Company registration number 05813720 (England and Wales)
GENUINE JAYJAYS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GENUINE JAYJAYS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
GENUINE JAYJAYS LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,032
12,048
Tangible assets
5
83,224
78,986
91,256
91,034
Current assets
Stocks
149,998
97,070
Debtors
4
40,002
38,040
Cash at bank and in hand
73,657
62,246
263,657
197,356
Creditors: amounts falling due within one year
6
(316,386)
(128,560)
Net current (liabilities)/assets
(52,729)
68,796
Total assets less current liabilities
38,527
159,830
Creditors: amounts falling due after more than one year
7
(10,000)
(19,934)
Provisions for liabilities
-
0
(20,250)
Net assets
28,527
119,646
Capital and reserves
Called up share capital
8
155,000
155,000
Profit and loss reserves
(126,473)
(35,354)
Total equity
28,527
119,646

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 June 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.

The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mrs R De Melo
Director
Company Registration No. 05813720
GENUINE JAYJAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
200,000
(140,468)
59,532
Year ended 30 June 2023:
Profit and total comprehensive income
-
105,114
105,114
Other movements
(45,000)
-
(45,000)
Balance at 30 June 2023
155,000
(35,354)
119,646
Year ended 30 June 2024:
Loss and total comprehensive income
-
(91,119)
(91,119)
Balance at 30 June 2024
155,000
(126,473)
28,527
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Genuine JayJays Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Ffrwdgrech Industrial Estate, Brecon, Powys, LD3 8LA.

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. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
25% straight line
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost 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:

Leasehold improvements
- 10 years straight line
Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
16
18
3
Intangible fixed assets
Software
£
Cost
At 1 July 2023 and 30 June 2024
16,064
Amortisation and impairment
At 1 July 2023
4,016
Amortisation charged for the year
4,016
At 30 June 2024
8,032
Carrying amount
At 30 June 2024
8,032
At 30 June 2023
12,048
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,055
25,523
Corporation tax recoverable
1,967
-
0
Other debtors
22,027
12,517
35,049
38,040
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
4,953
-
0
Total debtors
40,002
38,040
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
18,311
111,964
76,647
11,520
218,442
Additions
9,819
1,800
3,579
6,463
21,661
At 30 June 2024
28,130
113,764
80,226
17,983
240,103
Depreciation and impairment
At 1 July 2023
4,368
71,119
58,672
5,297
139,456
Depreciation charged in the year
2,469
8,095
4,766
2,093
17,423
At 30 June 2024
6,837
79,214
63,438
7,390
156,879
Carrying amount
At 30 June 2024
21,293
34,550
16,788
10,593
83,224
At 30 June 2023
13,943
40,845
17,975
6,223
78,986
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
274,156
50,126
Corporation tax
-
0
1,967
Other taxation and social security
26,122
61,700
Other creditors
6,108
4,767
316,386
128,560
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
19,934
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
51,000
51,000
51,000
51,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference of £1 each
104,000
104,000
104,000
104,000
Preference shares classified as equity
104,000
104,000
Total equity share capital
155,000
155,000
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
35,000
52,500
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
Directors' transactions

The director operates a current loan account with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £1,486 (2023 - £52); this amount being included in creditors: amounts falling due within one year.

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