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Company registration number: 06684053
JGL Sporting Links Ltd
Unaudited filleted financial statements
31 May 2023
JGL Sporting Links Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JGL Sporting Links Ltd
Directors and other information
Directors Mr J G Lever
Mr B W P Lever
Mrs C E J Mulligan
Mrs D C Lever
Mrs E Street
Secretary Mrs E Street
Company number 06684053
Registered office 3b Dicconson Terrace
Lytham St Annes
Lancs
FY8 5JY
Accountants Turner and Brown Ltd
105 Garstang Road
Preston
Lancs
PR1 1LD
JGL Sporting Links Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of JGL Sporting Links Ltd
Year ended 31 May 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 JGL Sporting Links Ltd for the year ended 31 May 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.
This report is made solely to the board of directors of JGL Sporting Links Ltd, 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 JGL Sporting Links Ltd and state those matters that we have agreed to state to the board of directors of JGL Sporting Links Ltd as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JGL Sporting Links Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that JGL Sporting Links Ltd 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 JGL Sporting Links Ltd. You consider that JGL Sporting Links Ltd 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 JGL Sporting Links Ltd. 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.
Turner and Brown Ltd
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
JGL Sporting Links Ltd
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 - 173
_______ _______
- 173
Current assets
Debtors 6 66,130 83,938
Cash at bank and in hand 79,688 40,761
_______ _______
145,818 124,699
Creditors: amounts falling due
within one year 7 ( 4,494) ( 1,841)
_______ _______
Net current assets 141,324 122,858
_______ _______
Total assets less current liabilities 141,324 123,031
Provisions for liabilities ( 37) ( 33)
_______ _______
Net assets 141,287 122,998
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 141,187 122,898
_______ _______
Shareholders funds 141,287 122,998
_______ _______
For the year ending 31 May 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mrs C E J Mulligan Mr B W P Lever
Director Director
Company registration number: 06684053
JGL Sporting Links Ltd
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 3b Dicconson Terrace, Lytham St Annes, Lancs, FY8 5JY.
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 services provided, net of VAT and discounts given. Revenue is recognised in relation to letting of properties at the point of letting. This is when the company becomes legally entitled to receive the revenue.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2022 444 444
Disposals ( 444) ( 444)
_______ _______
At 31 May 2023 - -
_______ _______
Depreciation
At 1 June 2022 270 270
Charge for the year 26 26
Disposals ( 296) ( 296)
_______ _______
At 31 May 2023 - -
_______ _______
Carrying amount
At 31 May 2023 - -
_______ _______
At 31 May 2022 174 174
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 54,644 76,565
Other debtors 11,486 7,373
_______ _______
66,130 83,938
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 576
Taxation and social security 4,494 1,265
_______ _______
4,494 1,841
_______ _______
8. Related party transactions
At the commencement of the period the company had a debit account balance with its parent company of £76,565. During the year the parent company incurred costs on behalf of the company of £5,941 and the company reimbursed the parent £20,020. The parent company also raised charges for management fees of £36,000 including VAT. As a result, at the reporting date there remained a debit balance of £54,644.36. Separately the company had a credit balance of £576 with a fellow group company. This was paid off in the year leaving a nil balance at the year end. These balances were interest free and repayable on demand.
9. Controlling party
The company is under the control of JGL Operations Ltd, a company incorporated in England and Wales under registration number 7055628.