JBA Souvenirs Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

JBA Souvenirs Limited

(Registration number: 15699094)
Statement of Financial Position as at 30 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	46,115	58,668
Current assets
Stocks		185,912	258,155
Debtors	5	46,556	42,640
Cash at bank and in hand		121,017	67,812
		353,485	368,607
Creditors: Amounts falling due within one year	6	(315,730)	(322,337)
Net current assets		37,755	46,270
Total assets less current liabilities		83,870	104,938
Creditors: Amounts falling due after more than one year	6	(29,160)	(34,545)
Provisions for liabilities		(976)	(640)
Net assets		53,734	69,753
Capital and reserves
Called up share capital		2	2
Profit and loss account		53,732	69,751
Shareholders' funds		53,734	69,753

JBA Souvenirs Limited

(Registration number: 15699094)
Statement of Financial Position as at 30 November 2025 (continued)

For the financial year ending 30 November 2025 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 1 May 2026 and signed on its behalf by:
 

J V C Brady Director

D N Brady Director

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025

1	General information

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

The address of its registered office is:
Unit 13-15
Parc Erissey Industrial Estate
Redruth
Cornwall
TR16 4HZ

Principal activity

The principal activity of the company is that of a wholesaler.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis with the company reliant upon the continued support of the directors.

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

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
Plant and machinery	25% Reducing Balance
Equipment, fixtures and fittings	20% Straight Line
Short leasehold improvements	20% Straight Line
Motor vehicles	25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 statement of comprehensive income 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 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 statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

4	Tangible assets

	Short leasehold land and buildings £	Equipment, fixtures and fittings £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2024	3,437	5,264	5,024	54,609	68,334
Additions	-	935	1,458	-	2,393
At 30 November 2025	3,437	6,199	6,482	54,609	70,727
Depreciation
At 1 December 2024	401	577	724	7,964	9,666
Charge for the year	687	1,194	1,404	11,661	14,946
At 30 November 2025	1,088	1,771	2,128	19,625	24,612
Carrying amount
At 30 November 2025	2,349	4,428	4,354	34,984	46,115
At 30 November 2024	3,036	4,687	4,300	46,645	58,668

Included within the net book value of land and buildings above is £2,349 (2024 - £3,036) in respect of short leasehold land and buildings.
 

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

5

Debtors

	2025 £	2024 £
Trade debtors	31,904	25,937
Other debtors	3,795	4,447
Prepayments	10,857	12,256
	46,556	42,640

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Loans and borrowings	8	6,517	5,763
Trade creditors		7,319	8,402
Taxation and social security		35,670	38,993
Accruals and deferred income		3,030	3,111
Other creditors		263,194	266,068
		315,730	322,337

Within other creditors are hire purchase liabilities which are secured over the assets to which they relate.
 

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Loans and borrowings	8	29,160	34,545

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

JBA Souvenirs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2025 (continued)

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	29,160	34,545

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	6,517	5,763

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	37,000	37,000
Later than one year and not later than five years	-	30,250
	37,000	67,250

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,000 (2024 - £21,583).