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Registered number: 13424114














J&L METAL TRADING LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

 
J&L METAL TRADING LIMITED
 

CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 
J&L METAL TRADING LIMITED
REGISTERED NUMBER: 13424114

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
38,698
50,442

Current assets
  

Debtors: amounts falling due within one year
 5 
35,579
-

Bank and cash balances
  
45,582
62,219

  
81,161
62,219

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(48,073)
(22,528)

Net current assets
  
 
 
33,088
 
 
39,691

Total assets less current liabilities
  
71,786
90,133

Creditors: amounts falling due after more than one year
 7 
(38,290)
(43,550)

Provisions for liabilities
  

Deferred tax
 9 
(9,675)
(12,610)

Net assets
  
23,821
33,973


Capital and reserves
  

Called up share capital 
 10 
200
200

Profit and loss account
  
23,621
33,773

  
23,821
33,973


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 1

 
J&L METAL TRADING LIMITED
REGISTERED NUMBER: 13424114
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 January 2025.


J Symons
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
J&L METAL TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

J&L Metal Trading Limited is a private limited liability company incorporated in England & Wales, with its  registered office address at 56 Galley Lane, Barnet, London, EN5 4AL2.
The principal activity of the Company continued to be that of a sales commission agency.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises sales commissions received, exclusive of Value Added Tax. 
Revenue is recognised in the period in which its earned.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 3

 
J&L METAL TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at the transaction price.

Page 4

 
J&L METAL TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

Dividends

Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Motor vehicles
Fixtures and equipment
Total

£
£
£



Cost 


At 1 June 2023
52,635
-
52,635


Additions
-
999
999



At 31 May 2024

52,635
999
53,634



Depreciation


At 1 June 2023
2,193
-
2,193


Charge for the year on owned assets
-
133
133


Charge for the year on financed assets
12,610
-
12,610



At 31 May 2024

14,803
133
14,936



Net book value



At 31 May 2024
37,832
866
38,698



At 31 May 2023
50,442
-
50,442

Page 5

 
J&L METAL TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Other debtors
35,579
-



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Taxation and social security
34,105
17,623

Obligations under finance lease and hire purchase contracts
4,021
3,086

Other creditors
-
1,069

Accruals and deferred income
9,947
750

48,073
22,528



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
38,290
43,550



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
4,021
3,086

Between 1-5 years
38,290
43,550

42,311
46,636

Page 6

 
J&L METAL TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Deferred taxation




2024


£






At beginning of year
12,610


Released to profit or loss
2,935



At end of year
9,675

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
9,675
12,610


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

200

200



11.


Related party transactions

During the year the Company made various advances to the director of the Company. At the Statement of Financial Position date the amount outstanding was £35,580 (2023 - £1,068 owed to the director). Interest has been charged at the official HMRC rate.

 
Page 7