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REGISTERED NUMBER: 02690680 (England and Wales)















Unaudited Financial Statements

for the Year Ended 29 February 2024

for

JGB Engineering Ltd

JGB Engineering Ltd (Registered number: 02690680)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


JGB Engineering Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: J P Evans
A G Evans
L J Phelps
A J Price



REGISTERED OFFICE: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
GL3 3RS



REGISTERED NUMBER: 02690680 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: HSBC Plc
The Cross
Gloucester
GL1 2AP

JGB Engineering Ltd (Registered number: 02690680)

Statement of Financial Position
29 February 2024

29/2/24 28/2/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 296,667 292,723

CURRENT ASSETS
Stocks 294,525 92,634
Debtors 5 695,846 806,690
Cash at bank and in hand 662,604 655,435
1,652,975 1,554,759
CREDITORS
Amounts falling due within one year 6 1,174,073 1,038,513
NET CURRENT ASSETS 478,902 516,246
TOTAL ASSETS LESS CURRENT
LIABILITIES

775,569

808,969

CREDITORS
Amounts falling due after more than one
year

7

(110,868

)

(159,726

)

PROVISIONS FOR LIABILITIES (69,074 ) (58,457 )
NET ASSETS 595,627 590,786

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 595,625 590,784
SHAREHOLDERS' FUNDS 595,627 590,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JGB Engineering Ltd (Registered number: 02690680)

Statement of Financial Position - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2024 and were signed on its behalf by:





A J Price - Director


JGB Engineering Ltd (Registered number: 02690680)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

JGB Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.

The company recognises revenue from the rendering of services in the period which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliability;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the lease term
Plant and machinery - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 10% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


JGB Engineering Ltd (Registered number: 02690680)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
Cost
At 1 March 2023 16,650 401,111 81,479 35,041 534,281
Additions - 37,595 15,250 382 53,227
Disposals - (1,200 ) (4,000 ) (3,481 ) (8,681 )
At 29 February 2024 16,650 437,506 92,729 31,942 578,827
Depreciation
At 1 March 2023 16,650 141,381 71,166 12,361 241,558
Charge for year - 34,046 9,063 2,931 46,040
Eliminated on disposal - (1,200 ) (1,800 ) (2,438 ) (5,438 )
At 29 February 2024 16,650 174,227 78,429 12,854 282,160
Net book value
At 29 February 2024 - 263,279 14,300 19,088 296,667
At 28 February 2023 - 259,730 10,313 22,680 292,723

JGB Engineering Ltd (Registered number: 02690680)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
Cost
At 1 March 2023
and 29 February 2024 259,226
Depreciation
At 1 March 2023 26,064
Charge for year 25,923
At 29 February 2024 51,987
Net book value
At 29 February 2024 207,239
At 28 February 2023 233,162

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Trade debtors 620,157 717,655
Amounts owed by group undertakings 42 -
Other debtors 75,647 89,035
695,846 806,690

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts (see note 8) 48,858 46,164
Trade creditors 238,277 201,617
Amounts owed to group undertakings 531,607 396,127
Taxation and social security 252,819 192,838
Other creditors 102,512 201,767
1,174,073 1,038,513

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29/2/24 28/2/23
£    £   
Hire purchase contracts (see note 8) 110,868 159,726

JGB Engineering Ltd (Registered number: 02690680)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29/2/24 28/2/23
£    £   
Net obligations repayable:
Within one year 48,858 46,164
Between one and five years 110,868 159,726
159,726 205,890

Non-cancellable operating leases
29/2/24 28/2/23
£    £   
Within one year 88,120 50,673
Between one and five years 113,873 16,200
201,993 66,873

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29/2/24 28/2/23
£    £   
L J Phelps
Balance outstanding at start of year 17,606 21,365
Amounts advanced 574 216
Amounts repaid (4,325 ) (3,975 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,855 17,606

The above loan to the director is interest free with no fixed repayment terms.

10. RELATED PARTY DISCLOSURES

EPP Holdings Ltd
Parent company

At 29 February 2024, the company owed EPP Holdings Ltd £531,607 (2023 - £396,016). The balance is interest free with no fixed repayment terms.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by EPP Holdings Ltd, a company jointly controlled by the directors of JGB Engineering Ltd. EPP Holdings Ltd which shares the same registered office as JGB Engineering Ltd, has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.