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Filleted

Registration number: 12276776

Jbanf Cyf.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Jbanf Cyf.

(Registration number: 12276776)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,557,905

77,207

Current assets

 

Debtors

6

24,687

14,833

Cash at bank and in hand

 

318

125,440

 

25,005

140,273

Creditors: Amounts falling due within one year

7

(526,727)

(41,211)

Net current (liabilities)/assets

 

(501,722)

99,062

Total assets less current liabilities

 

1,056,183

176,269

Creditors: Amounts falling due after more than one year

7

(1,023,591)

(66,584)

Provisions for liabilities

(22,554)

(11,221)

Net assets

 

10,038

98,464

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

10,037

98,463

Total equity

 

10,038

98,464

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 September 2024
 

.........................................
Mr J Banfield
Director

   
     
 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hillcrest
Reynalton
SA68 0PH

These financial statements were authorised for issue by the director on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15 - 33% reducing balance

Office equipment

33% reducing balance

Fixtures & Fittings

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

35,098

19,674

 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

-

-

107,098

-

Additions

1,427,957

6,335

79,547

1,957

At 31 March 2024

1,427,957

6,335

186,645

1,957

Depreciation

At 1 April 2023

-

-

29,891

-

Charge for the year

286

1,267

33,056

489

At 31 March 2024

286

1,267

62,947

489

Carrying amount

At 31 March 2024

1,427,671

5,068

123,698

1,468

At 31 March 2023

-

-

77,207

-

Total
£

Cost or valuation

At 1 April 2023

107,098

Additions

1,515,796

At 31 March 2024

1,622,894

Depreciation

At 1 April 2023

29,891

Charge for the year

35,098

At 31 March 2024

64,989

Carrying amount

At 31 March 2024

1,557,905

At 31 March 2023

77,207

Included within the net book value of land and buildings above is £1,427,672 (2023 - £Nil) in respect of freehold land and buildings.
 

6

Debtors

 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Trade debtors

13,714

13,714

Prepayments

442

-

Other debtors

10,531

1,119

24,687

14,833

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

36,503

1,881

Trade creditors

 

1,994

(23)

Taxation and social security

 

-

10,525

Other related parties

 

472,670

18,781

Gross amount due to customers for contract work

 

43

-

Corporation tax liability

 

6,679

6,425

Other creditors

 

8,838

3,622

 

526,727

41,211

Due after one year

 

Loans and borrowings

9

1,023,591

66,584

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

1,023,591

66,584

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

966,405

38,734

HP and finance lease liabilities

57,186

27,850

1,023,591

66,584

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,013

-

Bank overdrafts

8,888

1,881

HP and finance lease liabilities

18,602

-

36,503

1,881

 

Jbanf Cyf.

Notes to the Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr J Banfield

Interest free loan repayable on demand

(18,781)

926,678

(1,380,567)

(472,670)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr J Banfield

Interest free loan repayable on demand

(1,542)

20,420

(37,660)

(18,781)