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Registration number: 03364921

JKL Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

JKL Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

JKL Limited

Company Information

Directors

Mr J K Long

Mrs N J Long

Company secretary

Mrs N J Long

Registered office

54A Balena Close
Creekmoor
Poole
Dorset
BH17 7DY

Accountants

Wilkinsons Accountants Limited
Chartered Certified Accountants
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH

 

JKL Limited

(Registration number: 03364921)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

2,472,799

2,491,136

Current assets

 

Stocks

7

21,405

20,725

Debtors

8

2,397,543

2,300,776

Cash at bank and in hand

 

154,101

763,958

 

2,573,049

3,085,459

Creditors: Amounts falling due within one year

9

(474,949)

(507,000)

Net current assets

 

2,098,100

2,578,459

Total assets less current liabilities

 

4,570,899

5,069,595

Creditors: Amounts falling due after more than one year

9

(1,772,606)

(1,867,362)

Provisions for liabilities

(66,100)

(70,049)

Net assets

 

2,732,193

3,132,184

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 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 29 August 2024 and signed on its behalf by:
 

.........................................
Mr J K Long
Director

 

JKL Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
54A Balena Close
Creekmoor
Poole
Dorset
BH17 7DY

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.

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

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with Financial Reporting Standard 102 Section 1A, as follows:
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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 50).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

32,479

34,095

 

JKL Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

137,500

137,500

At 30 November 2023

137,500

137,500

Amortisation

At 1 December 2022

137,500

137,500

At 30 November 2023

137,500

137,500

Carrying amount

At 30 November 2023

-

-

6

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

2,636,913

384,525

103,015

71,849

3,196,302

Additions

-

14,144

-

-

14,144

At 30 November 2023

2,636,913

398,669

103,015

71,849

3,210,446

Depreciation

At 1 December 2022

317,479

305,066

74,577

8,046

705,168

Charge for the year

-

18,989

7,110

6,380

32,479

At 30 November 2023

317,479

324,055

81,687

14,426

737,647

Carrying amount

At 30 November 2023

2,319,434

74,614

21,328

57,423

2,472,799

At 30 November 2022

2,319,434

79,460

28,439

63,803

2,491,136

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

7

Stocks

2023
£

2022
£

Stock

21,405

20,725

8

Debtors

Note

2023
£

2022
£

Amounts owed by connected parties

 

2,029,222

1,783,367

Prepayments

 

12,114

10,121

Other debtors

13

356,207

507,288

 

2,397,543

2,300,776

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

157,289

187,289

Trade creditors

 

31,665

79,949

Taxation

 

33,425

70,360

Other tax and social security

 

95,248

94,482

Other creditors

 

157,322

74,920

 

474,949

507,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

1,772,606

1,867,362

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

-

502,867

-

-

 

JKL Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

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

(4,448)

4,448

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,772,606

1,867,362

2023
£

2022
£

Current loans and borrowings

Bank borrowings

157,289

187,289

Bank Security

The company has provided legal charges to lenders which are secured on the relevant freehold properties together with the banks standard debenture.

12

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 £54,000 (2022 - £54,000). This includes annual rental and leasing commitments of £54,000 (2021 - £54,000)

 

JKL Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

13

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

495,866

428,804

(581,510)

343,159

         
       

 

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

65,170

577,363

(146,668)

495,866