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COMPANY REGISTRATION NUMBER: 05094253
J & J Luxford Limited
Filleted Unaudited Financial Statements
31 May 2024
J & J Luxford Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
46,627
68,155
Current assets
Debtors
6
183,049
53,503
Cash at bank and in hand
118,925
301,596
---------
---------
301,974
355,099
Creditors: amounts falling due within one year
7
56,288
122,383
---------
---------
Net current assets
245,686
232,716
---------
---------
Total assets less current liabilities
292,313
300,871
Provisions
Taxation including deferred tax
12,356
12,948
---------
---------
Net assets
279,957
287,923
---------
---------
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
279,857
287,823
---------
---------
Shareholders funds
279,957
287,923
---------
---------
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 31 May 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 .
J & J Luxford Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 8 January 2025 , and are signed on behalf of the board by:
Mr J F Luxford
Director
Company registration number: 05094253
J & J Luxford Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, except deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
20% straight line
Motor vehicles
-
25% straight line
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
47,007
143,501
190,508
Additions
1,273
1,273
Disposals
( 699)
( 699)
--------
---------
---------
At 31 May 2024
47,581
143,501
191,082
--------
---------
---------
Depreciation
At 1 June 2023
25,090
97,263
122,353
Charge for the year
7,745
14,954
22,699
Disposals
( 597)
( 597)
--------
---------
---------
At 31 May 2024
32,238
112,217
144,455
--------
---------
---------
Carrying amount
At 31 May 2024
15,343
31,284
46,627
--------
---------
---------
At 31 May 2023
21,917
46,238
68,155
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
21,962
27,640
Other debtors
161,087
25,863
---------
--------
183,049
53,503
---------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,166
42,491
Corporation tax
13,715
3,493
Social security and other taxes
1,664
42,919
Other creditors
3,743
33,480
--------
---------
56,288
122,383
--------
---------
8. Director's advances, credits and guarantees
During the year the director was advanced a loan of £10,000 of which £9,915 remained outstanding at the year end. The loan is unsecured, interest free and repayable on demand.