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Registration number: SC358510

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Jason Cunningham Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Jason Cunningham Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Jason Cunningham Ltd

Company Information

Directors

Jason George Cunningham

Shona Margaret Halford

Registered office

Bogbuie House
Upper Braefindon
Culbokie
DINGWALL
IV7 8GY

Bankers

Royal Bank of Scotland plc
186 Mid Street
Keith
AB55 5BQ

Accountants

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jason Cunningham Ltd
for the 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 accounts of Jason Cunningham Ltd for the year ended 31 May 2023 as set out on pages 3 to 8 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 Jason Cunningham Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Jason Cunningham Ltd and state those matters that we have agreed to state to the Board of Directors of Jason Cunningham Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jason Cunningham Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Jason Cunningham Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jason Cunningham Ltd. You consider that Jason Cunningham 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 accounts of Jason Cunningham 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 accounts.

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....................................................................

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

13 November 2023

 

Jason Cunningham Ltd

(Registration number: SC358510)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

1,760

1,760

Tangible assets

6

4,931

4,275

 

6,691

6,035

Current assets

 

Stocks

7

1,014

2,458

Debtors

8

980

1,350

Cash at bank and in hand

 

38,305

46,531

 

40,299

50,339

Creditors: Amounts falling due within one year

9

(18,980)

(41,303)

Net current assets

 

21,319

9,036

Total assets less current liabilities

 

28,010

15,071

Provisions for liabilities

(937)

(1,147)

Net assets

 

27,073

13,924

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

26,973

13,824

Shareholders' funds

 

27,073

13,924

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 November 2023 and signed on its behalf by:
 

.........................................
Jason George Cunningham
Director

 

Jason Cunningham Ltd

Notes to the Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Bogbuie House
Upper Braefindon
Culbokie
DINGWALL
IV7 8GY

These financial statements were authorised for issue by the Board on 13 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Jason Cunningham Ltd

Notes to the Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Vehicles

based on market value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Positive Goodwill

no further amortisation this year

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Jason Cunningham Ltd

Notes to the Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

140

1,825

 

Jason Cunningham Ltd

Notes to the Financial Statements for the Year Ended 31 May 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

4,000

4,000

At 31 May 2023

4,000

4,000

Amortisation

At 1 June 2022

2,240

2,240

At 31 May 2023

2,240

2,240

Carrying amount

At 31 May 2023

1,760

1,760

At 31 May 2022

1,760

1,760

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

9,399

17,049

26,448

Additions

796

-

796

At 31 May 2023

10,195

17,049

27,244

Depreciation

At 1 June 2022

8,799

13,374

22,173

Charge for the year

140

-

140

At 31 May 2023

8,939

13,374

22,313

Carrying amount

At 31 May 2023

1,256

3,675

4,931

At 31 May 2022

600

3,675

4,275

7

Stocks

2023
£

2022
£

Stock for sale and business use

1,014

2,458

 

Jason Cunningham Ltd

Notes to the Financial Statements for the Year Ended 31 May 2023

8

Debtors

Current

2023
£

2022
£

Trade debtors

980

1,350

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

12,658

36,068

Trade creditors

 

-

200

Taxation and social security

 

5,172

3,885

Accruals and deferred income

 

1,150

1,150

 

18,980

41,303

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Director current account

12,658

36,068