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Registered number: 03394288
JVC Leisure Limited
Unaudited Financial Statements
For The Year Ended 30 September 2024
CKS Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03394288
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,000 24,000
Tangible Assets 5 122,446 131,831
140,446 155,831
CURRENT ASSETS
Stocks 6 4,000 4,000
Debtors 7 39,148 29,428
Cash at bank and in hand 7,454 7,446
50,602 40,874
Creditors: Amounts Falling Due Within One Year 8 (98,854 ) (99,730 )
NET CURRENT ASSETS (LIABILITIES) (48,252 ) (58,856 )
TOTAL ASSETS LESS CURRENT LIABILITIES 92,194 96,975
Creditors: Amounts Falling Due After More Than One Year 9 (34,854 ) (47,032 )
NET ASSETS 57,340 49,943
CAPITAL AND RESERVES
Called up share capital 10 2 2
Profit and Loss Account 57,338 49,941
SHAREHOLDERS' FUNDS 57,340 49,943
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Page 2
For the year ending 30 September 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
Mr J V Colbear
Director
07/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
JVC Leisure Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03394288 . The registered office is 1349-1353 London Road, Leigh On Sea, Essex, SS9 2AB.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% reducing balance & 25% @ cost
2.5. 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.
2.6. 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.
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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 3)
4 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 30,000
As at 30 September 2024 30,000
Amortisation
As at 1 October 2023 6,000
Provided during the period 6,000
As at 30 September 2024 12,000
Net Book Value
As at 30 September 2024 18,000
As at 1 October 2023 24,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 245,487 1,350 4,365 251,202
Additions 25,950 - - 25,950
Disposals (22,669 ) - - (22,669 )
As at 30 September 2024 248,768 1,350 4,365 254,483
Depreciation
As at 1 October 2023 115,328 1,030 3,013 119,371
Provided during the period 21,442 80 646 22,168
Disposals (9,502 ) - - (9,502 )
As at 30 September 2024 127,268 1,110 3,659 132,037
Net Book Value
As at 30 September 2024 121,500 240 706 122,446
As at 1 October 2023 130,159 320 1,352 131,831
6. Stocks
2024 2023
£ £
Stock 4,000 4,000
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 38,049 28,341
Prepayments and accrued income 1,099 1,087
39,148 29,428
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,228 14,854
Bank loans and overdrafts 4,128 10,068
Other loans 8,051 6,834
Corporation tax 4,167 -
PAYE and NIC payable 905 1,618
VAT 561 2,203
Pensions payable 170 170
Credit card 2,051 1,334
Overpaid income (1,314 ) (1,314 )
Accruals and deferred income 676 1,062
Directors' loan accounts 53,231 62,901
98,854 99,730
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,163 7,290
Other loans 31,691 39,742
34,854 47,032
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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