J & A Energy Limited - Accounts to registrar (filleted) - small 23.2.5
J & A Energy Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| FOR |
| J & A ENERGY LIMITED |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| J & A ENERGY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 36 King Street |
| Castle Douglas |
| Dumfries & Galloway |
| DG7 1AF |
| BANKERS: |
| 89 Hanover Street |
| STRANRAER |
| DG9 7RN |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| As Restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| BALANCE SHEET - continued |
| 31 MARCH 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| J & A Energy Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| First year adoption |
| These financial statements for the year ended 31 March 2023 are the first financial statements |
| that comply with FRS 102 Section 1A small entities. The date of transition is 1 April 2021. |
| The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in |
| accounting policies to those used previously. |
| The nature of these changes and their impact on opening equity and profit for the comparative period |
| are explained below. |
| Reconciliation of Equity | At 1.04.21 | At 31.03.22 |
| £ | £ |
| Capital and reserves (as previously reported) | 553,187 | 860,358 |
| Deferred Tax | (152,171 | ) | (297,523 | ) |
| ------------ | ------------ |
| Capital and reserves (as restated) | 401,016 | 562,835 |
| ======= | ======= |
| Reconciliation of profit or loss for the year | Year Ended |
| 31.3.22 |
| £ |
| Profit for the year (as previously stated) | 377,171 |
| Deferred Tax | (145,352 | ) |
| ------------ |
| Profit for the year (as restated) | 231,819 |
| ======= |
| Turnover |
| Turnover represents net invoiced sales of goods and services supplied to customers during the year, excluding value added tax. |
| Tangible fixed assets |
| Plant & Machinery - 10% on reducing balance |
| Computer Equipment - 25% on reducing balance |
| The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Cash |
| Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. |
| Trade Debtors |
| Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business. |
| Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties. |
| Trade Creditors |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. |
| Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities. |
| Borrowings |
| Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing. |
| Provisions and contingencies |
| Provisions are recognised when the organisation has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| In accordance with the principle of revenue recognition, income is recognised as the right to consideration obtained through performance of obligations and is included in the financial statements when the company is legally entitled to the income. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2022 |
| Disposals | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| As Restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| As Restated |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Other creditors |
| J & A ENERGY LIMITED (REGISTERED NUMBER: SC402758) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| As Restated |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| As Restated |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Hire purchase contracts | 604,855 | - |
| The bank overdraft and loan are secured over land owned personally by the directors. |
| Hire purchase creditors are secured over the assets to which they relate. |
| 9. | RELATED PARTY DISCLOSURES |
| The bank loan and overdraft facility is secured over land which is owned by the directors Mr A Ramsay, and Mr J Ramsay. |
| At the balance sheet date the company owed £111,768 (2022: £157,398) to the directors in respect of loans made to the company which are repayable on demand. No interest is charged on these loans. |
| At the year end the company was owed £134,030 by W J F Ramsay Limited, a company which has the same directors. |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is under the control of its directors, Mr A Ramsay and Mr J Ramsay. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| J & A ENERGY LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J & A Energy Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
| This report is made solely to the Board of Directors of J & A Energy Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of J & A Energy Limited and state those matters that we have agreed to state to the Board of Directors of J & A Energy Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that J & A Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J & A Energy Limited. You consider that J & A Energy Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of J & A Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| 36 King Street |
| Castle Douglas |
| Dumfries & Galloway |
| DG7 1AF |