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COMPANY REGISTRATION NUMBER: 02497862
Jali Limited
Filleted Unaudited Financial Statements
30 April 2024
Jali Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Jali Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
7,939
9,619
Tangible assets
6
347,680
425,843
---------
---------
355,619
435,462
Current assets
Stocks
60,000
78,284
Debtors
7
49,687
47,528
Cash at bank and in hand
144,060
165,471
---------
---------
253,747
291,283
Creditors: amounts falling due within one year
8
151,381
204,887
---------
---------
Net current assets
102,366
86,396
---------
---------
Total assets less current liabilities
457,985
521,858
Creditors: amounts falling due after more than one year
9
22,398
Provisions
Taxation including deferred tax
36,200
46,245
---------
---------
Net assets
421,785
453,215
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
421,685
453,115
---------
---------
Shareholders funds
421,785
453,215
---------
---------
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 .
Jali Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr N T Showan
Mrs J C Showan
Director
Director
Mr D Showan
Director
Company registration number: 02497862
Jali 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 Albion Works, Church Lane, Barham, Canterbury, Kent, CT4 6QS.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Intangible assets
Patents & Licenses The costs associated with patents and licences are recognised as assets in the balance sheet when incurred and are amortised over their estimated useful lives.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Land and buildings
-
10% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
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.
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 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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 15 ).
5. Intangible assets
Development costs
£
Cost
At 1 May 2023 and 30 April 2024
45,326
--------
Amortisation
At 1 May 2023
35,707
Charge for the year
1,680
--------
At 30 April 2024
37,387
--------
Carrying amount
At 30 April 2024
7,939
--------
At 30 April 2023
9,619
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2023
305,385
2,004,160
194,141
2,503,686
Disposals
( 46,000)
( 46,000)
---------
------------
---------
------------
At 30 April 2024
305,385
1,958,160
194,141
2,457,686
---------
------------
---------
------------
Depreciation
At 1 May 2023
219,037
1,680,231
178,575
2,077,843
Charge for the year
21,587
50,124
3,215
74,926
Disposals
( 42,763)
( 42,763)
---------
------------
---------
------------
At 30 April 2024
240,624
1,687,592
181,790
2,110,006
---------
------------
---------
------------
Carrying amount
At 30 April 2024
64,761
270,568
12,351
347,680
---------
------------
---------
------------
At 30 April 2023
86,348
323,929
15,566
425,843
---------
------------
---------
------------
7. Debtors
2024
2023
£
£
Trade debtors
38,299
30,321
Other debtors
11,388
17,207
--------
--------
49,687
47,528
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72,403
73,863
Social security and other taxes
10,875
17,232
Other creditors
68,103
113,792
---------
---------
151,381
204,887
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
22,398
----
--------
10. Related party transactions
At the year end, the company owed a director £6,388 (2023: £37,813). At the year end, the company owed another director £3,000 (2023: £2,000).