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Registration number: 11573052

JRC Product Development Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

(filleted for filing purposes)

 

JRC Product Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

JRC Product Development Limited

Company Information

Director

Mr J R Coop

Registered office

Batchelor Coop
The New Barn
Mill Lane
Eastry
Kent
CT13 0JW

 

JRC Product Development Limited

(Registration number: 11573052)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,181

18,444

Current assets

 

Debtors

5

343,948

361,692

Cash at bank and in hand

 

127,680

64,914

 

471,628

426,606

Creditors: Amounts falling due within one year

6

(38,093)

(76,060)

Net current assets

 

433,535

350,546

Total assets less current liabilities

 

448,716

368,990

Provisions for liabilities

(2,885)

(3,505)

Net assets

 

445,831

365,485

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

445,830

365,484

Shareholders' funds

 

445,831

365,485

For the financial year ending 30 September 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 November 2024
 

.........................................
Mr J R Coop
Director

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Batchelor Coop
The New Barn
Mill Lane
Eastry
Kent
CT13 0JW
England

These financial statements were authorised for issue by the director on 4 November 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.

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 current and 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.

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 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% on written down value

Fixtures and fittings

15% on written down value

Office Equipment

15% on written down value

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.

Trade debtors

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

Trade 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

2,656

2,795

20,862

26,313

Additions

985

3,984

583

5,552

Disposals

(659)

-

(7,625)

(8,284)

At 30 September 2024

2,982

6,779

13,820

23,581

Depreciation

At 1 October 2023

1,256

1,555

5,058

7,869

Charge for the year

317

186

2,174

2,677

Eliminated on disposal

(391)

-

(1,755)

(2,146)

At 30 September 2024

1,182

1,741

5,477

8,400

Carrying amount

At 30 September 2024

1,800

5,038

8,343

15,181

At 30 September 2023

1,400

1,240

15,804

18,444

 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

9,684

16,848

Amounts owed by related parties

8

291,734

300,635

Prepayments

 

2,030

3,709

Other debtors

 

40,500

40,500

   

343,948

361,692

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Taxation and social security

 

4,694

5,538

Other creditors

 

33,399

70,522

 

38,093

76,060

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

JRC Product Development Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

8

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr J R Coop

Transactions with Director

121,642

2,910

(1,980)

122,572

         
       

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr J R Coop

Transactions with Director

1,446

122,196

(2,000)

121,642

         
       

 

Summary of transactions with associates

JRC Lettings Limited
 (a company under common control)
 During the year the company charged interest of £3,909 to JRC Lettings Limited. At the balance sheet date the amount owed to the company by JRC Lettings Limited was £173,909 (2023 £178,994).