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Registration number: 10043364

JSBP Limited

trading as Jimmy's Bakery

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

JSBP Limited

trading as Jimmy's Bakery

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Detailed Profit and Loss Account

9 to 11

 

JSBP Limited

trading as Jimmy's Bakery

Company Information

Director

J Sofroniou

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Limited 590 Green Lanes
Palmers Green
London
N13 5RY

 

JSBP Limited

trading as Jimmy's Bakery

(Registration number: 10043364)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

44,241

34,706

Current assets

 

Stocks

5

9,410

7,105

Debtors

6

15,534

13,593

Cash at bank and in hand

 

-

2,059

 

24,944

22,757

Creditors: Amounts falling due within one year

7

(49,532)

(40,324)

Net current liabilities

 

(24,588)

(17,567)

Total assets less current liabilities

 

19,653

17,139

Creditors: Amounts falling due after more than one year

7

(9,238)

(11,434)

Net assets

 

10,415

5,705

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

10,414

5,704

Shareholders' funds

 

10,415

5,705

For the financial year ending 31 March 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 May 2025
 

.........................................
J Sofroniou
Director

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
74 High Street
Cheshunt
Waltham Cross
EN8 0AJ

These financial statements were authorised for issue by the director on 12 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

7.5% Reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

76,265

76,265

Additions

13,124

13,124

At 31 March 2024

89,389

89,389

Depreciation

At 1 April 2023

41,559

41,559

Charge for the year

3,589

3,589

At 31 March 2024

45,148

45,148

Carrying amount

At 31 March 2024

44,241

44,241

At 31 March 2023

34,706

34,706

5

Stocks

2024
£

2023
£

Raw materials and consumables

9,410

7,105

6

Debtors

Current

2024
£

2023
£

Trade debtors

12,658

12,143

Other debtors

2,876

1,450

 

15,534

13,593

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,635

4,500

Trade creditors

 

2,409

5,465

Taxation and social security

 

37,966

27,471

Accruals and deferred income

 

1,950

1,950

Other creditors

 

572

938

 

49,532

40,324

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,238

11,434

Bank borrowings

Bounce back loan is denominated in Pounds sterling with a nominal interest rate of 2.5%, and the final instalment is due on 18 May 2025. The carrying amount at year end is £13,738 (2023 - £15,934).

 

JSBP Limited

trading as Jimmy's Bakery

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Dividends

2024

2023

£

£

Interim dividend of £13,000.00 (2023 - £19,000.00) per ordinary share

13,000

19,000

 

 

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,096

 

JSBP Limited

trading as Jimmy's Bakery

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
 £

2023
 £

Turnover (analysed below)

292,849

276,331

Cost of sales (analysed below)

(97,869)

(75,313)

Gross profit

194,980

201,018

Gross profit (%)

66.58%

72.75%

Administrative expenses

Employment costs (analysed below)

(91,838)

(89,807)

Establishment costs (analysed below)

(69,921)

(72,422)

General administrative expenses (analysed below)

(7,971)

(12,956)

Finance charges (analysed below)

(1,635)

(1,438)

Depreciation costs (analysed below)

(3,589)

(2,813)

(174,954)

(179,436)

Operating profit

20,026

21,582

Interest payable and similar charges (analysed below)

(398)

(426)

Profit before tax

19,628

21,156

 

JSBP Limited

trading as Jimmy's Bakery

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Turnover

Sales

292,559

275,567

Interest received

290

764

292,849

276,331

   

Cost of sales

Opening raw materials

7,105

7,245

Purchases

90,151

65,710

Direct costs

10,023

9,463

Closing raw materials

(9,410)

(7,105)

97,869

75,313

   

Employment costs

Wages and salaries (excluding directors)

81,830

79,804

Staff NIC (Employers)

255

293

Directors remuneration

9,096

9,096

Staff pensions (Defined contribution)

657

614

91,838

89,807

   

Establishment costs

Rent

31,199

37,289

Rates

6,486

7,262

Light, heat and power

28,371

26,456

Insurance

3,865

1,415

69,921

72,422

   

General administrative expenses

Repairs and maintenance

641

811

Telephone and fax

-

86

Printing, postage and stationery

204

462

Trade subscriptions

24

-

Sundry expenses

192

330

Cleaning

453

181

Motor expenses

2,196

3,829

Customer entertaining (disallowable for tax)

-

401

Accountancy fees

4,261

6,856

7,971

12,956

   

Finance charges

Bank charges

1,635

1,438

 

JSBP Limited

trading as Jimmy's Bakery

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Depreciation costs

Depreciation of plant and machinery (owned)

3,589

2,813

   

Interest payable and similar expenses

Bank interest payable

398

426