Company Registration No. NI040173 (Northern Ireland)
JACKAY LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
JACKAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JACKAY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
1,476,811
1,064,951
Debtors
4
58,318
40,343
Cash at bank and in hand
76,174
15,896
1,611,303
1,121,190
Creditors: amounts falling due within one year
5
(1,070,236)
(359,576)
Net current assets
541,067
761,614
Creditors: amounts falling due after more than one year
6
(1,735,300)
(1,985,088)
Net liabilities
(1,194,233)
(1,223,474)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(1,194,235)
(1,223,476)
Total equity
(1,194,233)
(1,223,474)
JACKAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime, and the financial reporting standard FRS 102 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 30 June 2022 and are signed on its behalf by:
Mr Noel Murphy
Mr Billy Quinn
Director
Director
Mr Stephen Johnston
Director
Company Registration No. NI040173
JACKAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information

Jackay Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 4a Enterprise Road, Bangor, BT19 7TA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

The Company's balance sheet reflect a profit and loss reserves deficit of £1,194,235. This deficit is expected to be funded by the continued support of the shareholder and trueexisting bank facilities. Based on the continued support of the shareholder and the bank facilities, the directors' consider it appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JACKAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. 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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

JACKAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
3
2
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
58,318
40,343
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
9,709
30,411
Other borrowings
1,010,777
-
Trade creditors
144
165,142
Other creditors
49,606
164,023
1,070,236
359,576
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
32,306
42,094
Other creditors
1,702,994
1,942,994
1,735,300
1,985,088
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Financial commitments, guarantees and contingent liabilities

Included in creditors due within one year is a loan which is secured by fixed and floating charges over the lands and premises at Church View, Church Street, Ballygawley.

JACKAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
9
Related party transactions

As at 31 March 2022, Jackay Limited owed a relative of Noel Murphy an amount of £100,000 (2021: £100,000). This amount is included in creditors due in more than one year. No interest is being charged on this loan.

 

As at 31 March 2022 the balance owed to the company director amounted to £1,602,994 (2021: £1,842,994). This amount is included in creditors due in more than one year. No interest is being charged on this loan.

 

 

 

2022-03-312021-04-01false30 June 2022CCH SoftwareCCH Accounts Production 2022.200No description of principal activityMr Noel MurphyMr Billy QuinnMr Stephen JohnstonMr Noel MurphyNI0401732021-04-012022-03-31NI0401732022-03-31NI0401732021-03-31NI040173core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-31NI040173core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-31NI040173core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-31NI040173core:Non-currentFinancialInstrumentscore:AfterOneYear2021-03-31NI040173core:Non-currentFinancialInstruments2022-03-31NI040173core:Non-currentFinancialInstruments2021-03-31NI040173core:ShareCapital2022-03-31NI040173core:ShareCapital2021-03-31NI040173core:RetainedEarningsAccumulatedLosses2022-03-31NI040173core:RetainedEarningsAccumulatedLosses2021-03-31NI040173bus:CompanySecretaryDirector12021-04-012022-03-31NI040173bus:Director12021-04-012022-03-31NI040173bus:Director22021-04-012022-03-31NI0401732020-04-012021-03-31NI040173core:WithinOneYear2022-03-31NI040173core:WithinOneYear2021-03-31NI040173core:CurrentFinancialInstruments2022-03-31NI040173core:CurrentFinancialInstruments2021-03-31NI040173bus:PrivateLimitedCompanyLtd2021-04-012022-03-31NI040173bus:SmallCompaniesRegimeForAccounts2021-04-012022-03-31NI040173bus:FRS1022021-04-012022-03-31NI040173bus:AuditExemptWithAccountantsReport2021-04-012022-03-31NI040173bus:Director32021-04-012022-03-31NI040173bus:CompanySecretary12021-04-012022-03-31NI040173bus:FullAccounts2021-04-012022-03-31xbrli:purexbrli:sharesiso4217:GBP