Jones Chase Limited
Unaudited Financial Statements
For the year ended 28 February 2023
Pages for Filing with Registrar
Company Registration No. 09043154 (England and Wales)
Jones Chase Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Jones Chase Limited
Balance Sheet
As at 28 February 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,144
5,070
Current assets
Debtors
4
533,893
373,988
Cash at bank and in hand
655,266
565,948
1,189,159
939,936
Creditors: amounts falling due within one year
5
(479,779)
(440,283)
Net current assets
709,380
499,653
Total assets less current liabilities
713,524
504,723
Provisions for liabilities
-
0
(963)
Net assets
713,524
503,760
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
713,523
503,759
Total equity
713,524
503,760

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

Jones Chase Limited
Balance Sheet (Continued)
As at 28 February 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 15 November 2023
Dean Jones
Director
Company Registration No. 09043154
Jones Chase Limited
Notes to the Financial Statements
For the year ended 28 February 2023
Page 3
1
Accounting policies
Company information

Jones Chase Limited is a private company limited by shares incorporated in England and Wales. The registered office is WeWork, 3 Waterhouse Square, 138 Holborn, London, EC1N 2SW.

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 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.

1.2
Turnover

Turnover represents amounts receivable for services net of VAT.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual installments over its estimated useful economic life of 5 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Computer equipment
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments held at fair value.

Jones Chase Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
Page 4
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

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

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Jones Chase Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 5
2
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
357,339
Amortisation and impairment
At 1 March 2022 and 28 February 2023
357,339
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
8,782
Depreciation and impairment
At 1 March 2022
3,712
Depreciation charged in the year
926
At 28 February 2023
4,638
Carrying amount
At 28 February 2023
4,144
At 28 February 2022
5,070
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
470,756
295,392
Other debtors
16,358
19,327
Prepayments and accrued income
46,779
59,269
533,893
373,988
Jones Chase Limited
Notes to the Financial Statements (Continued)
For the year ended 28 February 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,958
3,780
Corporation tax
72,996
32,254
Other taxation and social security
127,543
94,231
Other creditors
226,928
253,938
Accruals and deferred income
49,354
56,080
479,779
440,283
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary share of £1 each
1
1
1
1
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
-
0
16,680
8
Directors' transactions

At the balance sheet date the director, Dean Jones, was owed £225,786 (2022: £251,654) from the company. The loan is interest free and repayable on demand.

9
Parent company

The company is controlled by the director, D Jones.

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