Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-01-01falseNo description of principal activity96truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11444351 2021-01-01 2021-12-31 11444351 2020-01-01 2020-12-31 11444351 2021-12-31 11444351 2020-12-31 11444351 c:Director1 2021-01-01 2021-12-31 11444351 d:MotorVehicles 2021-01-01 2021-12-31 11444351 d:MotorVehicles 2021-12-31 11444351 d:MotorVehicles 2020-12-31 11444351 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11444351 d:FurnitureFittings 2021-01-01 2021-12-31 11444351 d:FurnitureFittings 2021-12-31 11444351 d:FurnitureFittings 2020-12-31 11444351 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11444351 d:OfficeEquipment 2021-01-01 2021-12-31 11444351 d:OfficeEquipment 2021-12-31 11444351 d:OfficeEquipment 2020-12-31 11444351 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11444351 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11444351 d:CurrentFinancialInstruments 2021-12-31 11444351 d:CurrentFinancialInstruments 2020-12-31 11444351 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11444351 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 11444351 d:ShareCapital 2021-12-31 11444351 d:ShareCapital 2020-12-31 11444351 d:RetainedEarningsAccumulatedLosses 2021-12-31 11444351 d:RetainedEarningsAccumulatedLosses 2020-12-31 11444351 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 11444351 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 11444351 c:FRS102 2021-01-01 2021-12-31 11444351 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 11444351 c:FullAccounts 2021-01-01 2021-12-31 11444351 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 11444351










JAFFA & JAFFA LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
JAFFA & JAFFA LIMITED
REGISTERED NUMBER: 11444351

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
15,940
7,432

Current assets
  

Debtors: amounts falling due within one year
 5 
708,869
255,583

Cash at bank and in hand
  
344,144
227,307

  
1,053,013
482,890

Creditors: amounts falling due within one year
 6 
(563,244)
(217,932)

Net current assets
  
 
 
489,769
 
 
264,958

Total assets less current liabilities
  
505,709
272,390

Provisions for liabilities
  

Deferred tax
 7 
(3,985)
(1,085)

  
 
 
(3,985)
 
 
(1,085)

Net assets
  
501,724
271,305


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
501,722
271,303

  
501,724
271,305


Page 1

 
JAFFA & JAFFA LIMITED
REGISTERED NUMBER: 11444351
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






J A Jaffa
Director

Date: 19 August 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company, which was incorporated and registered in England and Wales (registered number 11444351), is a privately owned company limited by shares. The registered office address is 67 Grosvenor Street, Mayfair, London, England, W1K 3JN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in 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 reliably;
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.

 
2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using different methods.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
straight line
Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2020 - 6).

Page 6

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
-
10,296
2,159
12,455


Additions
100,000
6,733
8,240
114,973


Disposals
(100,000)
-
-
(100,000)



At 31 December 2021

-
17,029
10,399
27,428



Depreciation


At 1 January 2021
-
4,483
540
5,023


Charge for the year on owned assets
-
5,043
1,422
6,465



At 31 December 2021

-
9,526
1,962
11,488



Net book value



At 31 December 2021
-
7,503
8,437
15,940



At 31 December 2020
-
5,813
1,619
7,432

Page 7

 
JAFFA & JAFFA LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Debtors

2021
2020
£
£


Trade debtors
700,119
238,462

Other debtors
-
4,213

Prepayments and accrued income
8,750
12,908

708,869
255,583



6.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
55,584
16,596

Corporation tax
355,620
138,816

Other taxation and social security
139,754
50,993

Other creditors
3,948
6,627

Accruals and deferred income
8,338
4,900

563,244
217,932



7.


Deferred taxation




2021


£






At beginning of year
(1,085)


Charged to profit or loss
(2,900)



At end of year
(3,985)

The provision for deferred taxation is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(3,985)
(1,085)

(3,985)
(1,085)

 
Page 8