Registration number:
JRC Imports Limited
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JRC Imports Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
JRC Imports Limited
Company Information
Directors |
A B Coulston J R Coulston |
Registered office |
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Accountants |
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JRC Imports Limited
Statement of Financial Position as at 28 February 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible 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 |
65 |
65 |
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Share premium reserve |
8,991 |
8,991 |
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Capital redemption reserve |
35 |
35 |
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Retained earnings |
167,710 |
135,298 |
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Shareholders' funds |
176,801 |
144,389 |
For the financial year ending 28 February 2023 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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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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
JRC Imports Limited
Statement of Financial Position as at 28 February 2023
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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A B Coulston
Director
Company registration number: 04665791
JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the importation and design of textiles.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention and are presented in sterling, which is the functional currency of the entity.
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.
Going concern
The company made a profit for the year ended 28 February 2023 and had net assets amounting to £176,801 at that date.
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of textiles in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts. The company recognises turnover upon the despatch of textiles to customers.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Personalised registrations |
10% straight line |
Patterns and designs |
33% straight line |
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.
Depreciation
Depreciation is charged so as to write off the cost of assets, less its estimated residual value, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% straight line |
Leasehold Property |
Over period of lease |
Office equipment |
33% straight line |
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.
JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Operating 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.
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.
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.
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.
Staff numbers |
The average number of persons employed by the company during the year, was
JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Intangible assets |
Personalised registrations |
Patterns and designs |
Total |
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Cost |
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At 1 March 2022 |
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At 28 February 2023 |
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Amortisation |
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At 1 March 2022 |
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Amortisation charge |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Tangible assets |
Leasehold Property |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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Disposals |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
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( |
At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Stocks |
2023 |
2022 |
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Stock |
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Debtors |
2023 |
(As restated) |
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Trade debtors |
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Other debtors |
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Details of non-current other debtors
Other debtors includes an amount of £108,000 (2022 - £108,000) secured in favour of the landlord in respect of future obligations recoverable in more than one year.
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
(As restated) |
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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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Other creditors |
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Amounts falling due after one year |
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Loans and borrowings |
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JRC Imports Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank loan |
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Bank overdrafts |
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Invoice discounting facility |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank loan |
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The invoice discounting facility is secured by a fixed charge over book debts and a fixed and floating charge over the other assets and undertakings of the company.
The bank loan and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.
Commitments, guarantees and obligations |
Operating leases
The total of future minimum lease payments not reflected in the statement of financial position amounts to £
Transactions with directors |
At 28 February 2023, an amount of £412,201 (2022: £330,332) was due from the directors. During the year advances of £170,131 and repayments of £96,000 were made. Interest of £7,738 (2022: £8,686) is payable at 2% per annum. There are no set terms.
Prior period adjustment |
During the year, the directors identified that both other debtors and trade creditors at 28 February 2022 were overstated by an amount of £51,715.
This adjustment had no effect on the net assets at 28 February 2022 or the profit the year then ended.