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Registered number: 08391394
JG Supplements Ltd
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08391394
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 14,382 36,189
Investments 6 201,022 79,133
215,404 115,322
CURRENT ASSETS
Stocks 106,957 93,741
Debtors 7 8,251 13,883
Cash at bank and in hand 40,731 36,463
155,939 144,087
Creditors: Amounts Falling Due Within One Year 8 (63,487 ) (59,610 )
NET CURRENT ASSETS (LIABILITIES) 92,452 84,477
TOTAL ASSETS LESS CURRENT LIABILITIES 307,856 199,799
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,027 ) (6,027 )
NET ASSETS 304,829 193,772
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 304,729 193,672
SHAREHOLDERS' FUNDS 304,829 193,772
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Justin Garner
Director
27 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
JG Supplements Ltd is a private company, limited by shares, incorporated in England & Wales, the registered number is 08391394 . The registered office is Unit D5, Unit D5 Pear Mill Industrial Estate, Stockport Road West, Bredbury, Stockport, England, SK6 2BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised at the point that the customer takes delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold improvements 20% straight line
Motor vehicles 20% reducing balance
Office equipment 25% straight line
Computer equipment 25% straight line
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.
2.6. Financial Instruments
Debtors and creditors which are due within one year are recorded at transaction price, less any impairment. 
2.7. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
The taxation expense represents the sum of the tax currently payable and deferred tax. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Investments
All investments are carried at cost. They are not revalued unless there is an active market in which a valuation can be reliably determined.
3. Average Number of Employees
2024 2023
Average number of employees, including directors, during the year 3 4
3 4
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Page 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 7,461
As at 29 February 2024 7,461
Amortisation
As at 1 March 2023 7,461
As at 29 February 2024 7,461
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 -
5. Tangible Assets
Land & Property
Leasehold improvements Motor vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
As at 1 March 2023 28,961 11,665 24,088 84,296 149,010
Additions - - - 227 227
Disposals - - - (4,985 ) (4,985 )
As at 29 February 2024 28,961 11,665 24,088 79,538 144,252
Depreciation
As at 1 March 2023 23,134 5,836 12,393 71,458 112,821
Provided during the period 4,108 1,166 3,695 10,635 19,604
Disposals - - - (2,555 ) (2,555 )
As at 29 February 2024 27,242 7,002 16,088 79,538 129,870
Net Book Value
As at 29 February 2024 1,719 4,663 8,000 - 14,382
As at 1 March 2023 5,827 5,829 11,695 12,838 36,189
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Page 6
6. Investments
Other
£
Cost
As at 1 March 2023 79,133
Additions 192,928
Disposals (71,039 )
As at 29 February 2024 201,022
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 201,022
As at 1 March 2023 79,133
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,669 11,377
Other debtors 1,582 2,506
8,251 13,883
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,625 11,230
Other creditors 486 464
Taxation and social security 41,376 47,916
63,487 59,610
Page 6