Company Registration No. 05280295 (England and Wales)
JOHN CUMMING ROSS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JOHN CUMMING ROSS LIMITED
COMPANY INFORMATION
Directors
Mr D P Unarket
Mr B B Patel
Mrs V S Patel
Mr H Patel
Secretary
Mrs V S Patel
Company number
05280295
Registered office
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
JOHN CUMMING ROSS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JOHN CUMMING ROSS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,065
13,624
Investments
4
2
2
21,067
13,626
Current assets
Debtors
5
308,848
264,942
Cash at bank and in hand
715,395
637,791
1,024,243
902,733
Creditors: amounts falling due within one year
6
(319,725)
(224,270)
Net current assets
704,518
678,463
Total assets less current liabilities
725,585
692,089
Provisions for liabilities
7
(3,707)
(2,229)
Net assets
721,878
689,860
Capital and reserves
Called up share capital
8
120
120
Capital redemption reserve
30
30
Profit and loss reserves
10
721,728
689,710
Total equity
721,878
689,860

The directors of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver a copy of the directors' report and the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JOHN CUMMING ROSS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Mr D P Unarket
Director
Company Registration No. 05280295
JOHN CUMMING ROSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

John Cumming Ross Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for audit, accountancy, taxation and related services provided in the normal course of business, and is shown net of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% per annum on straight line basis
Fixtures, fittings & equipment
20% per annum on straight line basis
1.4
Fixed asset investments

Interest in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investment is assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

JOHN CUMMING ROSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and trade and other creditors.

 

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other 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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors 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.

 

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.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and the movements in the deferred tax due to the adjustment to the capital allowance.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

JOHN CUMMING ROSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 19 (2022 - 19).

2023
2022
Number
Number
Total
19
19
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
103,775
Additions
14,157
Disposals
(1,872)
At 31 March 2023
116,060
Depreciation and impairment
At 1 April 2022
90,151
Depreciation charged in the year
6,716
Eliminated in respect of disposals
(1,872)
At 31 March 2023
94,995
Carrying amount
At 31 March 2023
21,065
At 31 March 2022
13,624
JOHN CUMMING ROSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
2
2
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2022 & 31 March 2023
2
Carrying amount
At 31 March 2023
2
At 31 March 2022
2
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
261,642
235,641
Other debtors
47,206
29,301
308,848
264,942
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,100
4,398
Corporation tax
73,261
83,307
Other taxation and social security
64,610
67,794
Other creditors
161,754
68,771
319,725
224,270
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
3,707
2,229
JOHN CUMMING ROSS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
B' Ordinary shares of £1 each
20
20
20
20
120
120
120
120
9
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
3,707
2,229
2023
Movements in the year:
£
Liability at 1 April 2022
2,229
Charge to profit or loss
1,478
Liability at 31 March 2023
3,707
10
Reserves

The only movements in reserves for the year ended 31 March 2023 and 31 March 2022 are profit for the years and dividends paid.

11
Financial commitments, guarantees and contingent liabilities

Operating lease commitments not included in the balance sheet amount to £70,500 (2022: £68,240).

12
Related party transactions

At the balance sheet date, amounts due to the directors and shareholders Mr D P Unarket were £56,326 (2022: £24,195), Mr B B Patel £25,601 (2022: £10,576), Mr H Patel £30,400 (2022: £13,700) and Mrs V S Patel £48,000 (2022: £20,300).

 

During the year the company paid dividends of £380,000 (2022: £380,000) to the shareholders by virtue of their shareholdings.

 

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