Company registration number 05813720 (England and Wales)
GENUINE JAYJAYS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
GENUINE JAYJAYS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
GENUINE JAYJAYS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,048
Tangible assets
4
78,986
74,663
91,034
74,663
Current assets
Stocks
97,070
103,500
Debtors
5
38,040
137,155
Cash at bank and in hand
62,246
35,129
197,356
275,784
Creditors: amounts falling due within one year
6
(128,560)
(260,915)
Net current assets
68,796
14,869
Total assets less current liabilities
159,830
89,532
Creditors: amounts falling due after more than one year
7
(19,934)
(30,000)
Provisions for liabilities
(20,250)
Net assets
119,646
59,532
Capital and reserves
Called up share capital
8
155,000
200,000
Profit and loss reserves
(35,354)
(140,468)
Total equity
119,646
59,532
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 30 June 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 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.
The financial statements were approved by the board of directors and authorised for issue on 27 March 2024 and are signed on its behalf by:
Mrs R De Melo
Director
Company Registration No. 05813720
GENUINE JAYJAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2021
200,000
(132,290)
67,710
Year ended 30 June 2022:
Loss and total comprehensive income
-
(8,178)
(8,178)
Balance at 30 June 2022
200,000
(140,468)
59,532
Year ended 30 June 2023:
Profit and total comprehensive income
-
105,114
105,114
Other movements
(45,000)
-
(45,000)
Balance at 30 June 2023
155,000
(35,354)
119,646
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Genuine JayJays Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Ffrwdgrech Industrial Estate, Brecon, Powys, LD3 8LA.
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
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
25% straight line
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost 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:
Leasehold improvements
- 10 years straight line
Plant and equipment
- 25% reducing balance
Fixtures and fittings
- 25% reducing balance
Computers
- 25% reducing balance
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks 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 stocks to their present location and condition.
Stocks 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 stocks 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.
1.6
Financial instruments
Debtors and creditors with no stated interest rate and recoverable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.7
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.
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.
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
18
14
3
Intangible fixed assets
Other
£
Cost
At 1 July 2022
Additions
16,064
At 30 June 2023
16,064
Amortisation and impairment
At 1 July 2022
Amortisation charged for the year
4,016
At 30 June 2023
4,016
Carrying amount
At 30 June 2023
12,048
At 30 June 2022
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2022
17,973
94,241
72,982
9,992
195,188
Additions
338
17,723
3,665
1,528
23,254
At 30 June 2023
18,311
111,964
76,647
11,520
218,442
Depreciation and impairment
At 1 July 2022
2,557
61,138
53,340
3,490
120,525
Depreciation charged in the year
1,811
9,981
5,332
1,807
18,931
At 30 June 2023
4,368
71,119
58,672
5,297
139,456
Carrying amount
At 30 June 2023
13,943
40,845
17,975
6,223
78,986
At 30 June 2022
15,416
33,103
19,642
6,502
74,663
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,523
40,395
Corporation tax recoverable
6,323
Other debtors
12,517
79,416
38,040
126,134
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
11,021
Total debtors
38,040
137,155
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
50,126
219,593
Corporation tax
1,967
Other taxation and social security
61,700
19,372
Other creditors
4,767
11,950
128,560
260,915
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,934
30,000
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
51,000
51,000
51,000
51,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable Preference of £1 each
104,000
149,000
104,000
149,000
Preference shares classified as equity
104,000
149,000
Total equity share capital
155,000
200,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
52,500
70,000
GENUINE JAYJAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Directors
-
46,515
(46,567)
(52)
46,515
(46,567)
(52)