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COMPANY REGISTRATION NUMBER: 06201210
Joyce Solutions Company Limited
Filleted Unaudited Financial Statements
30 April 2024
Joyce Solutions Company Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Joyce Solutions Company Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
293,132
143,748
Current assets
Stocks
89,859
131,135
Debtors
7
573,583
457,277
Cash at bank and in hand
448,926
80,058
------------
---------
1,112,368
668,470
Creditors: amounts falling due within one year
8
602,248
430,790
------------
---------
Net current assets
510,120
237,680
---------
---------
Total assets less current liabilities
803,252
381,428
Creditors: amounts falling due after more than one year
9
98,912
35,859
Provisions
Taxation including deferred tax
73,283
35,534
---------
---------
Net assets
631,057
310,035
---------
---------
Capital and reserves
Called up share capital
10
200
200
Profit and loss account
630,857
309,835
---------
---------
Shareholders funds
631,057
310,035
---------
---------
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.
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 .
Joyce Solutions Company Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 14 January 2025 , and are signed on behalf of the board by:
Mr P Joyce
Director
Company registration number: 06201210
Joyce Solutions Company 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 England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 OAW.
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 accounts have been prepared on a going concern basis as the director has indicated his willingness to support the company financially for the foreseeable future.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
20% straight line
Computer equipment
-
20 % straight line
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
105,248
34,982
Deferred tax:
Origination and reversal of timing differences
37,749
3,957
---------
--------
Tax on profit
142,997
38,939
---------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
83,236
162,995
60,082
306,313
Additions
24,987
172,805
11,251
209,043
---------
---------
--------
---------
At 30 April 2024
108,223
335,800
71,333
515,356
---------
---------
--------
---------
Depreciation
At 1 May 2023
34,100
83,995
44,470
162,565
Charge for the year
16,040
38,072
5,547
59,659
---------
---------
--------
---------
At 30 April 2024
50,140
122,067
50,017
222,224
---------
---------
--------
---------
Carrying amount
At 30 April 2024
58,083
213,733
21,316
293,132
---------
---------
--------
---------
At 30 April 2023
49,136
79,000
15,612
143,748
---------
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2024
213,733
---------
At 30 April 2023
79,000
---------
7. Debtors
2024
2023
£
£
Trade debtors
480,119
430,366
Prepayments and accrued income
40,246
17,510
Director's loan account
34,754
1,919
Other debtors
18,464
7,482
---------
---------
573,583
457,277
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
143,984
188,500
Accruals and deferred income
203,450
109,278
Corporation tax
116,977
34,982
Social security and other taxes
63,404
51,583
Obligations under finance leases and hire purchase contracts
43,913
29,144
Other taxes and social security
27,019
11,795
Other creditors
3,501
5,508
---------
---------
602,248
430,790
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
98,912
35,859
--------
--------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
11. Director's advances, credits and guarantees
At the year end the director owed the company £34,754 (2023 - £1,919) which is included within debtors. Interest has been charged on the balance owed during the year.
12. Related party transactions
At the year end the company was owed £545 by a related party which is shown amongst debtors.