Company registration number 03507306 (England and Wales)
J-TEQ EMS SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
J-TEQ EMS SOLUTIONS LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 9
J-TEQ EMS SOLUTIONS LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of J-Teq Ems Solutions Limited
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J-TEQ EMS Solutions Limited for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of J-TEQ EMS Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of J-TEQ EMS Solutions Limited and state those matters that we have agreed to state to the Board of Directors of J-TEQ EMS Solutions Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J-TEQ EMS Solutions Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that J-TEQ EMS Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J-TEQ EMS Solutions Limited. You consider that J-TEQ EMS Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of J-TEQ EMS Solutions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Condie & Co Limited
21 August 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
J-TEQ EMS SOLUTIONS LIMITED
Statement Of Financial Position
As At 31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
421,996
518,655
Current assets
Stocks
1,188,707
1,560,249
Debtors
5
1,059,993
582,618
Cash at bank and in hand
102,404
990,635
2,351,104
3,133,502
Creditors: amounts falling due within one year
6
(1,244,617)
(1,039,188)
Net current assets
1,106,487
2,094,314
Total assets less current liabilities
1,528,483
2,612,969
Creditors: amounts falling due after more than one year
7
(663,469)
-
0
Net assets
865,014
2,612,969
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
864,014
2,611,969
Total equity
865,014
2,612,969

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their 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.

J-TEQ EMS SOLUTIONS LIMITED
Statement Of Financial Position (Continued)
As At 31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr J D Shaw
Director
Company Registration No. 03507306
J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 4 -
1
Accounting policies
Company information

J-TEQ EMS Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Corenlius House, 178-180 Church Road, Hove, East Sussex, BN3 2DJ. The principal place of business is 6 Bain Square, Kirkton Campus, Livingston, EH54 7DQ.

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
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Plant and equipment
20% straight line p.a.
Fixtures and fittings
20% straight line p.a.
Computers
33% straight line p.a.
Motor vehicles
33% straight line p.a.

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.

1.4
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.

J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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 income statement 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

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

1.12
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 statement of financial position 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.

J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 7 -

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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
47
26
J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,359,856
271,114
122,575
134,824
2,888,369
Additions
106,986
-
0
4,482
-
0
111,468
At 31 December 2023
2,466,842
271,114
127,057
134,824
2,999,837
Depreciation and impairment
At 1 January 2023
2,005,110
197,923
115,133
51,548
2,369,714
Depreciation charged in the year
143,225
26,819
4,963
33,120
208,127
At 31 December 2023
2,148,335
224,742
120,096
84,668
2,577,841
Carrying amount
At 31 December 2023
318,507
46,372
6,961
50,156
421,996
At 31 December 2022
354,746
73,191
7,442
83,276
518,655

Tangible fixed assets with a net book value of £421,996 (2022: £518,655) have been pledged as security in favour of The Royal Bank of Scotland PLC.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
763,025
482,762
Corporation tax recoverable
102,212
-
0
Amounts owed by group undertakings
11,109
2,549
Other debtors
138,672
56,774
Prepayments and accrued income
44,975
40,533
1,059,993
582,618
J-TEQ EMS SOLUTIONS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
317,329
-
0
Obligations under finance leases
181,496
183,486
Trade creditors
549,302
515,055
Amounts owed to group undertakings
-
0
41,036
Corporation tax
-
0
105,229
Other taxation and social security
168,634
160,162
Other creditors
300
300
Accruals and deferred income
27,556
33,920
1,244,617
1,039,188

The Royal Bank of Scotland PLC hold a fixed and floating charge dated 6 July 2004 over all assets of the company as security.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
663,469
-
0

The Royal Bank of Scotland PLC hold a fixed and floating charge dated 6 July 2004 over all assets of the company as security.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions

The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.

The company has taken advantage of Section 33.1A of FRS102 whereby only transactions which are not with wholly owned members of a group need to be disclosed.

 

10
Parent company

The company is a wholly owned subsidiary of J-Teq EMS Holdings Two Limited, whose registered address is 1 George Square, Castle Brae, Dunfermline, Fife, Scotland, KY11 8QF.

2023-12-312023-01-01false21 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr J D ShawM PageMrs D J Watsonfalsefalse035073062023-01-012023-12-31035073062023-12-31035073062022-12-3103507306core:PlantMachinery2023-12-3103507306core:FurnitureFittings2023-12-3103507306core:ComputerEquipment2023-12-3103507306core:MotorVehicles2023-12-3103507306core:PlantMachinery2022-12-3103507306core:FurnitureFittings2022-12-3103507306core:ComputerEquipment2022-12-3103507306core:MotorVehicles2022-12-3103507306core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3103507306core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3103507306core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3103507306core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3103507306core:CurrentFinancialInstruments2023-12-3103507306core:CurrentFinancialInstruments2022-12-3103507306core:ShareCapital2023-12-3103507306core:ShareCapital2022-12-3103507306core:RetainedEarningsAccumulatedLosses2023-12-3103507306core:RetainedEarningsAccumulatedLosses2022-12-3103507306bus:Director12023-01-012023-12-3103507306core:PlantMachinery2023-01-012023-12-3103507306core:FurnitureFittings2023-01-012023-12-3103507306core:ComputerEquipment2023-01-012023-12-3103507306core:MotorVehicles2023-01-012023-12-31035073062022-03-012022-12-3103507306core:PlantMachinery2022-12-3103507306core:FurnitureFittings2022-12-3103507306core:ComputerEquipment2022-12-3103507306core:MotorVehicles2022-12-31035073062022-12-3103507306core:Non-currentFinancialInstruments2023-12-3103507306core:Non-currentFinancialInstruments2022-12-3103507306bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103507306bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103507306bus:FRS1022023-01-012023-12-3103507306bus:AuditExemptWithAccountantsReport2023-01-012023-12-3103507306bus:Director22023-01-012023-12-3103507306bus:CompanySecretary12023-01-012023-12-3103507306bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP