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Registration number: 03175401

JC Balmforth Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

JC Balmforth Limited

(Registration number: 03175401)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

102,935

106,744

Investments

5

100

100

 

103,035

106,844

Current assets

 

Stocks

6

3,200

3,000

Debtors

7

79,464

53,886

Cash at bank and in hand

 

7

(9)

 

82,671

56,877

Creditors: Amounts falling due within one year

8

(124,773)

(78,975)

Net current liabilities

 

(42,102)

(22,098)

Total assets less current liabilities

 

60,933

84,746

Provisions for liabilities

(11,144)

(11,319)

Net assets

 

49,789

73,427

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

49,689

73,327

Shareholders' funds

 

49,789

73,427

For the financial year ending 31 December 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 20 August 2025 and signed on its behalf by:
 

.........................................
Mr Daniel Gregory
Director

 

JC Balmforth Limited

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

1

General information

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

The address of its registered office is:
109 Hands Road
Heanor
Derbyshire
DE75 7HB

These financial statements were authorised for issue by the Board on 20 August 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

 

JC Balmforth Limited

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

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Freehold land and buildings

2% straight line

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

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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 4 (2023 - 6).

 

JC Balmforth Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

144,290

87,068

231,358

Additions

-

582

582

At 31 December 2024

144,290

87,650

231,940

Depreciation

At 1 January 2024

44,490

80,124

124,614

Charge for the year

2,886

1,505

4,391

At 31 December 2024

47,376

81,629

129,005

Carrying amount

At 31 December 2024

96,914

6,021

102,935

At 31 December 2023

99,800

6,944

106,744

Included within the net book value of land and buildings above is £96,914 (2023 - £99,800) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold land and buildings was revalued on 1 September 2016. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £61,155 (2023 - £61,155).

5

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 January 2024

100

Provision

Carrying amount

At 31 December 2024

100

At 31 December 2023

100

 

JC Balmforth Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

BPU Plastics Limited

109 Hands Road
Heanor
Derbyshire
DE75 7HB

England

Ordinary

100%

100%

Subsidiary undertakings

BPU Plastics Limited

The principal activity of BPU Plastics Limited is Plastic and foam mouldings.

6

Stocks

2024
£

2023
£

Other inventories

3,200

3,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

79,464

50,678

Amounts owed by related parties

-

3,686

Other debtors

 

-

(478)

   

79,464

53,886

 

JC Balmforth Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

60,749

43,256

Trade creditors

 

7,475

9,647

Amounts owed to group undertakings and undertakings in which the company has a participating interest

14,593

-

Taxation and social security

 

17,361

17,369

Accruals and deferred income

 

1,760

1,757

Other creditors

 

22,835

6,946

 

124,773

78,975

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

60,749

43,256

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100