JJK FUEL LTD - Filleted accounts

Registered number

11191618

JJK FUEL LTD

(Formerly Known As GYM GRUB LTD)

Filleted Accounts

28 February 2021

JJK FUEL LTD
Registered number:		11191618
Balance Sheet
as at 28 February 2021

Notes			2021			2020
£				£
Fixed assets
Tangible assets	3		189			-

Current assets
Stocks		1,600			-
Debtors	4	8,526			-
Cash at bank and in hand		2,057			100
		12,183			100

Creditors: amounts falling due within one year	5	(17,947)			-

Net current (liabilities)/assets			(5,764)			100

Total assets less current liabilities			(5,575)			100

Creditors: amounts falling due after more than one year	6		(30,635)			-



Net (liabilities)/assets			(36,210)			100

Capital and reserves
Called up share capital			100			100
Profit and loss account			(36,310)			-

Shareholder's funds			(36,210)			100

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




J J Kelly
Director
Approved by the board on 26 November 2021

JJK FUEL LTD
Notes to the Accounts
for the year ended 28 February 2021


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006. The presentation currency of the financial statements is the Pound Sterling (£).

	Significant judgements and estimates
	There are no significant judgements and estimates applied to the numbers contained within these financial statements.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Other operating income
	Other operating income is government grants received. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance related grants, income is recognised only when the performance related conditions are met.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Equipment	25% straight line

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. (i) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Profit and Loss Account. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Profit and Loss Account.

	Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Profit and Loss Account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

	(ii) Financial liabilities Basic financial liabilities, including trade and other creditors, loans from fellow Group Companies that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured, initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. These financial instruments are then subsequently measured at fair value and any changes in fair value are recognised in, the Profit and Loss Account. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished; that is, when the contractual obligation is discharged, cancelled or expires.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax 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 balance sheet date.

	Going concern
	The company incurred trading losses in the year and the balance sheet reflects net liabilities. The Director has access to finance, if and when needed that will enable to company to meet its obligations, if and when, they become due. In light of this, he is of the opinion that the Company should adopt the going concern basis of accounting in preparing the annual financial statements. He has also considered the impact of the Covid-19 pandemic on the activities of the business and do not consider that this will materially impact the ability of the company to trade in the future.

	Leased assets
	Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees and directors		2021		2020
Number				Number

	Average number of persons employed by the company		4		0


3	Tangible fixed assets
					Equipment
£
	Cost
	Additions				191
	At 28 February 2021				191

	Depreciation
	Charge for the year				2
	At 28 February 2021				2

	Net book value
	At 28 February 2021				189


4	Debtors		2021		2020
£				£

	Other debtors		8,526		-


5	Creditors: amounts falling due within one year		2021		2020
£				£

	Bank loans and overdrafts		2,615		-
	Trade creditors		835		-
	Taxation and social security costs		1,657		-
	Other creditors		12,840		-
			17,947		-


6	Creditors: amounts falling due after one year		2021		2020
£				£

	Bank loans		30,635		-


7	Loans		2021		2020
£				£
	Creditors include:

	Secured bank loans		33,250		-

	Bank loans are secured by the UK Government under the Corona Virus Business Support Scheme.


8	Related party transactions

	During the year the director loan the company £2,000 and was repaid £980. Included in Creditors, amounts falling due within one year is the amount of £1,020 (2020 - £nil) owed to the director as at the year end. The loan is interest free and repayable on demand. Companies Under Common Control During the year the company loan £26,053 to companies under common directorship and was repaid £17,601. As at the date of the financial statement, companies under common control owed the company £1,557..


9	Other information

	JJK FUEL LTD is a private company limited by shares and incorporated in England. Its registered office is:
	Suite 25
	Barkat House
	116-118 Finchley Road
	London
	NW3 5HT

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