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Company registration number: 00348986
Myer Joseph & Co Limited
Unaudited filleted financial statements
31 March 2023
Myer Joseph & Co Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Myer Joseph & Co Limited
Directors and other information
Directors Mr S F Joseph
Secretary Mr S F Joseph
Company number 00348986
Registered office 113 Gloucester Avenue
London
NW1 8LB
Accountants Morgan Hemp & Co
Swansea
SA1 5QF
Myer Joseph & Co Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Myer Joseph & Co Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Myer Joseph & Co Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Myer Joseph & Co Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Myer Joseph & Co Limited and state those matters that we have agreed to state to the board of directors of Myer Joseph & Co Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Myer Joseph & Co Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Myer Joseph & Co 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 Myer Joseph & Co Limited. You consider that Myer Joseph & Co 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 Myer Joseph & Co 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.
Morgan Hemp & Co
103 - 104 Walter Road
Swansea
SA1 5QF
25 September 2023
Myer Joseph & Co Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 93 158
_______ _______
93 158
Current assets
Debtors 5 1,125,000 1,111,676
Cash at bank and in hand 8,278 3,049
_______ _______
1,133,278 1,114,725
Creditors: amounts falling due
within one year 6 ( 680,078) ( 683,355)
_______ _______
Net current assets 453,200 431,370
_______ _______
Total assets less current liabilities 453,293 431,528
_______ _______
Net assets 453,293 431,528
_______ _______
Capital and reserves
Called up share capital 700 700
Capital redemption reserve 12,141 12,141
Profit and loss account 440,452 418,687
_______ _______
Shareholders funds 453,293 431,528
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:
Mr S F Joseph
Director
Company registration number: 00348986
Myer Joseph & Co Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 113 Gloucester Avenue, London, NW1 8LB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 April 2022 158 158
Revaluations ( 65) ( 65)
_______ _______
At 31 March 2023 93 93
_______ _______
Impairment
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 93 93
_______ _______
At 31 March 2022 158 158
_______ _______
5. Debtors
2023 2022
£ £
Other debtors 1,125,000 1,111,676
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Social security and other taxes 5,155 8,018
Other creditors 674,923 675,337
_______ _______
680,078 683,355
_______ _______
7. Related party transactions
Included in creditors is amounts owing to the directors totalling £674,413 (2022: £674,827). This loan is interest free and repayable on demand.