2023-01-012023-12-312023-12-31false09539274IDAHO JONES 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IDAHO JONES LTD

Registered Number
09539274
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

IDAHO JONES LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Ms Ece Filiz Vazquez Ruiz
Mr Juan Vazquez Ruiz

Registered Address

10 Chesterfield Road
London
W4 3HG

Registered Number

09539274 (England and Wales)
IDAHO JONES LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets3-5,299
Tangible assets411,14114,494
11,14119,793
Current assets
Stocks5372,804275,846
Debtors619,156167,978
Cash at bank and on hand15,34624,991
407,306468,815
Creditors amounts falling due within one year7(521,056)(380,343)
Net current assets (liabilities)(113,750)88,472
Total assets less current liabilities(102,609)108,265
Creditors amounts falling due after one year8-(40,278)
Provisions for liabilities9-(3,498)
Net assets(102,609)64,489
Capital and reserves
Called up share capital100100
Profit and loss account(102,709)64,389
Shareholders' funds(102,609)64,489
The financial statements were approved and authorised for issue by the Board of Directors on 25 September 2024, and are signed on its behalf by:
Ms Ece Filiz Vazquez Ruiz
Director
Registered Company No. 09539274
IDAHO JONES LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Office Equipment3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year20
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 236,7626,762
Disposals(6,762)(6,762)
Amortisation and impairment
At 01 January 231,4631,463
On disposals(1,463)(1,463)
Net book value
At 31 December 23--
At 31 December 225,2995,299
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 January 2316,5373,10419,641
Additions368583951
At 31 December 2316,9053,68720,592
Depreciation and impairment
At 01 January 232,9882,1595,147
Charge for year3,9293754,304
At 31 December 236,9172,5349,451
Net book value
At 31 December 239,9881,15311,141
At 31 December 2213,54994514,494
5.Stocks

2023

2022

££
Finished goods372,804275,846
Total372,804275,846
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables40721,410
Other debtors15,818143,646
Prepayments and accrued income2,9312,922
Total19,156167,978
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables46,299150,524
Bank borrowings and overdrafts40,0295,556
Taxation and social security-9,714
Other creditors434,728202,243
Accrued liabilities and deferred income-12,306
Total521,056380,343
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts-40,278
Total-40,278
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)-3,498
Total-3,498