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Registration number: 09955994

James Clifford Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

James Clifford Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

James Clifford Limited

Company Information

Directors

Mr James Stephens

Mrs Karen Stephens

Registered office

79 Green Slate Road
Billinge
WN5 7BQ

Accountants

McGinty Demack
Chartered Certified Accountants
Vermont House
Bradley Lane
Standish
Lancashire
WN6 0XF

 

James Clifford Limited

(Registration number: 09955994)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

8,445

9,823

Current assets

 

Debtors

5

3,623

-

Cash at bank and in hand

 

120,772

126,948

 

124,395

126,948

Creditors: Amounts falling due within one year

6

(75,780)

(75,998)

Net current assets

 

48,615

50,950

Net assets

 

57,060

60,773

Capital and reserves

 

Called up share capital

7

400

400

Retained earnings

56,660

60,373

Shareholders' funds

 

57,060

60,773

For the financial year ending 31 December 2022 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2023 and signed on its behalf by:
 

 

James Clifford Limited

(Registration number: 09955994)
Balance Sheet as at 31 December 2022

.........................................
Mr James Stephens
Director

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
79 Green Slate Road
Billinge
WN5 7BQ
United Kingdon

These financial statements were authorised for issue by the Board on 15 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.

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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

Plant and machinery

15% reducing balance

Motor vehicles

20% reducing balance

Furniture, fittings, tools and equipment

20% reducing balance

Office equipment

20% reducing balance

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.

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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 2 (2021 - 2).

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

4,479

19,695

7,500

31,674

Additions

-

-

524

524

At 31 December 2022

4,479

19,695

8,024

32,198

Depreciation

At 1 January 2022

2,701

14,479

4,671

21,851

Charge for the year

356

1,043

503

1,902

At 31 December 2022

3,057

15,522

5,174

23,753

Carrying amount

At 31 December 2022

1,422

4,173

2,850

8,445

At 31 December 2021

1,778

5,216

2,829

9,823

5

Debtors

Current

2022
£

2021
£

Trade debtors

3,623

-

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

14,845

8,398

Taxation and social security

5,989

12,621

Accruals and deferred income

4,842

5,130

Other creditors

50,104

49,849

75,780

75,998

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

Ordinary B & C of £1 each

200

200

200

200

 

400

400

400

400

8

Related party transactions

 

James Clifford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

40,091

38,465