Registered number
10144448
JX FOOD LIMITED
Filleted Accounts
30 April 2024
JX FOOD LIMITED
Registered number: 10144448
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 67,346 62,539
Current assets
Debtors 4 139,023 116,344
Petty Cash 508 -
139,531 116,344
Creditors: amounts falling due within one year 5 (696,947) (518,003)
Net current liabilities (557,416) (401,659)
Total assets less current liabilities (490,070) (339,120)
Creditors: amounts falling due after more than one year 6 (10,234) (19,968)
Net liabilities (500,304) (359,088)
Capital and reserves
Called up share capital 100 100
Profit and loss account (500,404) (359,188)
Shareholders' funds (500,304) (359,088)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jiajia Huang
Director
Approved by the board on 9 January 2025
JX FOOD LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company has financial support from the shareholder. Based on this the director believes the company has adequate resources to continue in operational existence and to meet its financial obligations . Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 10 years
Plant and machinery over 10 years
Computer & office equipments over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 21
3 Tangible fixed assets
Computer & office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 1,146 78,486 26,814 106,446
Additions 1,081 4,490 - 5,571
At 30 April 2024 2,227 82,976 26,814 112,017
Depreciation
At 1 May 2023 173 41,723 2,011 43,907
Charge for the year 261 (2,179) 2,682 764
At 30 April 2024 434 39,544 4,693 44,671
Net book value
At 30 April 2024 1,793 43,432 22,121 67,346
At 30 April 2023 973 36,763 24,803 62,539
4 Debtors 2024 2023
£ £
Trade debtors 20,988 41,867
VAT 107,235 65,177
Rent Deposit 10,800 9,300
139,023 116,344
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 24,850 19,059
Customer Deposit 1,820 -
Directors Loan Account 347,058 349,982
Net Wages 14,662 11,051
Trade creditors 219,445 111,812
Taxation and social security costs 83,477 23,599
Accruals 5,635 2,500
696,947 518,003
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,234 19,968
Bank loan relates to Bounce Back Loan scheme set up by the Government to help businesses with Covid-19. It is Government backed unsecured loan. The loan is for a period of five years. No interest is payable for the first year of the loan, and thereafter interest is charged at 2.5% per annum.
7 Other information
JX FOOD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 105
14 Cumberland Avenue
London
NW10 7QL
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