ACCOUNTS - Final Accounts preparation

Company registration number: 12075110

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 JUNE 2024

	JSNC LIMITED


JSNC LIMITED

COMPANY INFORMATION

Directors	H Y Kwong
	P J Kwong
	W Y A Kwong
	J Sawyer


Registered number	12075110


Registered office	Magna House 2nd Floor
	18-32 London Road
	Staines
	Surrey
	TW18 4BP


Accountants	Menzies LLP
	Chartered Accountants
	Magna House 2nd Floor
	18-32 London Road
	Staines
	Surrey
	TW18 4BP


JSNC LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 8


JSNC LIMITED REGISTERED NUMBER:12075110

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2024

		2024		2023
Note		£		£

Fixed assets
Intangible assets	4		154,695		185,634
Tangible assets	5		25,254		40,457
			179,949		226,091
Current assets
Stocks		87,400		90,700
Debtors: amounts falling due within one year	6	191,659		175,103
Cash at bank and in hand		6,603		3,546
		285,662		269,349
Creditors: amounts falling due within one year	7	(1,940,052)		(503,055)
Net current liabilities			(1,654,390)		(233,706)
Total assets less current liabilities			(1,474,441)		(7,615)
Creditors: amounts falling due after more than one year	8		(884,860)		(1,598,538)

Net liabilities			(2,359,301)		(1,606,153)

Capital and reserves
Called up share capital	300,000	300,000
Other reserves	296,750	296,750
Profit and loss account	(2,956,051)	(2,202,903)
	(2,359,301)	(1,606,153)

Page 1


JSNC LIMITED REGISTERED NUMBER:12075110

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

H Y Kwong

Director

Date: 5 November 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

1.	General information

JSNC Limited is a private company limited by shares and incorporated in England & Wales. The address of the registered office is given in the company information page of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date, the company had net liabilites of £2,359,301 (2023: £1,606,153). The company has the ongoing support from its directors and an associated company which enables the company to meet creditors as they fall due. Accordingly, the financial statements have been prepared on a going concern basis.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts for on-going services is recognised by referemce to the stage of completion.

Page 3


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight-line basis.

Depreciation is provided on the following basis:

Leasehold Improvement	-	over 5 years
Fixtures and fittings	-	25% reducing balance
Plant and machinery	-	25% reducing balance
Tooling	-	7 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Employees

The average monthly number of employees, including directors, during the period was 12 (2023 -15).

Page 5


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

4.	Intangible assets

	Computer software	Goodwill	Total
	£	£	£
Cost
At 1 July 2023	24,001	309,390	333,391
At 30 June 2024	24,001	309,390	333,391
Amortisation
At 1 July 2023	24,001	123,756	147,757
Charge for the year on owned assets	-	30,939	30,939
At 30 June 2024	24,001	154,695	178,696
Net book value
At 30 June 2024	-	154,695	154,695
At 30 June 2023	-	185,634	185,634

Page 6


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

5.	Tangible fixed assets

	Leasehold improvement	Plant and machinery	Fixtures and fittings	Tooling	Total
	£	£	£	£	£
Cost or valuation
At 1 July 2023	52,456	11,276	281	31,494	95,507
Additions	-	1,361	212	-	1,573
At 30 June 2024	52,456	12,637	493	31,494	97,080
Depreciation
At 1 July 2023	31,474	5,764	79	17,733	55,050
Charge for the year on owned assets	10,491	1,718	68	4,499	16,776
At 30 June 2024	41,965	7,482	147	22,232	71,826
Net book value
At 30 June 2024	10,491	5,155	346	9,262	25,254
At 30 June 2023	20,982	5,512	202	13,761	40,457

Debtors

					2024	2023
					£	£


Trade debtors	62,571	73,234
Other debtors	76,212	76,212
Prepayments and accrued income	52,876	25,657
	191,659	175,103

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	1,569,525	134,316
Other taxation and social security	279,922	288,234
Other creditors	9,155	13,575
Accruals and deferred income	81,450	66,930
	1,940,052	503,055

Page 7


JSNC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Other creditors	884,860	1,598,538
	884,860	1,598,538

Page 8