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Registered Number
:
06951130
|
For the year ended 31 July 2021
England and Wales
Report of the Directors and Unaudited Financial Statements
2
For the year ended 31 July 2021
JC Inventories Limited
Contents Page
2
Directors' Report
3
Independent Accountants' Report
4
Income Statement
5
Other Comprehensive Income
6
Statement of Financial Position
7 to 10
Notes to the Financial Statements
3
For the year ended 31 July 2021
JC Inventories Limited
Company Information
Mr Dominic Martineau
Directors
Miss Judith Cochrane
Miss Judith Cochrane
Company Secretary
06951130
Basement, Weavers House
1 Gardens Road
Clevedon
United Kingdom
BS21 7QQ
Dart Services
Accountants
Chartered Certified Accountants
Basement Weavers House
1 Gardens Road
Clevedon
BS21 7QQ
1 of 10
4
For the year ended 31 July 2021
JC Inventories Limited
Directors' Report
The directors present their report and financial statements for the year ended 31 July 2021.
The principal activity of the company continued to be that of Inventory Clerking.
Directors
The directors who served the company throughout the year were as follows:
Mr Dominic Martineau
Miss Judith Cochrane
Signed on behalf of the board of directors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
|
07 September 2021
2 of 10
5
For the year ended 31 July 2021
JC Inventories Limited
Independent Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of JC Inventories Limited for
|
the year ended
31
July
2021
|
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts
|
of JC Inventories Limited for the year ended
31
July
2021
which comprise the Income Statement
,
Other
|
Comprehensive Income
,
the Statement of Financial Position and the related notes from the company
'
s accounting
|
records and from information and explanations you have given us
.
|
As a practising firm of the Association of Chartered Certified Accountants
,
we are subject to its ethical and other
|
professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of JC Inventories Limited
,
as a body
,
in accordance with the terms
|
of our engagement letter dated
7
September
2020
.
Our work has been undertaken solely to prepare for your approval
|
the accounts of JC Inventories Limited and state those matters that we have agreed to state to the Board of Directors
|
of JC Inventories Limited
,
as a body
,
in this report in accordance with the requirements of the Association of Chartered
|
Certified Accountants and as detailed at http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the fullest extent permitted by
|
law
,
we do not accept or assume responsibility to anyone other than JC Inventories Limited and its Board of Directors
|
as a body for our work or for this report
.
|
It is your duty to ensure that JC Inventories Limited has kept adequate accounting records and to prepare statutory
|
accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of JC Inventories Limited
.
|
You consider that JC Inventories Limited is exempt from the statutory audit requirement for the year
.
|
Dart Services
Principal
James Wright-Anderson
Chartered Certified Accountants
Basement Weavers House
1 Gardens Road
Clevedon
BS21 7QQ
07 September 2021
3 of 10
6
For the year ended 31 July 2021
JC Inventories Limited
Income Statement
2020
2021
40,068
54,900
2
(21,273)
(21,388)
33,627
Gross profit
18,680
(18,592)
(18,115)
5,105
2,311
Operating profit
5,193
17,823
Interest payable and similar charges
|
102
(32)
5,295
17,791
Profit before taxation
(1,129)
(3,317)
3
4,166
Profit for the financial year
14,474
4 of 10
7
For the year ended 31 July 2021
JC Inventories Limited
Other Comprehensive Income
2021
2020
4,166
14,474
Profit for the financial year
Total comprehensive income since last annual report
|
4,166
14,474
5 of 10
8
JC Inventories Limited
Statement of Financial Position
2020
2021
3,980
4,477
5
Property
,
plant and equipment
|
448
598
6
4,428
5,075
Trade and other receivables
|
4,658
1,702
7
6,212
Cash and cash equivalents
|
6,651
8,353
10,870
Trade and other payables
:
amounts falling due within one
|
year
|
(8,022)
(5,340)
8
2,848
3,013
Net current assets
Total assets less current liabilities
|
7,441
7,923
Trade and other payables
:
amounts falling due after more
|
than one year
|
(45)
-
9
7,441
Net assets
7,878
2
2
7,439
7,876
7,441
7,878
Shareholders' funds
For the year ended 31 July 2021 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
|
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006
|
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
|
b
)
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
|
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
|
394
and
395
and which otherwise comply with the requirements of the Companies Act
2006
relating to financial
|
statements
,
so far as applicable to the company
.
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
|
These financial statements were approved and authorised for issue by the Board on 07 September 2021 and were signed by:
|
The notes form part of these financial statements
|
6 of 10
9
For the year ended 31 July 2021
JC Inventories Limited
Notes to the Financial Statements
Statutory Information
JC Inventories Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration
|
number
06951130
.
|
Principal place of business
:
|
11 Malin Parade
Portishead
North Somerset
BS20 7GZ
Basement, Weavers House
1 Gardens Road
Clevedon
United Kingdom
BS21 7QQ
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A of Financial
|
Reporting Standard
102
''
The Financial Reporting Standard applicable in the UK and Republic of Ireland
''
and the
|
Companies Act
2006
.
The financial statements have been prepared under the historical costs convention as
|
modified by the revaluation of certain assets
.
|
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
|
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of 20 years.
|
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
|
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.
|
7 of 10
10
For the year ended 31 July 2021
JC Inventories Limited
Notes to the Financial Statements Continued
2020
The taxation charge is based on the taxable profit for the year and
|
comprises
:
|
2021
1,129
3,317
Tax on profit on ordinary activities
|
1,129
3,317
The tax expense for the period comprises current tax
.
Tax is recognised in profit or loss
,
except that a change
|
attributable to an item of income or expense recognised as other comprehensive income is also recognised directly
|
in other comprehensive income
.
|
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
.
|
2020
2021
Dividend on equity instruments
:
|
(4,603)
(10,625)
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.
|
5
.
Intangible fixed assets
|
Goodwill
9,950
9,950
5,473
497
Charge for year
5,970
3,980
4,477
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company
'
s
|
interest in the net fair value of the identifiable assets
,
liabilities and contingent liabilities of the entity recognised at
|
the date of acquisition
.
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less
|
accumulated amortisation and accumulated impairment losses
.
Goodwill is held in the currency of the acquired entity
|
and revalued to the closing rate at each reporting period date
.
Goodwill is amortised over its useful life
,
which shall
|
not exceed ten years if a reliable estimate of the useful life cannot be made
.
|
8 of 10
11
For the year ended 31 July 2021
JC Inventories Limited
Notes to the Financial Statements Continued
6
.
Property
,
plant and equipment
|
4,939
4,939
Provision for depreciation and impairment
|
4,341
Charge for year
150
4,491
448
598
In respect of certain fixed assets stated at valuations
,
the comparable historical cost and depreciation
values are as
|
follows
:
|
4,939
4,341
Charge for year
150
4,491
598
Net historical cost value
:
|
448
7
.
Trade and other receivables
|
2020
2021
216
3,108
1,486
1,550
4,658
1,702
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
|
9 of 10
12
For the year ended 31 July 2021
JC Inventories Limited
Notes to the Financial Statements Continued
8
.
Trade and other payables
:
amounts falling due within one year
|
2020
2021
2,631
1,032
Taxation and social security
|
2,709
6,990
5,340
8,022
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
|
9
.
Trade and other payables
:
amounts falling due after more than one year
|
2020
2021
-
45
10
.
Directors advances and guarantees
|
Loaned
Repaid
Miss Judith Cochrane
Loan from director
-
(23)
4,241
4,218
-
(23)
4,241
4,218
Mr Dominic Martineau
Loan from director
-
(23)
4,241
4,218
-
(23)
4,241
4,218
11
.
Average number of persons employed
|
During the year the average number of employees was 1 (2020 : 1)
10 of 10