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Company registration number: 00924292
J. Roberts & Son (Gunmakers) Limited
Unaudited filleted financial statements
31 December 2023
J. Roberts & Son (Gunmakers) Limited
Contents
Statement of financial position
Notes to the financial statements
J. Roberts & Son (Gunmakers) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 3 3
Tangible assets 6 2,627 6,007
_______ _______
2,630 6,010
Current assets
Stocks 307,000 287,000
Debtors 7 299,357 32,760
Cash at bank and in hand 28,305 59,012
_______ _______
634,662 378,772
Creditors: amounts falling due
within one year 8 ( 638,851) ( 445,578)
_______ _______
Net current liabilities ( 4,189) ( 66,806)
_______ _______
Total assets less current liabilities ( 1,559) ( 60,796)
Creditors: amounts falling due
after more than one year 9 ( 16,843) ( 24,353)
_______ _______
Net liabilities ( 18,402) ( 85,149)
_______ _______
Capital and reserves
Called up share capital 330,000 330,000
Share premium account 69,567 69,567
Capital redemption reserve 75,000 75,000
Profit and loss account ( 492,969) ( 559,716)
_______ _______
Shareholders deficit ( 18,402) ( 85,149)
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2024 , and are signed on behalf of the board by:
Mr P B Roberts
Director
Company registration number: 00924292
J. Roberts & Son (Gunmakers) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Solelands Farm, Harbolets Road, West Chiltington, West Sussex, RH20 2LG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 31 Decemeber 2023 the company had excess liabilities over assets totalling £18,402. The company is dependent upon the continued financial support of the director and on the basis that this support is forthcoming, the director considers it appropriate for the financial statements to be prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 33.33 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2023 and 31 December 2023 5,790 5,790
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 5,787 5,787
_______ _______
Carrying amount
At 31 December 2023 3 3
_______ _______
At 31 December 2022 3 3
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 January 2023 130,134 10,997 47,254 188,385
Additions - 500 - 500
_______ _______ _______ _______
At 31 December 2023 130,134 11,497 47,254 188,885
_______ _______ _______ _______
Depreciation
At 1 January 2023 126,695 10,573 45,110 182,378
Charge for the year 3,419 139 322 3,880
_______ _______ _______ _______
At 31 December 2023 130,114 10,712 45,432 186,258
_______ _______ _______ _______
Carrying amount
At 31 December 2023 20 785 1,822 2,627
_______ _______ _______ _______
At 31 December 2022 3,439 424 2,144 6,007
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 277,876 12,445
Other debtors 21,481 20,315
_______ _______
299,357 32,760
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 7,510 7,510
Trade creditors 319,004 68,168
Social security and other taxes 13,617 10,021
Other creditors 298,720 359,879
_______ _______
638,851 445,578
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 16,843 24,353
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P B Roberts ( 14,846) 13,184 ( 1,662)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P B Roberts ( 27,458) 12,612 ( 14,846)
_______ _______ _______
11. Controlling party
The company is controlled by Mr P B Roberts.