Registration number:
JKL Limited
for the Year Ended 30 November 2023
JKL Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
JKL Limited
Company Information
Directors |
Mr J K Long Mrs N J Long |
Company secretary |
Mrs N J Long |
Registered office |
|
Accountants |
|
JKL Limited
(Registration number: 03364921)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Profit and loss account non-distributable |
353,849 |
353,849 |
|
Profit and loss account distributable |
2,378,244 |
2,778,235 |
|
Shareholders' funds |
2,732,193 |
3,132,184 |
For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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
......................................... |
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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.
The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of sales of goods and services to customers.
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.
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.
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
2 |
Accounting policies (continued) |
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 |
Freehold property |
not depreciated (see below) |
Short leasehold property |
in accordance with the lease |
Plant and machinery |
10% reducing balance |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
20% reducing balance |
Computer equipment |
25% reducing balance |
Freehold buildings have not been depreciated during the year. The directors are of the opinion that as the buildings have been continuously repaired and maintained their residual value is not less than their carrying value.
Investment property
No depreciation is provided in respect of investment properties and they are valued under the fair value provisions annually. The surplus or deficit is transferred to the non-distributable profit and loss reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
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 |
Goodwill |
5 years 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.
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.
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
2 |
Accounting policies (continued) |
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
Additions acquired separately |
|
|
At 30 November 2023 |
|
|
Amortisation |
||
At 1 December 2022 |
|
|
At 30 November 2023 |
|
|
Carrying amount |
||
At 30 November 2023 |
- |
- |
Tangible assets |
Land and buildings and Investment properties |
Fixtures fittings and computer equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 December 2022 |
|
|
|
|
|
Additions |
- |
|
- |
- |
|
At 30 November 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 December 2022 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
At 30 November 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 30 November 2023 |
|
|
|
|
|
At 30 November 2022 |
|
|
|
|
|
Included within the net book value of land and buildings above is £2,319,433 (2022 - £2,319,433) in respect of freehold land and buildings and £1 (2022 - £1) in respect of short leasehold land and buildings. Investment properties have been measured at fair value by a director and not an independent valuer. Fair values are determined from market based evidence.
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Stocks |
2023 |
2022 |
|
Stock |
|
|
Debtors |
Note |
2023 |
2022 |
|
Amounts owed by connected parties |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation |
33,425 |
70,360 |
|
Other tax and social security |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Included in the loans and borrowings are the following amounts due after more than five years:
2023 |
2022 |
|
Due after more than five years |
||
After more than five years by instalments |
- |
|
- |
- |
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Retained earnings |
|
Surplus/deficit on property, plant and equipment revaluation |
( |
|
|
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank Security
The company has provided legal charges to lenders which are secured on the relevant freehold properties together with the banks standard debenture.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
JKL Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023
Related party transactions |
Transactions with directors |
2023 |
At 1 December 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
Mr J K Long |
||||
Loan – interest charged, unsecured and repayable on demand |
|
|
( |
|
2022 |
At 1 December 2021 |
Advances to director |
Repayments by director |
At 30 November 2022 |
Mr J K Long |
||||
Loan – interest charged, unsecured and repayable on demand |
|
|
( |
|