Registration number:
Jerath Holdings Limited
for the Year Ended 30 April 2023
Jerath Holdings Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Jerath Holdings Limited
Company Information
Director |
Mr R Jerath |
Registered office |
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Accountants |
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Jerath Holdings Limited
Director's Report for the Year Ended 30 April 2023
The director presents his report and the financial statements for the year ended 30 April 2023.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is a motor dealer.
Small companies provision statement
This report has 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.
Statement of directors' responsibilities
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Jerath Holdings Limited
for the Year Ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Jerath Holdings Limited for the year ended 30 April 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Jerath Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jerath Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Jerath Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jerath Holdings Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Jerath Holdings 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 Jerath Holdings Limited. You consider that Jerath Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Jerath Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Team Valley
Gateshead
Tyne and Wear
NE11 0RU
Jerath Holdings Limited
Profit and Loss Account for the Year Ended 30 April 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
13,625 |
31,636 |
|
Interest payable and similar expenses |
( |
- |
|
Profit before tax |
|
|
|
Profit for the financial year |
|
|
Jerath Holdings Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 April 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest payable and similar charges |
( |
- |
|
(3,608) |
- |
||
Profit before tax |
|
|
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
(48,366) |
(80,002) |
|
Retained earnings carried forward |
(38,349) |
(48,366) |
Jerath Holdings Limited
(Registration number: 11959198)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
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Investment property |
|
|
|
|
|
||
Current assets |
|||
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 |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Revaluation reserve |
149,692 |
91,167 |
|
Retained earnings |
(38,349) |
(48,366) |
|
Shareholders' funds |
111,443 |
42,901 |
For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his 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.
Approved and authorised by the
Jerath Holdings Limited
(Registration number: 11959198)
Balance Sheet as at 30 April 2023
......................................... |
Jerath Holdings Limited
Statement of Changes in Equity for the Year Ended 30 April 2023
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
( |
|
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
- |
|
Total comprehensive income |
- |
|
|
|
At 30 April 2023 |
|
|
( |
|
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 May 2021 |
|
|
( |
|
Profit for the year |
- |
- |
|
|
At 30 April 2022 |
|
|
( |
|
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
These financial statements were authorised for issue by the
Accounting policies |
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
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.
Tangible assets
Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Asset class |
Depreciation method and rate |
Office equipment |
25% straight line |
Investment property
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.
Trade debtors
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.
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.
Trade creditors
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.
Borrowings
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 May 2022 |
|
|
At 30 April 2023 |
|
|
Depreciation |
||
At 1 May 2022 |
|
|
Charge for the year |
|
|
At 30 April 2023 |
|
|
Carrying amount |
||
At 30 April 2023 |
|
|
At 30 April 2022 |
|
|
Investments |
2023 |
|
At 1 May |
|
Additions |
|
Fair value adjustments |
|
At 30 April |
|
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
- |
Prepayments |
|
|
|
|
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
( |
( |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on revaluation of other assets |
|
|
|
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Jerath Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
Director's remuneration
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Jerath Holdings Limited
Detailed Profit and Loss Account for the Year Ended 30 April 2023
2023 |
2022 |
Turnover |
||
Sale of goods, UK |
1,114,841 |
1,603,610 |
Interest received |
47 |
72 |
Grants and subsidies |
- |
5,067 |
1,114,888 |
1,608,749 |
Changes in stocks of finished goods and work in progress |
||
Opening finished goods |
(441,173) |
(349,625) |
Closing finished goods |
975,205 |
441,173 |
534,032 |
91,548 |
Raw materials and consumables used |
||
Purchases |
(1,602,931) |
(1,590,129) |
Direct costs |
(3,777) |
(39,258) |
(1,606,708) |
(1,629,387) |
Employee benefits expense |
||
Directors remuneration |
(14,539) |
(15,372) |
Directors NIC (Employers) |
(791) |
(900) |
(15,330) |
(16,272) |
Depreciation and amortisation expense |
||
Depreciation of office equipment (owned) |
(1,854) |
(1,855) |
Other expenses |
||
Insurance |
(3,783) |
(2,667) |
Repairs and maintenance |
(21) |
(932) |
Computer software and maintenance costs |
(671) |
(361) |
Motor expenses |
- |
(25) |
Travel and subsistence |
(1,949) |
(12,191) |
Customer entertaining (disallowable for tax) |
(2,525) |
(121) |
Accountancy fees |
(2,135) |
(1,835) |
Bank charges |
(319) |
(3,015) |
(11,403) |
(21,147) |
Interest payable and similar expenses |
||
Bank interest payable |
(3,608) |
- |