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Registration number: 04665791

JRC Imports Limited

Unaudited Financial Statements

for the Year Ended 29 February 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

JRC Imports Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

JRC Imports Limited

Company Information

Director

A B Coulston

Registered office

Symes Mews
15A-37 Camden High Street
London
NW1 7JE

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

JRC Imports Limited

Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

860

Tangible assets

5

45,691

80,389

 

45,691

81,249

Current assets

 

Stocks

6

306,498

542,064

Debtors

7

2,557,933

3,160,115

Cash at bank and in hand

 

32,709

48,998

 

2,897,140

3,751,177

Creditors: Amounts falling due within one year

8

(3,191,430)

(3,171,797)

Net current (liabilities)/assets

 

(294,290)

579,380

Total assets less current liabilities

 

(248,599)

660,629

Creditors: Amounts falling due after more than one year

8

(266,828)

(466,831)

Provisions for liabilities

(23,610)

(16,997)

Net (liabilities)/assets

 

(539,037)

176,801

Capital and reserves

 

Called up share capital

65

65

Share premium reserve

8,991

8,991

Capital redemption reserve

35

35

Retained earnings

(548,128)

167,710

Shareholders' (deficit)/funds

 

(539,037)

176,801

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

JRC Imports Limited

Statement of Financial Position as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 12 February 2025
 

.........................................

A B Coulston

Director

Company registration number: 04665791

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Symes Mews
15A-37 Camden High Street
London
NW1 7JE

The principal activity of the company is that of the importation and design of textiles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Going concern

The company made a loss for the year ended 29 February 2024 and had a net deficit of assets amounting to £539,037 at that date.

The director and management team have produced management accounts and forecasts for the year to 28 February 2025 which show significantly improved results expected. They have also produced further forecasts covering a period of at least 12 months from the date of approval of these financial statements which show an expected return to profitability.

The company continues to manage its cash flow requirements and has secured new financing arrangements subsequent to 29 February 2024. The director has also continued to expand the company’s customer portfolio with established international retailers.

On the basis of the above and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of textiles in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises turnover upon the despatch of textiles to customers.

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Personalised registrations

10% straight line

Patterns and designs

33% straight line

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, less its estimated residual value, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Over period of lease

Fixtures and fittings

25% straight line

Office equipment

33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company during the year, was 18 (2023 - 18).

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Personalised registrations
£

Patterns and designs
£

Total
£

Cost

At 1 March 2023

18,655

149,555

168,210

At 29 February 2024

18,655

149,555

168,210

Amortisation

At 1 March 2023

17,795

149,555

167,350

Amortisation charge

860

-

860

At 29 February 2024

18,655

149,555

168,210

Carrying amount

At 29 February 2024

-

-

-

At 28 February 2023

860

-

860

5

Tangible assets

Leasehold Property
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

16,958

41,708

145,240

203,906

Additions

-

-

5,915

5,915

Disposals

-

(3,360)

(32,413)

(35,773)

At 29 February 2024

16,958

38,348

118,742

174,048

Depreciation

At 1 March 2023

5,697

36,768

81,052

123,517

Charge for the year

3,605

4,178

31,807

39,590

Eliminated on disposal

-

(3,313)

(31,437)

(34,750)

At 29 February 2024

9,302

37,633

81,422

128,357

Carrying amount

At 29 February 2024

7,656

715

37,320

45,691

At 28 February 2023

11,261

4,940

64,188

80,389

6

Stocks

2024
£

2023
£

Stock

306,498

542,064

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Debtors

2024
£

2023
£

Trade debtors

1,782,375

2,381,905

Other debtors

775,558

778,210

2,557,933

3,160,115


Details of non-current other debtors

Other debtors includes an amount of £Nil (2023 - £108,000) secured in favour of the landlord in respect of future obligations recoverable in more than one year.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

9

1,105,276

1,107,819

Trade creditors

 

1,855,164

1,762,927

Taxation and social security

 

135,622

207,321

Other creditors

 

95,368

93,730

 

3,191,430

3,171,797

Amounts falling due after one year

 

Loans and borrowings

9

266,828

466,831

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank loan

200,000

200,000

Bank overdrafts

233,295

106,557

Invoice discounting facility

671,981

801,262

1,105,276

1,107,819

Non-current loans and borrowings

2024
£

2023
£

Bank loan

266,828

466,831

The invoice discounting facility is secured by a fixed charge over book debts and a fixed and floating charge over the other assets and undertakings of the company.

The bank loan and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

 

JRC Imports Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Commitments, guarantees and obligations

The total of future minimum lease payments not reflected in the statement of financial position amounts to £60,146 (2023 - £1,132,680).

11

Transactions with director

At 29 February 2024, an amount of £416,265 (2023 - £412,202) was due from the director. During the year advances of £4,185 were made and there were repayments of £9,267. Interest of £9,145 (2023 - £7,738) is payable to the company at 2% and 2.25% per annum. There are no set terms.

12

Non adjusting events after the financial period

Subsequent to 29 February 2024 the company entered into rental operating lease agreements with commitments totalling £814,300.