Company registration number: 02064486
Unaudited financial statements
for the year ended 31 December 2023
for
Jade Engineering (Coventry) Limited
Pages for filing with the Registrar
Company registration number: 02064486
Jade Engineering (Coventry) Limited
Balance sheet
as at 31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 816,178 536,617
816,178 536,617
Current assets
Stocks 702,931 736,079
Debtors 948,748 836,901
Cash at bank and in hand 559,586 164,470
2,211,265 1,737,450
Creditors: amounts falling due within
one year
(2,294,400) (1,650,426)
Net current (liabilities)/assets (83,135) 87,024
Total assets less current liabilities 733,043 623,641
Provisions for liabilities (204,043) (101,956)
NET ASSETS 529,000 521,685
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 524,000 516,685
TOTAL EQUITY 529,000 521,685
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 02064486
Jade Engineering (Coventry) Limited
Balance sheet - continued
as at 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 Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 20 September 2024 and signed on its behalf by:
Mr S Mackey, Director Mr A Jones, Director
20 September 2024 20 September 2024
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Jade Engineering (Coventry) Limited
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
The company is registered in England and Wales. Its registered number is 02064486. The company is limited by shares. Its registered office is 70 Bayton Road, Exhall, Coventry, CV7 9EJ.
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 historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the 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.
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.
Land and buildings:
Freehold property - Fully depreciated
Plant and machinery etc.:
Plant and machinery - 15% reducing balance
Motor vehicles - 25% straight line
Computer equipment - 33% on reducing balance, 25% on cost and 10% on
reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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Jade Engineering (Coventry) Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 46 (2022 - 45).
4 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 January 2023 38,915 1,430,308 1,469,223
Additions - 372,938 372,938
At 31 December 2023 38,915 1,803,246 1,842,161
Depreciation
At 1 January 2023 38,909 893,697 932,606
Charge for year - 93,377 93,377
At 31 December 2023 38,909 987,074 1,025,983
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Jade Engineering (Coventry) Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
4 Tangible fixed assets - continued
Net book value
At 31 December 2023 6 816,172 816,178
At 31 December 2022 6 536,611 536,617
5 Controlling party
The company is a wholly owned subsidiary of J. Tools Limited, a company registered in England and Wales.
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