Company registration number 00686131 (England and Wales)
L & R JOSYFON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
L & R JOSYFON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
L & R JOSYFON LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
110,777
57,005
Current assets
Stocks
4,298,574
4,959,858
Debtors
4
743,759
785,788
Cash at bank and in hand
726,761
352,682
5,769,094
6,098,328
Creditors: amounts falling due within one year
5
(1,178,653)
(1,474,391)
Net current assets
4,590,441
4,623,937
Total assets less current liabilities
4,701,218
4,680,942
Provisions for liabilities
(27,135)
(13,768)
Net assets
4,674,083
4,667,174
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
4,673,083
4,666,174
Total equity
4,674,083
4,667,174
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr B R Josyfon
Mr B M Josyfon
Director
Director
Company registration number 00686131 (England and Wales)
L & R JOSYFON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information
L & R Josyfon Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3-4 Bower Terrace, Tonbridge Road, Maidstone, Kent, ME16 8RY. The business address is 88-90 Hatton Garden, London, EC1N 8PN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. Turnover from the sale of goods is recognised at the point of sale.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% or 20% on straight line basis
Motor vehicles
25% on written down value
1.4
Stocks
Due to the specialist nature of the company's trade, stocks have been valued by the directors at the lower of cost and estimated net realisable value at the Balance Sheet date. This basis is consistent with that employed in previous years.
1.5
Financial instruments
The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including trade creditors, are recognised at transaction price.
L & R JOSYFON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
L & R JOSYFON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
209,246
Additions
74,356
Disposals
(10,169)
At 31 January 2024
273,433
Depreciation and impairment
At 1 February 2023
152,241
Depreciation charged in the year
20,584
Eliminated in respect of disposals
(10,169)
At 31 January 2024
162,656
Carrying amount
At 31 January 2024
110,777
At 31 January 2023
57,005
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
708,645
743,549
Other debtors
35,114
42,239
743,759
785,788
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
499,868
620,194
Taxation and social security
250,515
450,348
Other creditors
428,270
403,849
1,178,653
1,474,391
L & R JOSYFON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
6
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
64,658
92,127
The lease commitment includes an amount of £13,000 (2023 - £39,000) in respect of rent payable to July 2024 for a property occupied by the company.