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Company registration number: SC141253
Janex Limited
Unaudited filleted financial statements
30 September 2023
Janex Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Janex Limited
Directors and other information
Directors Mr Daniel J McElhinney
Mrs Sandra McNiven
Mr Jan Petter Rasmussen
Company number SC141253
Registered office Unit 8
Callendar Business Park
Falkirk
FK1 1XR
Accountant Arm in Arm Accounting Limited
Herkimer House
Mill Road Enterprise Park
Linlithgow
EH49 7SF
Janex Limited
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 3,498 8,370
_______ _______
3,498 8,370
Current assets
Stocks - 20,494
Debtors 6 1,091,494 1,074,103
Cash at bank and in hand 6,566 49,081
_______ _______
1,098,060 1,143,678
Creditors: amounts falling due
within one year 7 ( 1,364,266) ( 1,194,214)
_______ _______
Net current liabilities ( 266,206) ( 50,536)
_______ _______
Total assets less current liabilities ( 262,708) ( 42,166)
Creditors: amounts falling due
after more than one year 8 ( 17,907) ( 26,689)
_______ _______
Net liabilities ( 280,615) ( 68,855)
_______ _______
Capital and reserves
Called up share capital 386,000 386,000
Profit and loss account ( 666,615) ( 454,855)
_______ _______
Shareholders deficit ( 280,615) ( 68,855)
_______ _______
For the year ending 30 September 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mrs Sandra McNiven
Director
Company registration number: SC141253
Janex Limited
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 8, Callendar Business Park, Falkirk, FK1 1XR.
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
The directors have reviewed the post year-end trading results, the 12 months from the balance sheet signing date, and the current financial projections for the business and confirm that the going concern assumption is appropriate.
The directors and shareholders have invested further funds during the year and have advised that they will continue to support the company to ensure that the company can continue to meet its obligations as they fall due. The company has obtained significant new contracts and expect the company to return to profitabiliy in the next financial year.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % straight line
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.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 253,526 248,241
Social security costs 18,185 21,733
Other pension costs 18,021 16,929
_______ _______
289,732 286,903
_______ _______
5. Tangible assets
Plant and machinery Website Total
£ £ £
Cost
At 1 October 2022 139,673 - 139,673
Additions - 3,498 3,498
_______ _______ _______
At 30 September 2023 139,673 3,498 143,171
_______ _______ _______
Depreciation
At 1 October 2022 131,303 - 131,303
Charge for the year 8,370 - 8,370
_______ _______ _______
At 30 September 2023 139,673 - 139,673
_______ _______ _______
Carrying amount
At 30 September 2023 - 3,498 3,498
_______ _______ _______
At 30 September 2022 8,370 - 8,370
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 611,175 682,406
Other debtors 480,319 391,697
_______ _______
1,091,494 1,074,103
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 327,262 123,527
Trade creditors 316,519 745,900
Social security and other taxes 141,631 64,634
Other creditors 578,854 260,153
_______ _______
1,364,266 1,194,214
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 17,907 26,689
_______ _______
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Loans due to companies under common control 160,359 - 312,853 152,494
_______ _______ _______ _______
10. Secured Debts
The following secured debts are shown in creditors: Invoice discounting facility £317,261 (2022: £113,527). Invoice discounting facility is secured by way of a floating charge over the assets of the company.