Company No:
Contents
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 March 2023.
PRINCIPAL ACTIVITIES
It is noted that Russell Crisp has permission and continues to act as a director for Jameswell Investments Ltd under Court Order CR-2002-MAN-000004-Crisp V SoS – Minute of Order (S.17) dated 17th February 2023.
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 10 February 2023) |
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(Appointed 01 August 2023) |
Approved by the Board of Directors and signed on its behalf by:
Mr R Crisp
Director |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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1,731,722 | 1,825,982 | |||
Current assets | ||||
Debtors | 6 |
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241,051 | 197,738 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 63,589 | 4,268 | ||
Total assets less current liabilities | 1,795,311 | 1,830,250 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Jameswell Investments Limited (registered number:
Mr R Crisp
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jameswell Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Haywards Farm Cottage, Chelston, Wellington, TA21 9PH, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
It has been identified during the year that there was an error in prior year accounts where an investment had not been recorded correctly and instead had been recognised as an other debtor.
This has been corrected in the current year accounts via a prior period restatement, the restatement would go back further than the prior year but is not profit effecting. Details of the error and new balances is noted in note 2 of the accounts.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
The prior year has been restated to recognise the investment in Contakt HR Limited which was previously held in Other Debtors.
As previously reported | Adjustment | As restated | ||||
Year ended 31 March 2022 | £ | £ | £ | |||
Investments | 1,768,500 | 56,498 | 1,824,998 | |||
Debtors | 254,236 | (56,498) | 197,738 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Office equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
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At 31 March 2023 |
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Accumulated depreciation | |||
At 01 April 2022 |
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Charge for the financial year |
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At 31 March 2023 |
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Net book value | |||
At 31 March 2023 |
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At 31 March 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 April 2022 |
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(37,500) | |
At 31 March 2023 |
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Provisions for impairment | |
At 01 April 2022 |
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Impairment |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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Carrying value at 31 March 2022 |
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During the year the shares held in Functional Movement Systems (UK) Limited have been disposed of by the company.
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2023 | 2022 | ||
£ | £ | ||
At 1 April | 84,658 | 78,177 | |
Advances | 96,610 | 60,463 | |
Repayments | (29,620) | (53,982) | |
At 31 March | 151,648 | 84,658 |
The amounts owed by directors is charged interest at HMRC's approved beneficiary loan interest rate.