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COMPANY REGISTRATION NUMBER: NI054692
JB COMPONENTS (NI) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
JB COMPONENTS (NI) LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
6
12,804
12,804
Current assets
Stocks
13,334
24,149
Debtors
7
60,040
58,007
Cash at bank and in hand
41,995
81,199
---------
---------
115,369
163,355
Creditors: amounts falling due within one year
8
219,365
278,068
---------
---------
Net current liabilities
103,996
114,713
---------
---------
Total assets less current liabilities
( 91,192)
( 101,909)
--------
---------
Net liabilities
( 91,192)
( 101,909)
--------
---------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
( 91,194)
( 101,911)
--------
---------
Shareholders deficit
( 91,192)
( 101,909)
--------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 April 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 .
JB COMPONENTS (NI) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 2 January 2025 , and are signed on behalf of the board by:
Mr J H Moore
Director
Company registration number: NI054692
JB COMPONENTS (NI) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is FEB Chartered Accountants, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.
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 also been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the company's directors and creditors. The directors have prepared management accounts since the year end in order to monitor their cash flow concerns. In addition the directors and creditors have confirmed that they will continue to provide financial support to the company to enable it to discharge its liabilities in the foreseeable future and in particular for the next twelve months. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. 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 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.
Income tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallize, based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
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 & machinery
-
10% straight line
Office Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
5,900
8,751
14,651
-------
-------
--------
Depreciation
At 1 May 2023 and 30 April 2024
5,900
8,751
14,651
-------
-------
--------
Carrying amount
At 30 April 2024
-------
-------
--------
At 30 April 2023
-------
-------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
12,804
--------
Impairment
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 30 April 2024
12,804
--------
At 30 April 2023
12,804
--------
7. Debtors
2024
2023
£
£
Trade debtors
58,308
57,315
Other debtors
1,732
692
--------
--------
60,040
58,007
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
203,861
160,725
Social security and other taxes
188
103,984
Other creditors
15,316
13,359
---------
---------
219,365
278,068
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Directors' advances, credits and guarantees
During the year £817 was repaid to Mr J Moore (2023: £124). At the balance sheet date £5,370 remained outstanding to Mr J Moore (2023: £6,331).
11. Related party transactions
The company was under the joint control of the directors, Mr B Li and Mr J Moore throughout the current and prior year. Mr B Li is also a director of BL Engineering Limited. During the year the company purchased goods to the value of £265,756 (2023: £356,691) from BL Engineering Limited. At the balance sheet date £200,937 (2023: £232,538) remained owing to BL Engineering Limited.