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COMPANY REGISTRATION NUMBER: 05454595
Jute Trading Ltd
Filleted Unaudited Financial Statements
31 May 2024
Jute Trading Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Jute Trading Ltd
Balance Sheet
31 May 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
6,542
3,849
Tangible assets
6
55,707
35,074
Investments
7
21,888
21,888
--------
--------
84,137
60,811
Current assets
Stocks
1,406,226
1,253,709
Debtors
8
1,375,098
1,217,985
Cash at bank and in hand
1,885,329
1,837,495
------------
------------
4,666,653
4,309,189
Creditors: amounts falling due within one year
9
747,321
769,890
------------
------------
Net current assets
3,919,332
3,539,299
------------
------------
Total assets less current liabilities
4,003,469
3,600,110
------------
------------
Net assets
4,003,469
3,600,110
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,003,369
3,600,010
------------
------------
Shareholders funds
4,003,469
3,600,110
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jute Trading Ltd
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr A Shah
Mr P Shah
Director
Director
Company registration number: 05454595
Jute Trading Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 370 Centennial Park, Centennial Avenue, Elstree, Borehamwood, WD6 3TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals applicable to operting leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line over the period of the lease.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software costs
-
25% reducing balance
Patents, trademarks and licences
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
25% straight line
Short leasehold property
-
25% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 12 ).
5. Intangible assets
Software costs
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 June 2023
17,354
540
17,894
Additions
4,811
4,811
--------
----
--------
At 31 May 2024
22,165
540
22,705
--------
----
--------
Amortisation
At 1 June 2023
13,802
243
14,045
Charge for the year
2,091
27
2,118
--------
----
--------
At 31 May 2024
15,893
270
16,163
--------
----
--------
Carrying amount
At 31 May 2024
6,272
270
6,542
--------
----
--------
At 31 May 2023
3,552
297
3,849
--------
----
--------
6. Tangible assets
Land and buildings
Short leasehold property
Plant and machinery
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
52,403
10,625
31,162
64,895
159,085
Additions
36,234
3,854
40,088
--------
--------
--------
--------
---------
At 31 May 2024
52,403
10,625
67,396
68,749
199,173
--------
--------
--------
--------
---------
Depreciation
At 1 June 2023
52,403
2,656
18,800
50,152
124,011
Charge for the year
2,657
12,149
4,649
19,455
--------
--------
--------
--------
---------
At 31 May 2024
52,403
5,313
30,949
54,801
143,466
--------
--------
--------
--------
---------
Carrying amount
At 31 May 2024
5,312
36,447
13,948
55,707
--------
--------
--------
--------
---------
At 31 May 2023
7,969
12,362
14,743
35,074
--------
--------
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2023 and 31 May 2024
21,888
--------
Impairment
At 1 June 2023 and 31 May 2024
--------
Carrying amount
At 31 May 2024
21,888
--------
At 31 May 2023
21,888
--------
8. Debtors
2024
2023
£
£
Trade debtors
1,070,369
1,036,219
Amounts owed by group undertakings
204,290
59,387
Other debtors
100,439
122,379
------------
------------
1,375,098
1,217,985
------------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
279,769
201,422
Amounts owed to group undertakings
152,116
Corporation tax
112,526
243,814
Social security and other taxes
227,798
109,931
Other creditors
127,228
62,607
---------
---------
747,321
769,890
---------
---------
10. Related party transactions
Included under debtors is an amount of £58,549 (2023: £59,387) due from Bag Maverick PVT Ltd, a subsidiary company. Also included under debtors is amount of £145,740 due from APS Holdco Ltd, the parent company. There are no terms as to interest or repayment in respect of the above balance.
11. Controlling party
The immediate and ultimate parent company is APS Holdco Ltd, a company incorporated in England and Wales.