JGB Engineering Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02690680 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2023

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

48 Hucclecote Road

Gloucester

GL3 3RS

REGISTERED NUMBER:

02690680 (England and Wales)

ACCOUNTANTS:

HATS Gloucester Ltd

48 Hucclecote Road

Gloucester

Gloucestershire

GL3 3RS

BANKERS:

HSBC Plc

The Cross

Gloucester

GL1 2AP

FIXED ASSETS

Tangible assets

4

292,723

179,040

CURRENT ASSETS

Stocks

92,634

285,000

Debtors

5

806,690

557,895

Cash at bank and in hand

655,435

443,165

1,554,759

1,286,060

CREDITORS

Amounts falling due within one year

6

1,038,513

777,951

NET CURRENT ASSETS

516,246

508,109

TOTAL ASSETS LESS CURRENT LIABILITIES

808,969

687,149

CREDITORS

Amounts falling due after more than one year

7

(159,726

)

(70,402

)

PROVISIONS FOR LIABILITIES

(58,457

)

(28,305

)

NET ASSETS

590,786

588,442

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

590,784

588,440

SHAREHOLDERS' FUNDS

590,786

588,442

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 3 October 2023 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 represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.

The company recognises revenue from the rendering of services in the period which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliability;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

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 22 (2022 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 March 2022

16,650

325,903

81,479

34,113

458,145

Additions

-

168,308

-

14,039

182,347

Disposals

-

(93,100

)

-

(13,111

)

(106,211

)

At 28 February 2023

16,650

401,111

81,479

35,041

534,281

Depreciation

At 1 March 2022

16,650

187,736

58,844

15,875

279,105

Charge for year

-

38,987

12,322

4,353

55,662

Eliminated on disposal

-

(85,342

)

-

(7,867

)

(93,209

)

At 28 February 2023

16,650

141,381

71,166

12,361

241,558

Net book value

At 28 February 2023

-

259,730

10,313

22,680

292,723

At 28 February 2022

-

138,167

22,635

18,238

179,040

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

Plant and

machinery

£

Cost

At 1 March 2022

92,076

Additions

167,150

At 28 February 2023

259,226

Depreciation

At 1 March 2022

1,535

Charge for year

24,529

At 28 February 2023

26,064

Net book value

At 28 February 2023

233,162

At 28 February 2022

90,541

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Trade debtors

717,655

321,318

Other debtors

89,035

236,577

806,690

557,895

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/23

28/2/22

£

£

Hire purchase contracts (see note 8)

46,164

15,791

Trade creditors

201,617

365,468

Amounts owed to group undertakings

396,127

364,922

Taxation and social security

192,838

5,383

Other creditors

201,767

26,387

1,038,513

777,951

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/23

28/2/22

£

£

Hire purchase contracts (see note 8)

159,726

70,402

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

28/2/23

28/2/22

£

£

Net obligations repayable:

Within one year

46,164

15,791

Between one and five years

159,726

70,402

205,890

86,193

Non-cancellable

operating leases

28/2/23

28/2/22

£

£

Within one year

50,673

71,440

Between one and five years

16,200

66,873

66,873

138,313

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

28/2/23

28/2/22

£

£

L J Phelps

Balance outstanding at start of year

21,365

25,121

Amounts advanced

216

156

Amounts repaid

(3,975

)

(3,912

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,606

21,365

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 2023, the company owed EPP Holdings Ltd £396,016 (2022 - £364,468). The balance is interest free with no fixed repayment terms.

Edmund Evans Ltd

Company under common control

At 28 February 2023, the company owed Edmund Evans Ltd £111 (2022 - £454). The balance is interest free with no fixed repayment terms.

11.	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.