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Company No: 13564032 (England and Wales)

J1 TECHNOLOGY LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

J1 TECHNOLOGY LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

J1 TECHNOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
J1 TECHNOLOGY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 78,216 58,544
Tangible assets 4 4,602 5,014
82,818 63,558
Current assets
Debtors 5 288,936 927
Cash at bank and in hand 6,294 382,500
295,230 383,427
Creditors: amounts falling due within one year 6 ( 395,783) ( 467,739)
Net current liabilities (100,553) (84,312)
Total assets less current liabilities (17,735) (20,754)
Net liabilities ( 17,735) ( 20,754)
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account ( 17,736 ) ( 20,755 )
Total shareholder's deficit ( 17,735) ( 20,754)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of J1 Technology Limited (registered number: 13564032) were approved and authorised for issue by the Director. They were signed on its behalf by:

J L Bradford
Director

23 February 2025

J1 TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
J1 TECHNOLOGY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J1 Technology Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets not amortised
Other intangible assets

Where intangible assets are not amortised, they are reviewed annually for impairment.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 September 2023 58,544 58,544
Additions 32,290 32,290
Disposals ( 12,040) ( 12,040)
Revaluations ( 578) ( 578)
At 31 August 2024 78,216 78,216
Accumulated amortisation
At 01 September 2023 0 0
At 31 August 2024 0 0
Net book value
At 31 August 2024 78,216 78,216
At 31 August 2023 58,544 58,544

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2023 6,472 6,472
Additions 948 948
At 31 August 2024 7,420 7,420
Accumulated depreciation
At 01 September 2023 1,458 1,458
Charge for the financial year 1,360 1,360
At 31 August 2024 2,818 2,818
Net book value
At 31 August 2024 4,602 4,602
At 31 August 2023 5,014 5,014

5. Debtors

2024 2023
£ £
Trade debtors 6,936 468
Amounts owed by connected companies 282,000 0
Other taxation and social security 0 459
288,936 927

Amounts owed by connected companies are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to parent undertakings 392,552 465,689
Other taxation and social security 1,182 0
Other creditors 2,049 2,050
395,783 467,739

Amounts owed by parent undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Included within debtors are balances totalling £282,000 (2023: £Nil) owed by connected companies in which the directors have an interest as either directors or participators. The balances are unsecured and interest free with no fixed repayment terms.

Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and are repayable on demand.

The company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.