05-31 11768103 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11768103 core:MotorVehicles 2023-06-01 2024-05-31 11768103 core:NetGoodwill 2023-05-31 11768103 core:FurnitureFittingsToolsEquipment 2023-05-31 11768103 core:MotorVehicles 2023-05-31 11768103 bus:SmallEntities 2023-06-01 2024-05-31 11768103 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 11768103 bus:FullAccounts 2023-06-01 2024-05-31 11768103 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11768103 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11768103 1 2023-06-01 2024-05-31
Company registration number: 11768103
JK Building Supplies (WB) Ltd
Unaudited filleted financial statements
31 May 2024
JK Building Supplies (WB) Ltd
Contents
Statement of financial position
Notes to the financial statements
JK Building Supplies (WB) Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 448,875 492,100
Tangible assets 6 127,407 122,903
_______ _______
576,282 615,003
Current assets
Stocks 602,086 610,570
Debtors 440,679 668,946
Cash at bank and in hand 161,026 56,243
_______ _______
1,203,791 1,335,759
Creditors: amounts falling due
within one year ( 772,039) ( 1,021,539)
_______ _______
Net current assets 431,752 314,220
_______ _______
Total assets less current liabilities 1,008,034 929,223
Creditors: amounts falling due
after more than one year ( 30,758) ( 43,826)
Provisions for liabilities ( 31,852) ( 30,726)
_______ _______
Net assets 945,424 854,671
_______ _______
Capital and reserves
Called up share capital 15,000 15,000
Profit and loss account 930,424 839,671
_______ _______
Shareholders funds 945,424 854,671
_______ _______
For the year ending 31 May 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2024 , and are signed on behalf of the board by:
Dr Ajit Kumar
Director
Company registration number: 11768103
JK Building Supplies (WB) Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Englands and Wales. The address of the registered office is JK Building Supplies (WB) Ltd, 1 Overend Street, West Bromwich, West Midlands, B70 6EY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
4. Staff costs
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 312,912 297,896
Other pension costs 7,159 6,915
_______ _______
320,071 304,811
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 31 May 2024 665,000 665,000
_______ _______
Amortisation
At 1 June 2023 172,900 172,900
Charge for the year 43,225 43,225
_______ _______
At 31 May 2024 216,125 216,125
_______ _______
Carrying amount
At 31 May 2024 448,875 448,875
_______ _______
At 31 May 2023 492,100 492,100
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 5,645 197,162 202,807
Additions 2,738 38,180 40,918
_______ _______ _______
At 31 May 2024 8,383 235,342 243,725
_______ _______ _______
Depreciation
At 1 June 2023 2,810 77,094 79,904
Charge for the year 1,113 35,301 36,414
_______ _______ _______
At 31 May 2024 3,923 112,395 116,318
_______ _______ _______
Carrying amount
At 31 May 2024 4,460 122,947 127,407
_______ _______ _______
At 31 May 2023 2,835 120,068 122,903
_______ _______ _______
7. Controlling party
The company is under the complete control the directors