| JJ Medios Limited |
| Notes to the Accounts |
| for the period from 28 December 2024 to 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going Concern |
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The directors have decided that the Company will cease trading. As a result, the directors do not consider it appropriate to prepare the financial statements on the going concern basis.
Accordingly, these financial statements have been prepared on a basis other than going concern. Assets have been stated at their estimated recoverable amounts and liabilities have been recognised at the amounts expected to be settled. Any resulting adjustments arising from the cessation of trade and closure of the Company have been reflected where possible in these financial statements.The directors are not seeking any repayment of their director loan amounts and have undertaken to personally cover any remaining liabilites of the company to enable it to close down. |
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Turnover |
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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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Employees |
2025 |
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| Number |
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Average number of persons employed by the company |
0 |
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| 3 |
Creditors: amounts falling due within one year |
2025 |
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| £ |
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Other creditors |
262 |
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| 4 |
Related party transactions |
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None noted |
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| 5 |
Transactions with Directors |
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During the year both directors used a current account with the company to record amounts due to them and amounts drawn by them. The account is overdrawn and shows an amount owing back to the Company as at 31st December 2025. The directors intend to clear the overdrawn loan account by paying company expenses from personal funds enabling the company to close down. |
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| 6 |
Controlling party |
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Company directors Jacob O'Loughlin and James Roberts together hold 100% of the share capital of the company. Therefore together they are the company's ultimate controlling party. |
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| 7 |
Other information |
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JJ Medios Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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2 Hen Ysgol, Forge Road |
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Llangynidr |
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Crickhowell |
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Wales |
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NP8 1LU |