6 false false false false false false false false false true false false false false true true No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,000 15,000 119,454 24,000 8,458 151,912 151,912 119,454 xbrli:pure xbrli:shares iso4217:GBP 02682010 2023-03-01 2024-02-29 02682010 2024-02-29 02682010 2023-02-28 02682010 2022-03-01 2023-02-28 02682010 2023-02-28 02682010 core:NetGoodwill 2023-03-01 2024-02-29 02682010 core:PlantMachinery 2023-03-01 2024-02-29 02682010 core:FurnitureFittings 2023-03-01 2024-02-29 02682010 core:MotorVehicles 2023-03-01 2024-02-29 02682010 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 02682010 bus:Director1 2023-03-01 2024-02-29 02682010 core:NetGoodwill 2024-02-29 02682010 core:LandBuildings 2023-02-28 02682010 core:PlantMachinery 2023-02-28 02682010 core:FurnitureFittings 2023-02-28 02682010 core:MotorVehicles 2023-02-28 02682010 core:LandBuildings 2024-02-29 02682010 core:PlantMachinery 2024-02-29 02682010 core:FurnitureFittings 2024-02-29 02682010 core:MotorVehicles 2024-02-29 02682010 core:WithinOneYear 2024-02-29 02682010 core:WithinOneYear 2023-02-28 02682010 core:AfterOneYear 2023-02-28 02682010 core:ShareCapital 2024-02-29 02682010 core:ShareCapital 2023-02-28 02682010 core:RetainedEarningsAccumulatedLosses 2024-02-29 02682010 core:RetainedEarningsAccumulatedLosses 2023-02-28 02682010 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 02682010 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 02682010 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-02-29 02682010 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 02682010 core:Non-currentFinancialInstruments 2024-02-29 02682010 core:Non-currentFinancialInstruments 2023-02-28 02682010 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 02682010 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 02682010 core:RevaluationInvestmentPropertyDeferredTax 2024-02-29 02682010 core:RevaluationInvestmentPropertyDeferredTax 2023-02-28 02682010 core:LandBuildings 2023-02-28 02682010 core:PlantMachinery 2023-02-28 02682010 core:FurnitureFittings 2023-02-28 02682010 core:MotorVehicles 2023-02-28 02682010 bus:Director1 2023-02-28 02682010 bus:Director1 2024-02-29 02682010 bus:Director1 2022-02-28 02682010 bus:Director1 2023-02-28 02682010 bus:Director1 2022-03-01 2023-02-28 02682010 bus:SmallEntities 2023-03-01 2024-02-29 02682010 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 02682010 bus:FullAccounts 2023-03-01 2024-02-29 02682010 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 02682010 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02682010 core:OfficeEquipment 2023-03-01 2024-02-29 02682010 core:OfficeEquipment 2023-02-28 02682010 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 02682010
JBS (Tiling Contractors) Limited
Filleted Unaudited Financial Statements
29 February 2024
JBS (Tiling Contractors) Limited
Financial Statements
Year Ended 29th February 2024
Contents
Page
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
JBS (Tiling Contractors) Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of JBS (Tiling Contractors) Limited
Year Ended 29th February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JBS (Tiling Contractors) Limited for the year ended 29th February 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of JBS (Tiling Contractors) Limited, as a body, in accordance with the terms of our engagement letter dated 1st October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of JBS (Tiling Contractors) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JBS (Tiling Contractors) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that JBS (Tiling Contractors) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JBS (Tiling Contractors) Limited. You consider that JBS (Tiling Contractors) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of JBS (Tiling Contractors) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
14 November 2024
JBS (Tiling Contractors) Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed Assets
Tangible assets
6
292,659
291,315
Investments
7
151,912
119,454
---------
---------
444,571
410,769
Current Assets
Stocks
136,912
160,358
Debtors
8
78,086
125,880
Cash at bank and in hand
390,176
298,010
---------
---------
605,174
584,248
Creditors: amounts falling due within one year
9
90,560
126,533
---------
---------
Net Current Assets
514,614
457,715
---------
---------
Total Assets Less Current Liabilities
959,185
868,484
Creditors: amounts falling due after more than one year
10
25,813
Provisions
Taxation including deferred tax
43,658
27,042
---------
---------
Net Assets
915,527
815,629
---------
---------
Capital and Reserves
Called up share capital
200
200
Profit and loss account
915,327
815,429
---------
---------
Shareholders Funds
915,527
815,629
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 29th February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JBS (Tiling Contractors) Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
D P Earnshaw
Director
Company registration number: 02682010
JBS (Tiling Contractors) Limited
Notes to the Financial Statements
Year Ended 29th February 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Silver End Business Park, Brettell Lane, Brierley Hill, West Midlands, DY5 3LG.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible Assets
Goodwill
£
Cost
At 1st March 2023 and 29th February 2024
15,000
--------
Amortisation
At 1st March 2023 and 29th February 2024
15,000
--------
Carrying amount
At 29th February 2024
--------
At 28th February 2023
--------
6. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Mar 2023
130,000
10,627
20,567
284,862
20,506
466,562
Additions
530
744
56,210
2,102
59,586
Disposals
( 28,750)
( 28,750)
---------
--------
--------
---------
--------
---------
At 29 Feb 2024
130,000
11,157
21,311
312,322
22,608
497,398
---------
--------
--------
---------
--------
---------
Depreciation
At 1 Mar 2023
8,348
11,690
139,416
15,793
175,247
Charge for the year
421
1,443
43,227
1,022
46,113
Disposals
( 16,621)
( 16,621)
---------
--------
--------
---------
--------
---------
At 29 Feb 2024
8,769
13,133
166,022
16,815
204,739
---------
--------
--------
---------
--------
---------
Carrying amount
At 29 Feb 2024
130,000
2,388
8,178
146,300
5,793
292,659
---------
--------
--------
---------
--------
---------
At 28 Feb 2023
130,000
2,279
8,877
145,446
4,713
291,315
---------
--------
--------
---------
--------
---------
Tangible assets held at valuation
The revaluation of long leasehold property was undertaken by D P Earnshaw , a director of the company, on 29th February 2024 using his extensive knowledge of the local property market.
7. Investments
Investments
£
Cost
At 1st March 2023
119,454
Additions
24,000
Revaluations
8,458
---------
At 29th February 2024
151,912
---------
Impairment
At 1st March 2023 and 29th February 2024
---------
Carrying amount
At 29th February 2024
151,912
---------
At 28th February 2023
119,454
---------
8. Debtors
2024
2023
£
£
Trade debtors
52,141
112,139
Other debtors
25,945
13,741
--------
---------
78,086
125,880
--------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,021
Trade creditors
29,882
86,588
Corporation tax
47,328
8,443
Social security and other taxes
6,252
8,517
Other creditors
7,098
12,964
--------
---------
90,560
126,533
--------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,813
----
--------
11. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
43,658
27,042
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
37,909
24,280
Fair value adjustment of investment property
5,749
2,762
--------
--------
43,658
27,042
--------
--------
12. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D P Earnshaw
( 768)
( 64,662)
63,295
( 2,135)
----
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
D P Earnshaw
( 695)
( 37,000)
36,927
( 768)
----
--------
--------
----
The credits to the director were made at the official rate of interest and are repayable on demand.