Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.electrical contractorstrue72023-03-01false6truefalse 03311688 2023-03-01 2024-02-29 03311688 2022-03-01 2023-02-28 03311688 2024-02-29 03311688 2023-02-28 03311688 2022-03-01 03311688 c:Director1 2023-03-01 2024-02-29 03311688 d:PlantMachinery 2023-03-01 2024-02-29 03311688 d:PlantMachinery 2024-02-29 03311688 d:PlantMachinery 2023-02-28 03311688 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03311688 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 03311688 d:MotorVehicles 2023-03-01 2024-02-29 03311688 d:MotorVehicles 2024-02-29 03311688 d:MotorVehicles 2023-02-28 03311688 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03311688 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 03311688 d:ComputerEquipment 2023-03-01 2024-02-29 03311688 d:ComputerEquipment 2024-02-29 03311688 d:ComputerEquipment 2023-02-28 03311688 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03311688 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 03311688 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03311688 d:LeasedAssetsHeldAsLessee 2023-03-01 2024-02-29 03311688 d:CurrentFinancialInstruments 2024-02-29 03311688 d:CurrentFinancialInstruments 2023-02-28 03311688 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 03311688 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03311688 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 03311688 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03311688 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-02-29 03311688 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 03311688 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-02-29 03311688 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03311688 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 03311688 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 03311688 d:ShareCapital 2024-02-29 03311688 d:ShareCapital 2023-02-28 03311688 d:SharePremium 2024-02-29 03311688 d:SharePremium 2023-02-28 03311688 d:CapitalRedemptionReserve 2024-02-29 03311688 d:CapitalRedemptionReserve 2023-02-28 03311688 d:RetainedEarningsAccumulatedLosses 2024-02-29 03311688 d:RetainedEarningsAccumulatedLosses 2023-02-28 03311688 c:FRS102 2023-03-01 2024-02-29 03311688 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 03311688 c:FullAccounts 2023-03-01 2024-02-29 03311688 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03311688 d:HirePurchaseContracts d:WithinOneYear 2024-02-29 03311688 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 03311688 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-02-29 03311688 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 03311688 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 03311688 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03311688 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-02-29 03311688 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-28 03311688 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure
Registered number: 03311688





 
Jakes Contracting Limited          
 
Financial statements          

For the year ended 29 February 2024          

 
Jakes Contracting Limited
Registered number:03311688

Balance sheet
As at 29 February 2024


2024

2023
                                                                                Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
33,720
25,425

Current assets
  

Stock
 5 
36,195
53,775

Debtors
 6 
211,858
211,337

Cash at bank and in hand
  
84,598
31,070

  
332,651
296,182

Creditors: amounts falling due within one year
 7 
(198,984)
(171,036)

Net current assets
  
 
 
133,667
 
 
125,146

Total assets less current liabilities
  
167,387
150,571

Creditors: amounts falling due after more than one year
  
(38,480)
(45,332)

Provisions for liabilities
  

Deferred tax
 10 
(8,430)
(6,356)

Net assets
  
120,477
98,883


Capital and reserves
  

Called up share capital 
  
125
125

Share premium account
  
19,950
19,950

Capital redemption reserve
  
75
75

Profit and loss account
  
100,327
78,733

  
120,477
98,883


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.


 
Page 1

 
Jakes Contracting Limited
Registered number:03311688
    
Balance sheet (continued)
As at 29 February 2024

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 8 November 2024.






Mr J Finch
Director























The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Jakes Contracting Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is 1st Floor Construction House, Runwell Road, Wickford, Essex, SS11 7HQ. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.3

Tangible fixed assets and depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rates:

Tools and equipment
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stock

Stock is stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.7

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

Page 5

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 6).

Page 7

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

4.


Tangible fixed assets







Tools and equipment
Motor vehicles
Office equipment
Total

£
£
£
£



Cost


At 1 March 2023
7,033
78,740
14,819
100,592


Additions
-
18,049
-
18,049



At 29 February 2024

7,033
96,789
14,819
118,641



Depreciation


At 1 March 2023
6,923
54,485
13,759
75,167


Charge for the year - owned
31
7,199
275
7,505


Charge for the year - financed
-
2,249
-
2,249



At 29 February 2024

6,954
63,933
14,034
84,921



Net book value



At 29 February 2024
79
32,856
785
33,720



At 28 February 2023
110
24,255
1,060
25,425

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
6,748
8,997


5.


Stock

2024
2023
£
£

Raw materials
36,195
53,775


Page 8

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

6.


Debtors

2024
2023
£
£


Trade debtors
162,962
155,625

Amounts owed by related parties
38,395
27,270

Prepayments and accrued income
10,501
28,442

211,858
211,337





7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
107,679
86,094

Bank loans
7,356
6,778

Trade creditors
17,779
31,462

Amounts owed to related parties
-
475

Corporation tax
16,696
16,356

Other taxation and social security
36,094
17,532

Obligations under finance lease and hire purchase contracts
2,566
4,398

Other creditors
6,414
3,641

Accruals and deferred income
4,400
4,300

198,984
171,036


Page 9

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
7,356
6,779

Amounts falling due 1-2 years

Bank loans
7,542
6,951

Amounts falling due 2-5 years

Bank loans
23,789
21,925

Amounts falling due after more than 5 years

Bank loans
7,149
13,890

45,836
49,545


The bank loan is unsecured, is payable by 60 monthly installments which commenced 30 June 2021 and carries fixed interest at the rate of 2.5% per annum. 


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
2,566
4,398

Between 1-5 years
-
2,566

2,566
6,964

Page 10

 
Jakes Contracting Limited
 
 
Notes to the financial statements
For the year ended 29 February 2024

10.


Deferred taxation






2024
2023


£

£






At beginning of year
6,356
8,431


Charged for/(released during) the year
2,074
(2,075)



At end of year
8,430
6,356

2024
2023
£
£


Accelerated capital allowances
8,430
6,356


11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the company to the fund and amounted to £4,617 (2023 - £3,653). Contributions totaling £1,233 (2023 - £1,342) were payable to the fund at the balance sheet date and are included in creditors. 


12.


Related party transactions

At the balance sheet date, the company was owed £35,270 (2023 - £27,270) from Kilcar Holdings Limited and £3,125 (2023 - £475 creditor) from Rio Coffee Limited. Both companies share common directors with Jakes Contracting Limited. No interest was charged on these amounts.

 
Page 11