Company registration number 10702947 (England and Wales)
JB PICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JB PICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
The following pages do not form part of the statutory financial statements
JB PICS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
167
333
Investment property
5
290,000
262,386
290,167
262,719
Current assets
Debtors
6
850
850
Cash at bank and in hand
62,940
50,818
63,790
51,668
Creditors: amounts falling due within one year
7
(297,010)
(295,357)
Net current liabilities
(233,220)
(243,689)
Total assets less current liabilities
56,947
19,030
Provisions for liabilities
(4,800)
Net assets
52,147
19,030
Capital and reserves
Called up share capital
9
1
1
Non-distributable profits reserve
10
22,814
Distributable profit and loss reserves
29,332
19,029
Total equity
52,147
19,030
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JB PICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 December 2024 and are signed on its behalf by:
Mr B Gazi
Mrs J Zhao
Director
Director
Company registration number 10702947 (England and Wales)
JB PICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
JB PICS Limited is a private company limited by shares incorporated in England and Wales. The registered office is 44 Moss Lane, Timperley, Altrincham, Cheshire, WA15 6LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents rent receivable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current or past reporting periods. If is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
JB PICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
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 the date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 May 2023 and 30 April 2024
499
Depreciation and impairment
At 1 May 2023
166
Depreciation charged in the year
166
At 30 April 2024
332
Carrying amount
At 30 April 2024
167
At 30 April 2023
333
JB PICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
5
Investment property
2024
£
Fair value
At 1 May 2023
262,386
Revaluations
27,614
At 30 April 2024
290,000
Investment property is valued by the director, Mrs J Zhao.
The historical cost of the investment property is £262,386 (2023: £262,386).
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
850
850
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,455
2,223
Other creditors
292,866
291,565
Accruals and deferred income
1,689
1,569
297,010
295,357
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Investment property
4,800
-
2024
Movements in the year:
£
Liability at 1 May 2023
-
Charge to profit or loss
4,800
Liability at 30 April 2024
4,800
JB PICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
10
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
22,814
-
At the end of the year
22,814
-
11
Related party transactions
Included in creditors is a director's loan of £292,866 (2023: £291,565) which is unsecured, repayable on demand and currently interest free.
The company is controlled by the directors.