Acorah Software Products - Accounts Production 16.1.300 false true 31 May 2023 1 June 2022 false 1 June 2023 31 May 2024 31 May 2024 07626170 Ms Jin Kim Ms Youn Kim iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07626170 2023-05-31 07626170 2024-05-31 07626170 2023-06-01 2024-05-31 07626170 frs-core:CurrentFinancialInstruments 2024-05-31 07626170 frs-core:Non-currentFinancialInstruments 2024-05-31 07626170 frs-core:FurnitureFittings 2024-05-31 07626170 frs-core:FurnitureFittings 2023-06-01 2024-05-31 07626170 frs-core:FurnitureFittings 2023-05-31 07626170 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-05-31 07626170 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 07626170 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-05-31 07626170 frs-core:PlantMachinery 2024-05-31 07626170 frs-core:PlantMachinery 2023-06-01 2024-05-31 07626170 frs-core:PlantMachinery 2023-05-31 07626170 frs-core:ShareCapital 2024-05-31 07626170 frs-core:RetainedEarningsAccumulatedLosses 2024-05-31 07626170 frs-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07626170 frs-bus:FilletedAccounts 2023-06-01 2024-05-31 07626170 frs-bus:SmallEntities 2023-06-01 2024-05-31 07626170 frs-bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07626170 frs-bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 07626170 frs-bus:Director1 2023-06-01 2024-05-31 07626170 frs-bus:Director2 2023-06-01 2024-05-31 07626170 frs-core:CurrentFinancialInstruments 1 2024-05-31 07626170 frs-countries:EnglandWales 2023-06-01 2024-05-31 07626170 2022-05-31 07626170 2023-05-31 07626170 2022-06-01 2023-05-31 07626170 frs-core:CurrentFinancialInstruments 2023-05-31 07626170 frs-core:Non-currentFinancialInstruments 2023-05-31 07626170 frs-core:ShareCapital 2023-05-31 07626170 frs-core:RetainedEarningsAccumulatedLosses 2023-05-31 07626170 frs-core:CurrentFinancialInstruments 1 2023-05-31
Registered number: 07626170
J & J Commerce Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
KPY PHILLIPS YOUNG LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07626170
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,057,146 1,080,010
1,057,146 1,080,010
CURRENT ASSETS
Stocks 5 37,222 127,552
Debtors 6 71,135 323,935
Cash at bank and in hand 9,407 6,906
117,764 458,393
Creditors: Amounts Falling Due Within One Year 7 (485,230 ) (571,124 )
NET CURRENT ASSETS (LIABILITIES) (367,466 ) (112,731 )
TOTAL ASSETS LESS CURRENT LIABILITIES 689,680 967,279
Creditors: Amounts Falling Due After More Than One Year 8 (584,712 ) (584,712 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,479 ) (3,848 )
NET ASSETS 100,489 378,719
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 100,389 378,619
SHAREHOLDERS' FUNDS 100,489 378,719
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Jin Kim
Director
20/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
J & J Commerce Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07626170 . The registered office is 13 Approach Road, London, SW20 8BA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Land 0%, Building 2% straight line
Plant & Machinery 20% straight line
Fixtures & Fittings 20% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 10)
6 10
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 June 2023 1,004,471 13,089 117,779 1,135,339
Additions - - 13,750 13,750
As at 31 May 2024 1,004,471 13,089 131,529 1,149,089
Depreciation
As at 1 June 2023 14,411 13,089 27,829 55,329
Provided during the period 12,858 - 23,756 36,614
As at 31 May 2024 27,269 13,089 51,585 91,943
Net Book Value
As at 31 May 2024 977,202 - 79,944 1,057,146
As at 1 June 2023 990,060 - 89,950 1,080,010
5. Stocks
2024 2023
£ £
Finished goods 37,222 127,552
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 182,954
Prepayments and accrued income 4,208 4,165
VAT 66,927 136,816
71,135 323,935
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 221,091 404,045
Bank loans and overdrafts - 26,230
Other taxes and social security 1,284 3,577
Net wages 84 5,912
Other creditors 1,226 2,048
Amex credit cards 35,931 76,321
Accruals and deferred income 5,351 10,302
Directors' loan accounts 220,263 42,689
485,230 571,124
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 584,712 584,712
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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