Company Registration No. 04789473 (England and Wales)
J & J TRADING (UK) LIMITED
ABRIDGED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2021
J & J TRADING (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
J & J TRADING (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,779
22,456
Current assets
Debtors
5
450,622
450,280
Investments
6
195,440
145,440
Cash at bank and in hand
235,053
320,857
881,115
916,577
Creditors: amounts falling due within one year
7
(500,722)
(567,718)
Net current assets
380,393
348,859
Total assets less current liabilities
398,172
371,315
Creditors: amounts falling due after more than one year
8
(32,772)
(40,000)
Provisions for liabilities
(3,378)
(4,267)
Net assets
362,022
327,048
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
362,021
327,047
Total equity
362,022
327,048
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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.
J & J TRADING (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 October 2022
Mrs J Patel
Director
Company Registration No. 04789473
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
J & J Trading (UK) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 8 Chancerygate Business Centre, Stonefield Way, Ruislip, Middlesex, HA4 0JA.
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 initially measured at cost and subsequently measured at cost or valuation, 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:
Fixtures, fittings & equipment
25% reducing balance
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.5
Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2020 - 9).
2021
2020
Number
Number
Total
9
9
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
7,653
Adjustments in respect of prior periods
(6,135)
Total current tax
1,518
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
3
Taxation
2021
2020
£
£
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
(889)
683
Total tax charge
629
683
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2021
63,169
Additions
1,215
At 31 December 2021
64,384
Depreciation and impairment
At 1 January 2021
40,713
Depreciation charged in the year
5,892
At 31 December 2021
46,605
Carrying amount
At 31 December 2021
17,779
At 31 December 2020
22,456
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
384,972
391,177
Other debtors
65,650
59,103
450,622
450,280
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
6
Current asset investments
2021
2020
£
£
Other investments
195,440
145,440
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
405,056
439,473
Corporation tax
7,653
4,788
Other taxation and social security
3,483
3,833
Other creditors
66,780
66,576
Accruals
17,750
53,048
500,722
567,718
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
32,772
40,000
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2021
2020
Balances:
£
£
Accelerated capital allowances
3,378
4,267
2021
Movements in the year:
£
Liability at 1 January 2021
4,267
Credit to profit or loss
(889)
Liability at 31 December 2021
3,378
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1