Company Registration No. 04789473 (England and Wales)
J & J TRADING (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
J & J TRADING (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
J & J TRADING (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,793
17,779
Current assets
Debtors
5
478,711
450,622
Investments
6
195,440
195,440
Cash at bank and in hand
207,956
235,053
882,107
881,115
Creditors: amounts falling due within one year
7
(538,024)
(500,722)
Net current assets
344,083
380,393
Total assets less current liabilities
357,876
398,172
Creditors: amounts falling due after more than one year
8
(25,352)
(32,772)
Provisions for liabilities
(2,621)
(3,378)
Net assets
329,903
362,022
Capital and reserves
Called up share capital
10
1
1
Profit and loss reserves
329,902
362,021
Total equity
329,903
362,022
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 2022 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.
The 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 2022
31 December 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 August 2023
Mrs J Patel
Director
Company Registration No. 04789473
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 amounts 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 2022
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 (2021 - 9).
2022
2021
Number
Number
Total
9
9
3
Taxation
2022
2021
£
£
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
Deferred tax
Accelerated capital allowances
(757)
(889)
Total tax (credit)/charge
(757)
629
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
3
Taxation
(Continued)
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
64,384
Additions
525
At 31 December 2022
64,909
Depreciation and impairment
At 1 January 2022
46,605
Depreciation charged in the year
4,511
At 31 December 2022
51,116
Carrying amount
At 31 December 2022
13,793
At 31 December 2021
17,779
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
406,675
384,972
Other debtors
72,036
65,650
478,711
450,622
6
Current asset investments
2022
2021
£
£
Other investments
195,440
195,440
J & J TRADING (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
458,227
405,056
Corporation tax
7,653
7,653
Other taxation and social security
3,334
3,483
Other creditors
66,310
66,780
Accruals
2,500
17,750
538,024
500,722
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
25,352
32,772
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
2,621
3,378
2022
Movements in the year:
£
Liability at 1 January 2022
3,378
Credit to profit or loss
(757)
Liability at 31 December 2022
2,621
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.
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1