Just Mugs Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 02936270

Just Mugs Limited

Filleted Unaudited Abridged Financial Statements

31 December 2021

Just Mugs Limited

Abridged Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		14,056	21,911

Current assets

Stocks	320,247	307,194
Debtors	879,799	1,027,397
Cash at bank and in hand	255,928	29,630
	------------	------------
	1,455,974	1,364,221

Creditors: amounts falling due within one year	1,157,452		1,043,532
	------------		------------
Net current assets		298,522	320,689
		---------	---------
Total assets less current liabilities		312,578	342,600

Creditors: amounts falling due after more than one year	102,500	132,500
	---------	---------
Net assets	210,078	210,100
	---------	---------

Capital and reserves

Called up share capital	7,948	7,948
Other reserves	112,052	112,052
Profit and loss account	90,078	90,100
	---------	---------
Shareholders funds	210,078	210,100
	---------	---------

These abridged 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 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

Just Mugs Limited

Abridged Statement of Financial Position (continued)

31 December 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 26 September 2022 , and are signed on behalf of the board by:

P J Tittensor
Director

Company registration number: 02936270

Just Mugs Limited

Notes to the Abridged Financial Statements

Year ended 31 December 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 Unit 19 Longbridge Hayes Industrial Estate, Chemical Lane, Longport, Stoke on Trent, ST6 4DS.

2. Statement of compliance

These abridged 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

(a) Basis of preparation

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

(b) 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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

(d) 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.

(e) 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:

Plant & Machinery	-	ten years
Fixtures, fittings & equipment	-	seven years
Motor vehicles	-	five years
Computer equipment	-	three years

(f) 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.

(g) Stocks

Stock is valued at the lower of cost and net realisable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2020: 18 ).

5. Tangible assets

	£
Cost
At 1 January 2021 and 31 December 2021	917,653
	---------
Depreciation
At 1 January 2021	895,742
Charge for the year	7,855
	---------
At 31 December 2021	903,597
	---------
Carrying amount
At 31 December 2021	14,056
	---------
At 31 December 2020	21,911
	---------

6. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	4,527	6,807
Later than 1 year and not later than 5 years	6,791	11,319
	--------	--------
	11,318	18,126
	--------	--------