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Company No: 02300371 (England and Wales)

JAY HOUSE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

JAY HOUSE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

JAY HOUSE LIMITED

BALANCE SHEET

As at 31 March 2024
JAY HOUSE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 653,019 669,376
653,019 669,376
Current assets
Stocks 4 378,250 375,000
Debtors 5 275,736 342,047
Cash at bank and in hand 6 150,666 66,915
804,652 783,962
Creditors: amounts falling due within one year 7 ( 520,202) ( 498,205)
Net current assets 284,450 285,757
Total assets less current liabilities 937,469 955,133
Creditors: amounts falling due after more than one year 8 ( 376,554) ( 400,156)
Provision for liabilities ( 59,084) ( 43,883)
Net assets 501,831 511,094
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 500,831 510,094
Total shareholders' funds 501,831 511,094

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Jay House Limited (registered number: 02300371) were approved and authorised for issue by the Board of Directors on 12 September 2024. They were signed on its behalf by:

B Herlinger
Director
JAY HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
JAY HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jay House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lower Beversbrook Industrial Estate, Redman Road, Calne, SN11 9PL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 April 2023 603,246 16,061 97,692 40,868 757,867
Additions 0 2,990 468 0 3,458
At 31 March 2024 603,246 19,051 98,160 40,868 761,325
Accumulated depreciation
At 01 April 2023 0 3,613 68,531 16,347 88,491
Charge for the financial year 9,377 1,942 4,409 4,087 19,815
At 31 March 2024 9,377 5,555 72,940 20,434 108,306
Net book value
At 31 March 2024 593,869 13,496 25,220 20,434 653,019
At 31 March 2023 603,246 12,448 29,161 24,521 669,376

4. Stocks

2024 2023
£ £
Stocks 378,250 375,000

5. Debtors

2024 2023
£ £
Trade debtors 177,915 243,520
Other debtors 97,821 98,527
275,736 342,047

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 150,666 66,915

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 32,898) 42,898 42,898
Trade creditors 393,035 349,772
Taxation and social security 61,918 28,735
Other creditors 22,351 76,800
520,202 498,205

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 364,887) 376,554 400,156

The bank loans are secured on freehold properties of the company with a carrying value of £593,869 (2023: £603,246).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 214,001 246,899

9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2023, the balance owed by B Herlinger (a director) was £10,130. During the year, £112 was advanced to the director, and £10,242 was repaid by the director. At 31 March 2024, the balance owed by the director was £nil.

At 1 April 2023, the balance owed by J T Herlinger (a director) was 9,316. During the year, £248 was advanced to the director, and £9,564 was repaid by the director. At 31 March 2024, the balance owed by the director was £nil.