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Registration number: 05056181

Jordan Xavier Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Jordan Xavier Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Jordan Xavier Ltd

Company Information

Directors

Mr Jaspal Bhamra

Mrs D K Bhamra

Registered office

Suite 124
28a Church Road
Stanmore
HA7 4AW

Accountants

Kajaine Accountants Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Jordan Xavier Ltd

(Registration number: 05056181)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

797,038

789,062

Other financial assets

5

46,740

41,940

 

843,778

831,002

Current assets

 

Debtors

6

1,678,706

1,313,134

Cash at bank and in hand

 

775,472

881,289

 

2,454,178

2,194,423

Creditors: Amounts falling due within one year

7

(513,116)

(425,780)

Net current assets

 

1,941,062

1,768,643

Net assets

 

2,784,840

2,599,645

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

2,784,838

2,599,643

Shareholders' funds

 

2,784,840

2,599,645

For the financial year ending 28 February 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.

 

Jordan Xavier Ltd

(Registration number: 05056181)
Balance Sheet as at 28 February 2023

These financial statements have been prepared and delivered 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
Mr Jaspal Bhamra
Director

 

Jordan Xavier Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 124
28a Church Road
Stanmore
HA7 4AW
England

These financial statements were authorised for issue by the Board on 24 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 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.

 

Jordan Xavier Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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

Office equipment

20% on straight line method

Motor vehicles

25% on redcing balance method

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.

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.

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.

 

Jordan Xavier Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Defined contribution pension obligation

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 54 (2022 - 56).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

750,000

26,375

49,226

825,601

Additions

-

-

28,199

28,199

Disposals

-

-

(14,353)

(14,353)

At 28 February 2023

750,000

26,375

63,072

839,447

Depreciation

At 1 March 2022

-

15,953

20,586

36,539

Charge for the year

-

4,989

7,160

12,149

Eliminated on disposal

-

-

(6,279)

(6,279)

At 28 February 2023

-

20,942

21,467

42,409

Carrying amount

At 28 February 2023

750,000

5,433

41,605

797,038

At 28 February 2022

750,000

10,422

28,640

789,062

Included within the net book value of land and buildings above is £750,000 (2022 - £750,000) in respect of freehold land and buildings.
 

 

Jordan Xavier Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

41,940

41,940

Additions

4,800

4,800

At 28 February 2023

46,740

46,740

Impairment

Carrying amount

At 28 February 2023

46,740

46,740

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,019,391

1,055,305

Other debtors

363,522

248,990

Directors current account

295,793

8,839

 

1,678,706

1,313,134

 

Jordan Xavier Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

28,489

14,886

Taxation and social security

 

235,294

221,964

Other creditors

 

6,122

5,708

Accrued expenses

 

5,000

4,500

Corporation tax payable

 

238,211

178,722

 

513,116

425,780

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2