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Registration number: 08665799

JBSI Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

JBSI Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

JBSI Limited

Company Information

Director

Mr BD Simpson

Registered office

1 Park Street
Macclesfield
Cheshire
SK11 6SR

 

JBSI Limited

(Registration number: 08665799)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,043,966

268,516

Tangible assets

5

127,352

131,236

Other financial assets

6

162,749

34,754

 

1,334,067

434,506

Current assets

 

Stocks

7

139,642

10,800

Debtors

8

193,103

812,100

Cash at bank and in hand

 

24,606

56,647

 

357,351

879,547

Creditors: Amounts falling due within one year

9

(645,764)

(947,138)

Net current liabilities

 

(288,413)

(67,591)

Total assets less current liabilities

 

1,045,654

366,915

Creditors: Amounts falling due after more than one year

9

(17,500)

(27,500)

Provisions for liabilities

(2,506)

(2,951)

Net assets

 

1,025,648

336,464

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

1,025,647

336,463

Shareholders' funds

 

1,025,648

336,464

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

JBSI Limited

(Registration number: 08665799)
Balance Sheet as at 31 August 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr BD Simpson
Director

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
1 Park Street
Macclesfield
Cheshire
SK11 6SR

These financial statements were authorised for issue by the director on 29 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Fixtures and fittings

20% on cost

Computer equipment

25% on reducing balance

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:

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

296,448

296,448

Additions acquired separately

775,450

775,450

At 31 August 2023

1,071,898

1,071,898

Amortisation

At 1 September 2022

27,932

27,932

At 31 August 2023

27,932

27,932

Carrying amount

At 31 August 2023

1,043,966

1,043,966

At 31 August 2022

268,516

268,516

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2022

115,702

1,102

22,690

139,494

At 31 August 2023

115,702

1,102

22,690

139,494

Depreciation

At 1 September 2022

-

220

8,038

8,258

Charge for the year

-

221

3,663

3,884

At 31 August 2023

-

441

11,701

12,142

Carrying amount

At 31 August 2023

115,702

661

10,989

127,352

At 31 August 2022

115,702

882

14,652

131,236

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Included within the net book value of land and buildings above is £115,702 (2022 - £115,702) in respect of freehold land and buildings.
 

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 September 2022

34,754

34,754

Additions

127,995

127,995

At 31 August 2023

162,749

162,749

Impairment

Carrying amount

At 31 August 2023

162,749

162,749

7

Stocks

2023
£

2022
£

Other inventories

139,642

10,800

8

Debtors

Current

2023
£

2022
£

Trade debtors

193,103

810,100

Other debtors

-

2,000

 

193,103

812,100

9

Creditors

Creditors: amounts falling due within one year

 

JBSI Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,000

10,000

Trade creditors

 

329,003

738,269

Taxation and social security

 

268,040

159,657

Accruals and deferred income

 

4,097

2,624

Other creditors

 

34,624

36,588

 

645,764

947,138

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

17,500

27,500

10

Share capital

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,500

27,500

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000