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Registered number: 06855751









JSK7 LIMITED (FORMERLY JSK TRANSPORT SOLUTIONS LIMITED)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
JSK7 LIMITED
REGISTERED NUMBER: 06855751

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
127,591
146,670

  
127,591
146,670

Current assets
  

Debtors: amounts falling due within one year
 5 
9,253
-

Cash at bank and in hand
  
30,446
31,856

  
39,699
31,856

Creditors: amounts falling due within one year
 6 
(175,528)
(156,190)

Net current liabilities
  
 
 
(135,829)
 
 
(124,334)

Total assets less current liabilities
  
(8,238)
22,336

Creditors: amounts falling due after more than one year
 7 
(97,146)
(109,647)

  

Net liabilities
  
(105,384)
(87,311)


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
(105,386)
(87,313)

  
(105,384)
(87,311)


Page 1

 
JSK7 LIMITED
REGISTERED NUMBER: 06855751
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 August 2024.




Surinder Kumar Mahey
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

The company is registered in England and Wales. Its registered office is 34 Wellington Road, Bilston, West Midlands, WV14 6AG. The company's principal activity continues to be that of haulage contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term 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.

Page 4

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 3).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 August 2022
11,189
158,005
169,194


Disposals
-
(19,490)
(19,490)



At 31 July 2023

11,189
138,515
149,704



Depreciation


At 1 August 2022
9,638
12,886
22,524


Charge for the year on owned assets
233
7,274
7,507


Disposals
-
(7,918)
(7,918)



At 31 July 2023

9,871
12,242
22,113



Net book value



At 31 July 2023
1,318
126,273
127,591



At 31 July 2022
1,551
145,119
146,670

Page 5

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
9,253
-

9,253
-



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,000
5,000

Trade creditors
9,467
1,082

Other taxation and social security
5,816
7,695

Obligations under finance lease and hire purchase contracts
31,491
31,492

Other creditors
121,254
109,121

Accruals and deferred income
2,500
1,800

175,528
156,190



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
12,974
16,890

Net obligations under finance leases and hire purchase contracts
84,172
92,757

97,146
109,647


Page 6

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 1-2 years

Bank loans
5,000
5,000


5,000
5,000

Amounts falling due 2-5 years

Bank loans
7,974
11,890


7,974
11,890


17,974
21,890



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) ordinary shares of £1.00 each
2
2


Page 7

 
JSK7 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
29,515
-

Later than 1 year and not later than 5 years
24,596
-

54,111
-


11.


Controlling party

The controlling party of the company is Surinder Kumar Mahey.

 
Page 8