Registration number:
J J Interiors (South West) Limited
for the Year Ended 31 March 2024
J J Interiors (South West) Limited
Contents
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Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
J J Interiors (South West) Limited
Company Information
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Directors |
Mr G Johns Mrs H K Johns |
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Registered office |
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Accountants |
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J J Interiors (South West) Limited
Directors' Report for the Year Ended 31 March 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
Director of the company
The director who held office during the year was as follows:
The following director was appointed after the year end:
Principal activity
The principal activity of the company is that of carpentry contractors in the commercial sector.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J J Interiors (South West) Limited
for the Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J J Interiors (South West) Limited for the year ended 31 March 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of J J Interiors (South West) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J J Interiors (South West) Limited and state those matters that we have agreed to state to the Board of Directors of J J Interiors (South West) Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J J Interiors (South West) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that J J Interiors (South West) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J J Interiors (South West) Limited. You consider that J J Interiors (South West) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of J J Interiors (South West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Accountants and Tax Consultants
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT
J J Interiors (South West) Limited
Profit and Loss Account for the Year Ended 31 March 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
17,954 |
945,436 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(1,869) |
(2,354) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
J J Interiors (South West) Limited
(Registration number: 04629762)
Balance Sheet as at 31 March 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
1,360,716 |
1,404,461 |
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Shareholders' funds |
1,360,816 |
1,404,561 |
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.
Directors' responsibilities:
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• |
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
J J Interiors (South West) Limited
(Registration number: 04629762)
Balance Sheet as at 31 March 2024
Approved and authorised by the
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J J Interiors (South West) Limited
Statement of Changes in Equity for the Year Ended 31 March 2024
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 October 2022 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 March 2023 |
100 |
1,404,461 |
1,404,561 |
J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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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.
Going concern
The financial statements have been prepared on a going concern basis.
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.
J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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:
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Asset class |
Depreciation method and rate |
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Office equipment |
25% reducing balance |
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Motor vehicles |
25% reducing balance |
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Plant and machinery |
25% 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.
J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Profit before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Tangible assets |
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Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
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- |
- |
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Disposals |
( |
( |
( |
( |
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At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
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At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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Stocks |
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2024 |
2023 |
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Work in progress |
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Other inventories |
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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Hire purchase contracts |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
- |
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Hire purchase contracts |
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J J Interiors (South West) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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Related party transactions |
Loans to related parties
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2024 |
Key management |
Total |
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At start of period |
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Advanced |
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Repaid |
( |
( |
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At end of period |
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2023 |
Key management |
Total |
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At start of period |
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Advanced |
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At end of period |
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J J Interiors (South West) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
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Year ended 31 March 2024 |
1 October 2022 to 31 March 2023 |
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Turnover |
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Sales, UK |
4,597,276 |
4,666,787 |
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Cost of sales |
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Opening stock |
1,500 |
1,000 |
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Opening work in progress |
68,515 |
247,393 |
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Purchases, materials & tools |
1,106,108 |
1,294,382 |
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Estimating and tender services |
110,424 |
57,904 |
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Other direct costs |
25,575 |
7,827 |
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Closing stock |
(2,000) |
(1,500) |
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Closing work in progress |
(51,371) |
(68,515) |
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Wages and salaries |
253,472 |
257,006 |
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Staff pensions |
39,447 |
9,456 |
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Subcontract cost |
2,608,011 |
1,805,190 |
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4,159,681 |
3,610,143 |
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Gross profit |
437,595 |
1,056,644 |
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Gross profit (%) |
9.52% |
22.64% |
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Administrative expenses |
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Employment costs (analysed below) |
287,848 |
42,321 |
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Establishment costs (analysed below) |
29,128 |
17,942 |
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General administrative expenses (analysed below) |
89,897 |
43,215 |
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Finance charges (analysed below) |
441 |
2,126 |
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Depreciation costs (analysed below) |
9,379 |
5,604 |
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Other expenses (analysed below) |
2,948 |
- |
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419,641 |
111,208 |
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Operating profit |
17,954 |
945,436 |
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Interest receivable/(payable) and similar charges |
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Bank interest receivable |
54 |
4 |
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HMRC interest receivable |
10 |
- |
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Bank interest payable |
- |
(102) |
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Bank loan interest payable |
(1,351) |
(1,843) |
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Hire purchase interest |
(507) |
(254) |
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HMRC interest payable |
(75) |
(159) |
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(1,869) |
(2,354) |
J J Interiors (South West) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
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Year ended 31 March 2024 |
1 October 2022 to 31 March 2023 |
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Profit before tax |
16,085 |
943,082 |
J J Interiors (South West) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
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2024 |
2023 |
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Employment costs |
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Wages and salaries |
52,358 |
27,104 |
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Directors remuneration |
16,800 |
6,900 |
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Directors NIC |
1,035 |
2,395 |
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Staff pensions |
53,413 |
788 |
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Directors pensions |
161,000 |
3,081 |
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Staff training |
3,242 |
2,053 |
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287,848 |
42,321 |
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Establishment costs |
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Rent |
23,175 |
11,669 |
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Water rates |
279 |
66 |
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Light, heat and power |
5,240 |
1,558 |
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Repairs and maintenance |
434 |
4,649 |
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29,128 |
17,942 |
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General administrative expenses |
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Plant repairs |
5,879 |
- |
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Telephone and fax |
4,884 |
2,383 |
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Computer software and maintenance costs |
7,460 |
3,300 |
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Printing, postage and stationery |
1,140 |
746 |
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Hire of plant and machinery |
8,487 |
1,062 |
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Sundry expenses |
8,187 |
4,705 |
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Insurance |
10,166 |
5,665 |
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Motor expenses |
29,923 |
14,695 |
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Car hire and leasing expenses |
4,810 |
4,475 |
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Travel and subsistence |
859 |
340 |
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Advertising and donations |
280 |
461 |
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Staff entertaining |
573 |
809 |
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Customer entertaining |
750 |
258 |
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Accountancy fees |
4,265 |
3,400 |
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Legal and professional fees |
2,234 |
916 |
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89,897 |
43,215 |
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Finance charges |
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Bank charges |
264 |
454 |
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Credit card charges |
177 |
1,672 |
|
441 |
2,126 |
J J Interiors (South West) Limited
Detailed Profit and Loss Account for the Year Ended 31 March 2024
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2024 |
2023 |
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Depreciation costs |
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Depreciation of plant and machinery |
7,600 |
4,492 |
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Depreciation of motor vehicles |
493 |
282 |
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Depreciation of office equipment |
1,286 |
830 |
|
9,379 |
5,604 |
|
Other expenses |
||
|
Exceptional administrative expenses |
705 |
- |
|
(Profit)/loss on disposal of tangible fixed assets |
2,243 |
- |
|
2,948 |
- |