Company registration number 05813720 (England and Wales)
GENUINE JAYJAYS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
GENUINE JAYJAYS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
GENUINE JAYJAYS LTD
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
74,663
80,833
Current assets
Stocks
103,500
113,000
Debtors
4
137,155
66,807
Cash at bank and in hand
35,129
38,895
275,784
218,702
Creditors: amounts falling due within one year
5
(260,915)
(179,349)
Net current assets
14,869
39,353
Total assets less current liabilities
89,532
120,186
Creditors: amounts falling due after more than one year
6
(30,000)
(52,476)
Net assets
59,532
67,710
Capital and reserves
Called up share capital
7
200,000
200,000
Profit and loss reserves
(140,468)
(132,290)
Total equity
59,532
67,710
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 March 2023 and are signed on its behalf by:
Mrs R De Melo
Director
Company Registration No. 05813720
GENUINE JAYJAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2020
200,000
63,255
(273,157)
(9,902)
Year ended 30 June 2021:
Profit and total comprehensive income for the year
-
-
77,612
77,612
Transfers
-
(63,255)
63,255
-
Balance at 30 June 2021
200,000
(132,290)
67,710
Year ended 30 June 2022:
Loss and total comprehensive income for the year
-
-
(8,178)
(8,178)
Balance at 30 June 2022
200,000
(140,468)
59,532
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Genuine JayJays Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 1, Ffrwdgrech Industrial Estate, Brecon, Powys, LD3 8LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are measured at cost
net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
- 10 years straight line
Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and recoverable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
14
14
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2021
15,072
89,274
70,430
6,297
181,073
Additions
2,901
4,967
2,552
3,695
14,115
At 30 June 2022
17,973
94,241
72,982
9,992
195,188
Depreciation and impairment
At 1 July 2021
932
50,721
47,165
1,422
100,240
Depreciation charged in the year
1,625
10,417
6,175
2,068
20,285
At 30 June 2022
2,557
61,138
53,340
3,490
120,525
Carrying amount
At 30 June 2022
15,416
33,103
19,642
6,502
74,663
At 30 June 2021
14,140
38,553
23,265
4,875
80,833
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40,395
14,119
Corporation tax recoverable
6,323
Other debtors
79,416
42,888
126,134
57,007
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
11,021
9,800
Total debtors
137,155
66,807
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Trade creditors
219,593
115,704
Corporation tax
1,565
Other taxation and social security
19,372
28,875
Other creditors
11,950
23,205
260,915
179,349
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
30,000
40,000
Other creditors
12,476
30,000
52,476
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
51,000
51,000
51,000
51,000
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
7
Called up share capital
(Continued)
- 7 -
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference of £1 each
149,000
149,000
149,000
149,000
Preference shares classified as equity
149,000
149,000
Total equity share capital
200,000
200,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
70,000
87,500
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors
2.00
32,289
15,000
786
(1,560)
46,515
32,289
15,000
786
(1,560)
46,515