Just Gb Assetts Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10766923 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

FOR

JUST GB ASSETTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A S Ballington-James

REGISTERED OFFICE:

Unit 2 Rexel Court

Franks Way

Poole

BH12 3LN

REGISTERED NUMBER:

10766923 (England and Wales)

ACCOUNTANTS:

Cassidys Chartered Accountants

South Stour Offices

Roman Road

Mersham

Ashford

Kent

TN25 7HS

FIXED ASSETS

Tangible assets

4

31,698

64,884

CURRENT ASSETS

Stocks

14,900

(3,500

)

Debts

Debts factored without recourse

1,166

-

Non-returnable deposits

(2,051

)

-

5

(885

)

-

Debtors

5

11,197

16,418

Cash at bank and in hand

1,667

263

26,879

13,181

CREDITORS

Amounts falling due within one year

6

98,854

27,283

NET CURRENT LIABILITIES

(71,975

)

(14,102

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(40,277

)

50,782

CREDITORS

Amounts falling due after more than one year

7

-

44,703

NET (LIABILITIES)/ASSETS

(40,277

)

6,079

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(40,278

)

6,078

(40,277

)

6,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 11 December 2020 and were signed by:

A S Ballington-James - Director

1.	STATUTORY INFORMATION

Just Gb Assetts 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.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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

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

Going concern

During the year the company made a loss of £46,356 (2019: £53,404) and at the balance sheet date had net liabilities of £40,278 (2019: £6,078 net current assets).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 June 2019

4,414

60,470

64,884

Additions

-

42,268

42,268

Disposals

(4,414

)

(60,470

)

(64,884

)

At 31 May 2020

-

42,268

42,268

DEPRECIATION

Charge for year

-

10,570

10,570

At 31 May 2020

-

10,570

10,570

NET BOOK VALUE

At 31 May 2020

-

31,698

31,698

At 31 May 2019

4,414

60,470

64,884

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

862

14,043

Other debtors

10,335

2,375

11,197

16,418

Linked presentation:

The director hereby states that the entity is not obliged to support any losses, nor does it intend to do so.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Bank loans and overdrafts

3,298

953

Payments on account

10,533

-

Trade creditors

11,369

13,794

Taxation and social security

38,700

12,536

Other creditors

34,954

-

98,854

27,283

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Other creditors

-

44,703

8.	RELATED PARTY DISCLOSURES

Mr A Ballington-James - Director and Shareholder

At the balance sheet date Just GB Assetts Ltd owed Mr Ballington-James £33,754 (2019 - £44,703).