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COMPANY REGISTRATION NUMBER: SC733790
JFTT East LTD
Filleted Unaudited Financial Statements
29 February 2024
JFTT East LTD
Financial Statements
Year ended 29 February 2024
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
JFTT East LTD
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of JFTT East LTD
Year ended 29 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 JFTT East LTD for the year ended 29 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of JFTT East LTD. Our work has been undertaken solely to prepare for your approval the financial statements of JFTT East LTD and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JFTT East LTD and its director for our work or for this report.
It is your duty to ensure that JFTT East LTD 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 loss of JFTT East LTD. You consider that JFTT East LTD 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 JFTT East LTD. 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
21 November 2024
JFTT East LTD
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,089
Current assets
Stocks
8,073
Debtors
6
638
Cash at bank and in hand
33,411
1
--------
----
42,122
1
Creditors: amounts falling due within one year
7
116,471
---------
----
Net current (liabilities)/assets
( 74,349)
1
--------
----
Total assets less current liabilities
( 70,260)
1
--------
----
Net (liabilities)/assets
( 70,260)
1
--------
----
Capital and reserves
Called up share capital
3
1
Profit and loss account
( 70,263)
--------
----
Shareholders (deficit)/funds
( 70,260)
1
--------
----
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 statement of comprehensive income has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
Mr Jamie A Lessani
Director
Company registration number: SC733790
JFTT East LTD
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Craighall Business Park, 18 Eagle Street, Glasgow, G59XA.
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.
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.
Going concern
The company is reliant on the support of the director and associated companies in order to continue in operational existence and meet its liabilities as they fall due. The director is satisfied that they will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 16 (2023: Nil).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023
Additions
2,575
2,040
4,615
-------
-------
-------
At 29 February 2024
2,575
2,040
4,615
-------
-------
-------
Depreciation
At 1 March 2023
Charge for the year
483
43
526
-------
-------
-------
At 29 February 2024
483
43
526
-------
-------
-------
Carrying amount
At 29 February 2024
2,092
1,997
4,089
-------
-------
-------
At 28 February 2023
-------
-------
-------
6. Debtors
2024
2023
£
£
Other debtors
638
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,038
Social security and other taxes
76,850
Other creditors
27,583
---------
----
116,471
---------
----
8. Controlling party
The company was not under the control of any one individual.