REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
JUNCTION ELEVEN LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
JUNCTION ELEVEN LIMITED |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
JUNCTION ELEVEN LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
BALANCE SHEET |
31 December 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Junction Eleven Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparation |
Going concern |
These financial statements have been prepared on the basis that the company will continue trading as a going concern. |
The Cogent group has confirmed that it will continue to provide the company with sufficient financial support and working capital to fund the losses and enable the company to meet its ongoing liabilities as they fall due. |
The directors consider that the going concern basis of accounting remains appropriate. |
Turnover |
Turnover represents the fair value of services provided during the year on client assignments. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on the time spent, skills and expertise provided and expenses incurred. Turnover excludes Value Added Tax. |
Unbilled turnover on individual client assignments is included as accrued income within debtors. |
Employment support and grant income |
Grant income received from the UK's Coronavirus Job Retention Scheme and Kickstart Scheme has been recognised in the period in which the related staff expense was incurred. This income has been recognised in other operating income. |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred. |
Depreciation is provided on the cost of tangible assets in equal annual instalments over their estimated useful lives, which are as follows : |
Short leasehold property | - 5 - 10 years relative to the life of the lease |
Fixtures and equipment | - Between 3 and 5 years |
Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place. |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments in debtors and creditors with no stated interest rate, and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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. |
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 the statement of comprehensive income in the period to which they relate. A defined contribution plan is a pension scheme under which the company pays fixed contributions into an independently administered fund and has no further obligations once the contributions have been paid. |
Leases |
Rentals payable under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and |
leasehold | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Deferred tax asset |
Accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
VAT | 48,084 | 32,682 |
Other creditors |
Accruals |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
VAT | 18,323 | 34,029 |
JUNCTION ELEVEN LIMITED (REGISTERED NUMBER: 01977119) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Incentive | 1p | 25 | 25 |
125 | 125 |
Incentive shares have no voting rights. |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
The company has guaranteed borrowings of fellow subsidiaries amounting to £895,823 (2020: £1,178,233) and has entered into a group overdraft facility which is secured by a fixed and floating charge over all assets of the company. |
12. | OTHER FINANCIAL COMMITMENTS |
Total financial commitments which are not included in the balance sheet, amount to £443,214 (2020: £540,649) |
13. | ULTIMATE PARENT COMPANY |
The Company is a wholly-owned subsidiary of Cogent Elliott Group Limited (CEGL), which is its ultimate parent company. |
The registered office and principal place of business of CEGL is Heath Farm, Hampton Lane, Meriden, West Midlands, CV7 7LL, from which group accounts can be obtained. |
14. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |