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Registration number: 03717613

J C W Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

J C W Enterprises Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

J C W Enterprises Limited

Company Information

Directors

Mr K Gabriel

Mr M D Hetherington

Company secretary

Mr M D Hetherington

Registered office

Pirtek (Cambridge) Ltd Cambridge Road
Babraham
Cambridge
CB22 3GN

 

J C W Enterprises Limited

(Registration number: 03717613)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

24,250

27,250

Tangible assets

5

94,071

61,588

 

118,321

88,838

Current assets

 

Stocks

6

82,679

85,593

Debtors

7

159,535

157,757

Cash at bank and in hand

 

71,305

74,243

 

313,519

317,593

Creditors: Amounts falling due within one year

8

(216,699)

(178,431)

Net current assets

 

96,820

139,162

Total assets less current liabilities

 

215,141

228,000

Creditors: Amounts falling due after more than one year

8

(59,987)

(37,204)

Provisions for liabilities

(22,481)

(12,844)

Net assets

 

132,673

177,952

Capital and reserves

 

Called up share capital

130,000

130,000

Retained earnings

2,673

47,952

Shareholders' funds

 

132,673

177,952

 

J C W Enterprises Limited

(Registration number: 03717613)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

.........................................
Mr K Gabriel
Director

   
     
 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pirtek (Cambridge) Ltd Cambridge Road
Babraham
Cambridge
CB22 3GN
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Plant & Machinery

25% Straight Line

Office Equipment

33% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise Fee

10 Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

30,000

30,000

At 31 March 2024

30,000

30,000

Amortisation

At 1 April 2023

2,750

2,750

Amortisation charge

3,000

3,000

At 31 March 2024

5,750

5,750

Carrying amount

At 31 March 2024

24,250

24,250

At 31 March 2023

27,250

27,250

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

12,569

63,098

138,640

214,307

Additions

193

-

59,250

59,443

Disposals

-

-

(51,051)

(51,051)

At 31 March 2024

12,762

63,098

146,839

222,699

Depreciation

At 1 April 2023

10,827

62,677

79,215

152,719

Charge for the year

475

148

23,081

23,704

Eliminated on disposal

-

-

(47,795)

(47,795)

At 31 March 2024

11,302

62,825

54,501

128,628

Carrying amount

At 31 March 2024

1,460

273

92,338

94,071

At 31 March 2023

1,742

421

59,425

61,588

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

82,679

85,593

7

Debtors

Current

2024
£

2023
£

Trade debtors

137,230

140,842

Prepayments

21,402

16,915

Other debtors

903

-

 

159,535

157,757

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

33,424

22,990

Trade creditors

 

77,922

68,561

Taxation and social security

 

480

20,458

Accruals and deferred income

 

20,156

21,705

Other creditors

 

84,717

44,717

 

216,699

178,431

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

59,987

37,204

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

HP and finance lease liabilities

59,987

37,204

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,256

Directors current account

3,115

3,115

Hire purchase liabilities

30,309

17,619

33,424

22,990

 

J C W Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

2,500

Loans from related parties

2024

Parent
£

Key management
£

Total
£

At start of period

44,717

3,115

47,832

Advanced

40,000

-

40,000

At end of period

84,717

3,115

87,832

2023

Parent
£

Key management
£

Total
£

Advanced

44,717

3,325

48,042

Repaid

-

(210)

(210)

At end of period

44,717

3,115

47,832