Josef's Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06666220

Josef's Limited

Filleted Unaudited Financial Statements

31 October 2021

Josef's Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	9,000	–
Tangible assets	6	33,308	33,655
		--------	--------
		42,308	33,655

Current assets

Stocks		600	600
Debtors	7	–	19,381
Cash at bank and in hand		3,226	13,225
		-------	--------
		3,826	33,206

Creditors: amounts falling due within one year	8	29,828		29,253
		--------		--------
Net current (liabilities)/assets			( 26,002)	3,953
			--------	--------
Total assets less current liabilities			16,306	37,608

Creditors: amounts falling due after more than one year	9	31,470	32,000
		--------	--------
Net (liabilities)/assets		( 15,164)	5,608
		--------	--------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	( 25,164)	( 4,392)
	--------	--------
Shareholders (deficit)/funds	( 15,164)	5,608
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Josef's Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:

Mr R Kent	Mrs C Kent
Director	Director

Company registration number: 06666220

Josef's Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Summit House, 10 Waterside Court, Newport, South Wales, NP20 5NT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2020: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2020	66,000
Additions	10,000
Other movements	( 66,000)
	--------
At 31 October 2021	10,000
	--------
Amortisation
At 1 November 2020	66,000
Charge for the year	1,000
Transfers	(66,000)
	--------
At 31 October 2021	1,000
	--------
Carrying amount
At 31 October 2021	9,000
	--------
At 31 October 2020	–
	--------

6. Tangible assets

	Equipment	Total
	£	£
Cost or valuation
At 1 November 2020	90,462	90,462
Additions	5,000	5,000
Revaluations	( 56,806)	( 56,806)
	--------	--------
At 31 October 2021	38,656	38,656
	--------	--------
Depreciation
At 1 November 2020	56,807	56,807
Charge for the year	5,348	5,348
Revaluations	( 56,807)	( 56,807)
	--------	--------
At 31 October 2021	5,348	5,348
	--------	--------
Carrying amount
At 31 October 2021	33,308	33,308
	--------	--------
At 31 October 2020	33,655	33,655
	--------	--------

7. Debtors

	2021	2020
	£	£
Other debtors	–	19,381
	----	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	13,884	10,714
Trade creditors	971	2,111
Corporation tax	465	3,306
Social security and other taxes	10,140	9,350
Other creditors	4,368	3,772
	--------	--------
	29,828	29,253
	--------	--------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	31,470	32,000
	--------	--------

10. Directors' advances, credits and guarantees

At the beginning of the year, the directors owed the company £19,381. At the end of the year the company owed the directors £596.

11. Related party transactions

The company was under the control of Mrs C Kent throughout the current and previous year. Mrs C Kent and Mr R Kent are equal shareholders. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1a.