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COMPANY REGISTRATION NUMBER: 13254600
JLC Financial Ltd
Filleted Unaudited Financial Statements
31 December 2023
JLC Financial Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
225,000
225,000
Current assets
Debtors
7
456,373
415,617
Cash at bank and in hand
967,751
1,192,767
------------
------------
1,424,124
1,608,384
Creditors: amounts falling due within one year
8
2,080,470
2,077,940
------------
------------
Net current liabilities
656,346
469,556
---------
---------
Total assets less current liabilities
( 431,346)
( 244,556)
---------
---------
Net liabilities
( 431,346)
( 244,556)
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 431,347)
( 244,557)
---------
---------
Shareholders deficit
( 431,346)
( 244,556)
---------
---------
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.
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 .
JLC Financial Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mrs J Cullen
Director
Company registration number: 13254600
JLC Financial Ltd
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 8 Radnor Cliff, Folkestone, CT20 2JN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
This includes the directors and key management personnel.
5. Financial commitments
As at the reporting date the Company had no capital or other commitments or contracts for capital expenditure in place.
6. Tangible assets
Long leasehold property
£
Cost
At 1 January 2023 and 31 December 2023
225,000
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
225,000
---------
At 31 December 2022
225,000
---------
7. Debtors
2023
2022
£
£
Other debtors
456,373
415,617
---------
---------
Included within other debtors are amounts owed by undertakings which are under common control. See note 12 for further details.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,076,741
2,076,740
Social security and other taxes
2,479
Other creditors
1,250
1,200
------------
------------
2,080,470
2,077,940
------------
------------
Amounts owed to group undertakings are interest free, unsecured and repayable on demand. See note 12 for further details.
9. Financial instruments
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Cullen
21,606
55,950
( 23,979)
53,577
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs J Cullen
40,618
72,326
( 91,338)
21,606
--------
--------
--------
--------
Overdrawn directors loan accounts are charged interest in line with HMRC guidelines. No interest is charged if directors loan account is in credit balance.
11. Related party transactions
At the year end JLC Financial Ltd owed Lutomax Financial Ltd £2,076,741 (2022: £2,076,741). This loan is interest free, unsecured and repayable on demand. Both companies are under common control. During the year JLC Financial Limited loaned JJ Properties Kent Ltd £13,785. This loan is interest free, unsecured and repayable on demand. At the year-end the total loaned by JLC Financial Ltd to JJ Properties Kent Ltd was £402,795 (2022: £389,010). Both companies are under common control. No further transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.