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Registration number: 01132212

Jaycee Tools & Machinery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Jaycee Tools & Machinery Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Jaycee Tools & Machinery Limited

Company Information

Directors

Mr Andrew Chapman

Mr Kevin Chapman

Company secretary

Mrs Amanda Chapman

Registered office

Unit A3b Rose Industrial Estate, Marlow Bottom, Marlow,
Buckinghamshire,
SL7 3ND

Accountants

MG Group (Professional Services) Limited
Chartered Accountants166 College Road
Harrow
Middlesex
HA1 1BH

 

Jaycee Tools & Machinery Limited

(Registration number: 01132212)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,261

1,578

Tangible assets

5

21,526

29,521

 

22,787

31,099

Current assets

 

Stocks

6

37,850

37,238

Debtors

7

73,264

22,908

Cash at bank and in hand

 

21,992

38,540

 

133,106

98,686

Creditors: Amounts falling due within one year

8

(146,820)

(68,387)

Net current (liabilities)/assets

 

(13,714)

30,299

Net assets

 

9,073

61,398

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

8,973

61,298

Shareholders' funds

 

9,073

61,398

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 April 2025 and signed on its behalf by:
 

.........................................
Mr Andrew Chapman
Director

 

Jaycee Tools & Machinery Limited

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

1

General information

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

The address of its registered office is:
Unit A3b Rose Industrial Estate, Marlow Bottom, Marlow,
Buckinghamshire,
SL7 3ND
United Kingdom

These financial statements were authorised for issue by the Board on 9 April 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.

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.

 

Jaycee Tools & Machinery Limited

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

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

Motor vehicles

25% Reducing balance

Plant and Machinery

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% Reducing Balance

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.

 

Jaycee Tools & Machinery Limited

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

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.

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 directors) during the year, was 5 (2023 - 5).

 

Jaycee Tools & Machinery Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

20,000

20,000

At 31 October 2024

20,000

20,000

Amortisation

At 1 November 2023

18,423

18,423

Amortisation charge

316

316

At 31 October 2024

18,739

18,739

Carrying amount

At 31 October 2024

1,261

1,261

At 31 October 2023

1,578

1,578

 

Jaycee Tools & Machinery Limited

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

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

13,902

13,169

46,862

73,933

At 31 October 2024

13,902

13,169

46,862

73,933

Depreciation

At 1 November 2023

13,902

12,076

18,434

44,412

Charge for the year

-

296

7,699

7,995

At 31 October 2024

13,902

12,372

26,133

52,407

Carrying amount

At 31 October 2024

-

797

20,729

21,526

At 31 October 2023

-

1,093

28,428

29,521

6

Stocks

2024
£

2023
£

Other inventories

37,850

37,238

7

Debtors

Current

2024
£

2023
£

Trade debtors

59,228

17,983

Prepayments

5,013

4,925

Other debtors

9,023

-

 

73,264

22,908

 

Jaycee Tools & Machinery Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

75,079

41,718

Taxation and social security

16,865

16,844

Accruals and deferred income

2,760

2,760

Other creditors

52,116

7,065

146,820

68,387

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

10,800

13,090

Later than one year and not later than five years

40,500

-

51,300

13,090

The amount of non-cancellable operating lease payments recognised as an expense during the year was £15,790 (2023 - £14,500).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       
 

Jaycee Tools & Machinery Limited

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

11

Related party transactions

During the year, the company made the following related party transactions:

Transactions with Directors:

At the balance sheet date, the amount due to the Directors was £2,687 (2023: £2,687). These balances relate to director loans, which are unsecured, interest-free, and repayable on demand.

Transactions with Other Related Parties:

At the balance sheet date, amounts due from a related party were £14,000 (2023: £2,000). These balances relate to loans which are unsecured, interest-free and repayable on demand.