J & L Elevator Components Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 05285232

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,434		8,607

			7,434		8,607
CURRENT ASSETS
Stocks	5	271,835		275,957
Debtors	6	1,114,817		664,329
Cash at bank and in hand		660,531		566,162

		2,047,183		1,506,448
Creditors: Amounts Falling Due Within One Year	7	(1,024,923 )		(747,864 )

NET CURRENT ASSETS (LIABILITIES)			1,022,260		758,584

TOTAL ASSETS LESS CURRENT LIABILITIES			1,029,694		767,191

PROVISIONS FOR LIABILITIES
Deferred Taxation	8		(1,261 )		(2,152 )

NET ASSETS			1,028,433		765,039

CAPITAL AND RESERVES
Called up share capital			1,053		1,053
Share premium account			27,447		27,447
Profit and Loss Account			999,933		736,539

SHAREHOLDERS' FUNDS			1,028,433		765,039

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J & L Elevator Components Limited

Balance Sheet (continued)

As At 31 December 2024

For the 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.

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

J Forbes Director	K Boyes Director
21/02/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

J & L Elevator Components Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05285232 . The registered office is Unit 46 Capital Court, St. Asaph Business Park, St. Asaph, LL17 0JG.

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. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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.

2.4. 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:

Leasehold	10% straight line
Plant & Machinery	between 33% and 50% straight line
Motor Vehicles	between 20% and 33% reducing balance
Fixtures & Fittings	20% straight line
Computer Equipment	33% straight line

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 material 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.

...CONTINUED

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J & L Elevator Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation - continued

Material 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2023: 9)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	11,776	27,697	886	58,816
Additions	-	-	-	585

As at 31 December 2024	11,776	27,697	886	59,401

Depreciation
As at 1 January 2024	11,108	27,345	886	57,134
Provided during the period	634	248	-	502

As at 31 December 2024	11,742	27,593	886	57,636

Net Book Value
As at 31 December 2024	34	104	-	1,765

As at 1 January 2024	668	352	-	1,682


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	40,416	139,591
Additions	3,516	4,101

As at 31 December 2024	43,932	143,692

Depreciation
As at 1 January 2024	34,511	130,984
Provided during the period	3,890	5,274

As at 31 December 2024	38,401	136,258

Net Book Value
As at 31 December 2024	5,531	7,434

As at 1 January 2024	5,905	8,607

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J & L Elevator Components Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Stocks

	2024	2023
	£	£
Finished goods	271,835	275,957

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	1,055,471	628,817
Prepayments and accrued income	13,640	7,048
Other debtors	18,206	964
Share capital not called	27,500	27,500

	1,114,817	664,329

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	549,625	372,651
Corporation tax	212,584	187,856
Other taxes and social security	9,997	10,304
VAT	220,767	143,800
Other creditors	7,310	5,954
Accruals and deferred income	24,640	27,299

	1,024,923	747,864

8. Deferred Taxation

The provision for deferred tax is made up of a liability for fixed asset timing differences of £1,859 and an asset for short term timing differences of £598 (2023: a liability for fixed asset timing differences of £2,152).

	2024	2023
	£	£
Other timing differences	1,261	2,152

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