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REGISTERED NUMBER: 03591897 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

J.B. Components Limited

J.B. Components Limited (Registered number: 03591897)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


J.B. Components Limited (Registered number: 03591897)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,980,241 1,536,433
1,980,241 1,536,433

CURRENT ASSETS
Stocks 1,173,221 1,329,735
Debtors 6 1,611,975 2,005,102
Cash at bank 19,157 104
2,804,353 3,334,941
CREDITORS
Amounts falling due within one year 7 3,238,928 3,680,093
NET CURRENT LIABILITIES (434,575 ) (345,152 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,545,666

1,191,281

PROVISIONS FOR LIABILITIES 93,048 24,781
NET ASSETS 1,452,618 1,166,500

CAPITAL AND RESERVES
Called up share capital 75 75
Capital redemption reserve 25 25
Retained earnings 1,452,518 1,166,400
SHAREHOLDERS' FUNDS 1,452,618 1,166,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

J.B. Components Limited (Registered number: 03591897)

Balance Sheet - continued
31 December 2023


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 25 September 2024 and were signed on its behalf by:





J M Winn - Director


J.B. Components Limited (Registered number: 03591897)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

J.B. Components Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03591897

Registered office: Howley Park Industrial Estate
Howley Park Road East
Morley
Leeds
West Yorkshire
LS27 0BN

The presentation currency of the financial statements is the Pound Sterling (£).


The company's principal place of business is Heworth House, William Street, Felling, Gateshead. NE10 0JP.

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.

The financial statements are presented in Sterling (£)

Significant judgements and estimates
The company has not applied any significant judgements or estimates which could have a significant effect on the amounts recognised in its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when goods are delivered and legal title passes.

Goodwill
Goodwill is capitalised and is amortised over its useful life, which shall not exceed 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

J.B. Components Limited (Registered number: 03591897)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs. The amount of any reversal of any write down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

J.B. Components Limited (Registered number: 03591897)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction costs, including transaction costs, and are measured subsequently at amortised cost using the effective interest rate method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, inclusive of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 15,000
AMORTISATION
At 1 January 2023
and 31 December 2023 15,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

J.B. Components Limited (Registered number: 03591897)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 693,396 782,874 210,585
Additions 123,236 141,692 183,920
Disposals - - -
At 31 December 2023 816,632 924,566 394,505
DEPRECIATION
At 1 January 2023 97,076 65,119 128,040
Charge for year 13,868 19,511 39,969
Eliminated on disposal - - -
At 31 December 2023 110,944 84,630 168,009
NET BOOK VALUE
At 31 December 2023 705,688 839,936 226,496
At 31 December 2022 596,320 717,755 82,545

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 510,593 40,744 2,238,192
Additions 135,900 19,500 604,248
Disposals (31,500 ) - (31,500 )
At 31 December 2023 614,993 60,244 2,810,940
DEPRECIATION
At 1 January 2023 376,615 34,909 701,759
Charge for year 63,040 6,333 142,721
Eliminated on disposal (13,781 ) - (13,781 )
At 31 December 2023 425,874 41,242 830,699
NET BOOK VALUE
At 31 December 2023 189,119 19,002 1,980,241
At 31 December 2022 133,978 5,835 1,536,433

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,595,985 1,959,360
Prepayments 15,990 45,742
1,611,975 2,005,102

J.B. Components Limited (Registered number: 03591897)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 320,565
Trade creditors 1,485,883 1,571,810
Tax 41,995 27,515
Social security and other taxes 27,775 27,575
VAT 251,761 234,503
Other creditors 41,983 -
Directors' current accounts 550,000 -
Accrued expenses 839,531 1,498,125
3,238,928 3,680,093

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 320,565

There is a cross guarantee in connection with the banking facilities of all related and group companies as follows:- Gablesea Limited, Gablesea Glassfibre Limited, Servemet (NW) Limited, Service Metals (Midlands) Limited, Service Metals (South) Limited, Service Metals (North) Limited, Service Metals (East Anglia) Limited, Service Metals Painting & Fabrications Limited, Switchblade Metals Limited, J B Components Limited, Service Metals (Ireland) Limited. The amount of overdraft guaranteed in respect of all related and group companies is £2,000,000 at the date of producing these financial accounts. In addition the company also have a debenture on all assets of the company dated 11/05/2009.

Hire purchase balances are secured against the assets to which they relate.

9. RELATED PARTY DISCLOSURES

The directors Mr J M Winn and Mr G P Wilson made an interest free loan to the company in the year, the balance outstanding at the year end was £550,000 (2023) - £0 (2022).

10. SUBSEQUENT EVENTS

The are no capital commitments contracted for but not provided.