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COMPANY REGISTRATION NUMBER: 04469136
Jet Joinery Supplies Limited
Filleted Unaudited Financial Statements
31 December 2023
Jet Joinery Supplies Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Jet Joinery Supplies Limited
Officers and Professional Advisers
The board of directors Mr E Trompos
- Director
Ms J Fox
- Director
Registered office
Unit 1 New Line Road
Kirkby-in-Ashfield
Nottinghamshire
NG17 8JQ
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton-in-Ashfield
Nottinghamshire
NG17 4EA
Jet Joinery Supplies Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
96,694
73,500
Current assets
Stocks
190,565
185,239
Debtors
6
186,634
251,960
Cash at bank and in hand
156,981
147,839
---------
---------
534,180
585,038
Creditors: amounts falling due within one year
7
232,300
335,390
---------
---------
Net current assets
301,880
249,648
---------
---------
Total assets less current liabilities
398,574
323,148
Creditors: amounts falling due after more than one year
8
20,839
27,056
Provisions
15,990
12,787
---------
---------
Net assets
361,745
283,305
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
361,645
283,205
---------
---------
Shareholders funds
361,745
283,305
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 .
Jet Joinery Supplies Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
Mr E Trompos
Director
Company registration number: 04469136
Jet Joinery Supplies Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 New Line Road, Kirkby-in-Ashfield, Nottinghamshire, NG17 8JQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent 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:
Long leasehold property
-
10% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 11 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
29,736
158,457
37,387
76,620
302,200
Additions
9,315
43,000
52,315
Disposals
( 19,865)
( 19,865)
--------
---------
--------
--------
---------
At 31 December 2023
39,051
181,592
37,387
76,620
334,650
--------
---------
--------
--------
---------
Depreciation
At 1 January 2023
26,764
136,162
35,995
29,779
228,700
Charge for the year
2,973
14,532
348
9,279
27,132
Disposals
( 17,876)
( 17,876)
--------
---------
--------
--------
---------
At 31 December 2023
29,737
132,818
36,343
39,058
237,956
--------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
9,314
48,774
1,044
37,562
96,694
--------
---------
--------
--------
---------
At 31 December 2022
2,972
22,295
1,392
46,841
73,500
--------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
174,758
238,436
Other debtors
11,876
13,524
---------
---------
186,634
251,960
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,629
70,298
Trade creditors
125,707
163,741
Corporation tax
8,635
9,375
Social security and other taxes
23,425
36,191
Other creditors
57,904
55,785
---------
---------
232,300
335,390
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,945
Other creditors
20,839
11,111
--------
--------
20,839
27,056
--------
--------
9. Directors' advances, credits and guarantees
At the balance sheet date, the directors were owed £36,732 (2022: £44,652) by the company.