JGB Engineering Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02690680 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2022

for

JGB Engineering Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J P Evans

A G Evans

L J Phelps

A J Price

REGISTERED OFFICE:

HATS Gloucester Ltd

162 Hucclecote Road

Gloucester

GL3 3SH

REGISTERED NUMBER:

02690680 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

The White House

162 Hucclecote Road

Hucclecote

Gloucester

Gloucestershire

GL3 3SH

BANKERS:

HSBC Plc

The Cross

Gloucester

GL1 2AP

FIXED ASSETS

Tangible assets

4

179,040

105,386

CURRENT ASSETS

Stocks

285,000

299,051

Debtors

5

557,895

396,425

Cash at bank and in hand

443,165

1,342,772

1,286,060

2,038,248

CREDITORS

Amounts falling due within one year

6

777,951

1,552,140

NET CURRENT ASSETS

508,109

486,108

TOTAL ASSETS LESS CURRENT LIABILITIES

687,149

591,494

CREDITORS

Amounts falling due after more than one year

7

(70,402

)

-

PROVISIONS FOR LIABILITIES

(28,305

)

(13,538

)

NET ASSETS

588,442

577,956

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

588,440

577,954

SHAREHOLDERS' FUNDS

588,442

577,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2022 and were signed on its behalf by:

A J Price - Director

1.	STATUTORY INFORMATION

JGB Engineering Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the lease term

Plant and machinery

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

10% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 March 2021

16,650

222,386

81,479

32,070

352,585

Additions

-

103,517

-

2,043

105,560

At 28 February 2022

16,650

325,903

81,479

34,113

458,145

Depreciation

At 1 March 2021

16,650

171,102

46,520

12,927

247,199

Charge for year

-

16,634

12,324

2,948

31,906

At 28 February 2022

16,650

187,736

58,844

15,875

279,105

Net book value

At 28 February 2022

-

138,167

22,635

18,238

179,040

At 28 February 2021

-

51,284

34,959

19,143

105,386

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

Cost

Additions

92,076

At 28 February 2022

92,076

Depreciation

Charge for year

1,535

At 28 February 2022

1,535

Net book value

At 28 February 2022

90,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/22

28/2/21

£

£

Trade debtors

321,318

332,671

Other debtors

236,577

63,754

557,895

396,425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/22

28/2/21

£

£

Hire purchase contracts (see note 8)

15,791

-

Trade creditors

365,468

244,139

Amounts owed to group undertakings

364,922

862,906

Taxation and social security

5,383

410,981

Other creditors

26,387

34,114

777,951

1,552,140

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/22

28/2/21

£

£

Hire purchase contracts (see note 8)

70,402

-

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

28/2/22

28/2/21

£

£

Net obligations repayable:

Within one year

15,791

-

Between one and five years

70,402

-

86,193

-

Non-cancellable

operating leases

28/2/22

28/2/21

£

£

Within one year

71,440

71,440

Between one and five years

66,873

138,313

138,313

209,753

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2022 and 28 February 2021:

28/2/22

28/2/21

£

£

L J Phelps

Balance outstanding at start of year

25,121

17,060

Amounts advanced

156

11,521

Amounts repaid

(3,912

)

(3,460

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

21,365

25,121

The above loan to the director is interest free with no fixed repayment terms.

10.	RELATED PARTY DISCLOSURES

EPP Holdings Ltd

Parent company

At 28 February 2022, the company owed EPP Holdings Ltd £364,468 (2021 - £717,660). The balance is interest free with no fixed repayment terms.

Edmund Evans Ltd

Company under common control

At 28 February 2022, the company owed Edmund Evans Ltd £454 (2021 - £145,246). The balance is interest free with no fixed repayment terms.

11.	POST BALANCE SHEET EVENTS

Post year end the company has entered into a new hire purchase agreement to finance the purchase of a new machine. The balance financed under this agreement is £158,792.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by EPP Holdings Ltd, a company jointly controlled by the directors of JGB Engineering Ltd. EPP Holdings Ltd which shares the same registered office as JGB Engineering Ltd, has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.