Jay Precision Products UK Limited
Unaudited Financial Statements
For the period ended 31 March 2022
For Filing with Registrar
Company Registration No. 13038880 (England and Wales)
Jay Precision Products UK Limited
Balance Sheet
As at 31 March 2022
31 March 2022
Page 1
2022
Notes
£
£
Current assets
Stock
3,119
Cash at bank and in hand
8,558
11,677
Creditors: amounts falling due within one year
3
(40,605)
Net current liabilities
(28,928)
Capital and reserves
Called up share capital
4
6,001
Profit and loss reserves
(34,929)
Total equity
(28,928)
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 period ended 31 March 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 member has not required the company to obtain an audit of its financial statements for the period 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 19 September 2022 and are signed on its behalf by:
Zenobia Rao
Director
Company Registration No. 13038880
Jay Precision Products UK Limited
Notes to the Financial Statements
For the period ended 31 March 2022
Page 2
1
Accounting policies
Company information
Jay Precision Products UK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Flat 2, 13 Windsor Street, London, England, N1 8QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A 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 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
Reporting period
These financial statements have been prepared from the date of incorporation for the period ended 31
March 2022
.
1.3
Stock
Stock 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 stock to their present location and condition.
Stock 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 stock 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.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as ‘other’ or financial instruments measured at fair value.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Jay Precision Products UK Limited
Notes to the Financial Statements (Continued)
For the period ended 31 March 2022
1
Accounting policies
(Continued)
Page 3
1.7
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 period was
nil.
3
Creditors: amounts falling due within one year
2022
£
Trade creditors
396
Amounts owed to group undertakings
3,119
Taxation and social security
4,263
Other creditors
32,827
40,605
4
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
6,001
6,001
At the date of incorporation, 1 ordinary share of £1 was issued at par.
On 20 December 2021, 6000 ordinary shares of £1 each were issued at par.