Registered number
03385592
Texan Jersey Limited
Filleted Accounts
30 June 2024
Texan Jersey Limited
Registered number: 03385592
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 534,021 580,948
Current assets
Stocks 420,708 500,628
Debtors 4 988,105 1,190,839
Cash at bank and in hand 52,678 184,979
1,461,491 1,876,446
Creditors: amounts falling due within one year 5 (904,098) (1,166,472)
Net current assets 557,393 709,974
Net assets 1,091,414 1,290,922
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,091,314 1,290,822
Shareholders' funds 1,091,414 1,290,922
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Naeem Mohammed
Director
Approved by the board on 27 November 2024
Texan Jersey Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 10
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 206,230 1,524,016 44,621 1,774,867
At 30 June 2024 206,230 1,524,016 44,621 1,774,867
Depreciation
At 1 July 2023 - 1,168,670 25,249 1,193,919
Charge for the year - 42,084 4,843 46,927
At 30 June 2024 - 1,210,754 30,092 1,240,846
Net book value
At 30 June 2024 206,230 313,262 14,529 534,021
At 30 June 2023 206,230 355,346 19,372 580,948
4 Debtors 2024 2023
£ £
Trade debtors 849,145 1,051,362
Other debtors 138,960 139,477
988,105 1,190,839
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,206 2,817
Trade creditors 873,293 1,110,499
Taxation and social security costs 22,700 46,415
Other creditors 6,899 6,741
904,098 1,166,472
6 Other information
Texan Jersey Limited is a private company limited by shares and incorporated in England. Its registered office is:
42 Percy Road
Leicester
LE2 8FP
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