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COMPANY REGISTRATION NUMBER: 02527642
CJN Concept Limited
Filleted Unaudited Financial Statements
31 August 2024
CJN Concept Limited
Financial Statements
Year ended 31 August 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
CJN Concept Limited
Balance Sheet
31 August 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
42,347
70,075
Current assets
Stocks
303,700
Debtors
6
340,186
1,671,147
Cash at bank and in hand
115,780
36,126
---------
------------
455,966
2,010,973
Creditors: amounts falling due within one year
7
1,162,160
1,516,617
------------
------------
Net current (liabilities)/assets
( 706,194)
494,356
---------
---------
Total assets less current liabilities
( 663,847)
564,431
Creditors: amounts falling due after more than one year
8
186,667
346,667
---------
---------
Net (liabilities)/assets
( 850,514)
217,764
---------
---------
CJN Concept Limited
Balance Sheet (continued)
31 August 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 850,614)
217,664
---------
---------
Shareholders (deficit)/funds
( 850,514)
217,764
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 5 March 2025 , and are signed on behalf of the board by:
Mr J Nicholas
Director
Company registration number: 02527642
CJN Concept Limited
Notes to the Financial Statements
Year ended 31 August 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 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
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 and in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. The directors deem this to be appropriate and do not consider that a material uncertainty exists regarding going concern. The directors will continue to support the company for the foreseeable future. In making this assessment the directors have considered the likely trading conditions for a period of twelve months from the date of the approval of the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Leasehold property
-
8 years straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 20 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
140,150
46,501
150,538
337,189
---------
--------
---------
---------
Depreciation
At 1 September 2023
105,112
37,505
124,497
267,114
Charge for the year
17,519
2,254
7,955
27,728
---------
--------
---------
---------
At 31 August 2024
122,631
39,759
132,452
294,842
---------
--------
---------
---------
Carrying amount
At 31 August 2024
17,519
6,742
18,086
42,347
---------
--------
---------
---------
At 31 August 2023
35,038
8,996
26,041
70,075
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
290,992
1,612,770
Other debtors
49,194
58,377
---------
------------
340,186
1,671,147
---------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
186,667
160,000
Trade creditors
410,616
860,318
Corporation tax
1,058
33,475
Social security and other taxes
382,138
451,843
Other creditors
181,681
10,981
------------
------------
1,162,160
1,516,617
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
186,667
346,667
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
29,850
29,850
Later than 1 year and not later than 5 years
17,413
47,263
--------
--------
47,263
77,113
--------
--------
10. Director's advances, credits and guarantees
The directors, had interest-free, repayable on demand loans during the year. At the beginning of the year they owed the company £22,076 and at the end of the year the company owed them £131,650.
11. Related party transactions
During the year the company paid rents of £24,875 (2023: £29,850) to a related party.