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Registration number: 10167246

Jolee Fabrics Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Jolee Fabrics Ltd
(Registration number: 10167246)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Jolee Fabrics Ltd
(Registration number: 10167246)

Company Information

Directors

Mr L Morgan

Mrs J Morgan

Registered office

Unit 5 Bishops Court Gardens
Bishops Court Lane
Clyst St Mary
Devon
EX5 1DH

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Jolee Fabrics Ltd
(Registration number: 10167246)

Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

15,150

17,250

Tangible assets

5

37,756

25,514

 

52,906

42,764

Current assets

 

Stocks

6

60,000

85,000

Debtors

7

291,366

167,462

Cash at bank and in hand

 

35,896

81,986

 

387,262

334,448

Creditors: Amounts falling due within one year

8

(358,388)

(264,998)

Net current assets

 

28,874

69,450

Total assets less current liabilities

 

81,780

112,214

Creditors: Amounts falling due after more than one year

8

(37,553)

(30,680)

Provisions for liabilities

(5,698)

(3,033)

Net assets

 

38,529

78,501

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

76,597

76,597

Profit and loss account

(38,168)

1,804

Total equity

 

38,529

78,501

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.

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.

 

Jolee Fabrics Ltd
(Registration number: 10167246)

Balance Sheet as at 31 August 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr L Morgan
Director

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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:
Unit 5 Bishops Court Gardens
Bishops Court Lane
Clyst St Mary
Devon
EX5 1DH

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.

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.

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.

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

Tax

The tax expense for the period comprises 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Leasehold

15% reducing balance

Plant and Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Fixtures and Fittings

25% reducing balance

Computer Equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

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

10% 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.

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

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

46,000

-

46,000

Additions acquired separately

-

2,500

2,500

At 31 August 2023

46,000

2,500

48,500

Amortisation

At 1 September 2022

28,750

-

28,750

Amortisation charge

4,600

-

4,600

At 31 August 2023

33,350

-

33,350

Carrying amount

At 31 August 2023

12,650

2,500

15,150

At 31 August 2022

17,250

-

17,250

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

14,430

23,130

2,793

14,342

54,695

Additions

-

2,020

19,750

390

22,160

At 31 August 2023

14,430

25,150

22,543

14,732

76,855

Depreciation

At 1 September 2022

7,021

10,820

2,327

9,013

29,181

Charge for the year

1,193

3,451

3,821

1,453

9,918

At 31 August 2023

8,214

14,271

6,148

10,466

39,099

Carrying amount

At 31 August 2023

6,216

10,879

16,395

4,266

37,756

At 31 August 2022

7,409

12,310

466

5,329

25,514

Included within the net book value of land and buildings above is £6,216 (2022 - £7,409) in respect of long leasehold land and buildings.
 

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

6

Stocks

2023
£

2022
£

Other stocks

60,000

85,000

7

Debtors

2023
£

2022
£

Trade debtors

118

-

Other debtors

283,081

160,546

Prepayments and accrued income

8,167

6,916

Total current trade and other debtors

291,366

167,462

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

15,296

10,157

Trade creditors

 

142,046

123,281

Taxation and social security

 

190,517

127,376

Other creditors

 

3,452

484

Accrued expenses

 

7,077

3,700

 

358,388

264,998

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

37,553

30,680

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,996

10,157

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,033

30,680

10

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

2023
£

2022
£

Not later than one year

3,301

-

Later than one year and not later than five years

14,520

-

17,821

-

 

Jolee Fabrics Ltd
(Registration number: 10167246)

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

11

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Director 1: unsecured loan, interest charged at the official rate, repayable on demand

151,035

91,485

(31,773)

210,747

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Director 1: unsecured loan, interest charged at the official rate, repayable on demand

67,034

107,877

(23,876)

151,035