Jay Precision Products UK Limited
Unaudited Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 13038880 (England and Wales)
Jay Precision Products UK Limited
Balance Sheet
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Stock
3,119
3,119
Debtors
3
64,764
Cash at bank and in hand
34,575
8,558
102,458
11,677
Creditors: amounts falling due within one year
4
(146,235)
(40,605)
Net current liabilities
(43,777)
(28,928)
Capital and reserves
Called up share capital
5
6,001
6,001
Profit and loss reserves
(49,778)
(34,929)
Total equity
(43,777)
(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 year ended 31 March 2023 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.
The member has 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.
The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 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 year ended 31 March 2023
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 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
Going concern
At the year, the company had incurred loss for £14,849 (2022- £34,929) and at the balance sheet date, the company had net liabilities for £43,777 (2022- £28,928).
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
1.5
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.
Jay Precision Products UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.6
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.
1.7
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.
1.8
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:
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,764
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
396
Amounts owed to group undertakings
102,382
3,119
Taxation and social security
8,355
4,263
Other creditors
32,858
29,827
Accruals and deferred income
2,640
3,000
146,235
40,605
Jay Precision Products UK Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 4
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6,001
6,001
6,001
6,001
6
Related party transactions
At the year end, an amount of £102,382 (2022: £3,119) was owed to Jay Precision Products India Private Limited, a connected company, in respect of goods purchase from the company.
At the year end, the company owed £5,200 (2022: £700) to the director of the company. This amount is included in other creditors.
7
Parent company
The ultimate controlling party is Jay Precision Products India Private Limited, by virtue of his shareholding.