Registered number
07203627
JI Prydal Limited
Filleted Accounts
31 March 2023
JI Prydal Limited
Registered number: 07203627
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 1,460
Current assets
Debtors 4 28,686 28,035
Investments held as current assets 5 65,708 65,997
Cash at bank and in hand 32,405 26,760
126,799 120,792
Creditors: amounts falling due within one year 6 (9,202) (9,721)
Net current assets 117,597 111,071
Total assets less current liabilities 117,597 112,531
Provisions for liabilities (5,171) (5,637)
Net assets 112,426 106,894
Capital and reserves
Called up share capital 2 2
Non-distributable reserve 7 20,864 20,741
Profit and loss account 91,560 86,151
Shareholders' funds 112,426 106,894
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr J I Prydal
Director
Approved by the board on 23 December 2023
JI Prydal Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 33% straight line
Computer equipment 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account net of deferred taxation.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Office equipment Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 15,341 6,972 22,313
At 31 March 2023 15,341 6,972 22,313
Depreciation
At 1 April 2022 14,613 6,240 20,853
Charge for the year 728 732 1,460
At 31 March 2023 15,341 6,972 22,313
Net book value
At 31 March 2023 - - -
At 31 March 2022 728 732 1,460
4 Debtors 2023 2022
£ £
Trade debtors 28,686 28,035
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 65,708 65,997
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 151 4,595
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 567
Taxation and social security costs 5,510 5,584
Director current accounts 542 570
Other creditors 3,150 3,000
9,202 9,721
7 Revaluation reserve 2023 2022
£ £
At 1 April 2022 20,741 17,019
Gain on revaluation 151 4,595
Deferred taxation arising on the revaluation (28) (873)
At 31 March 2023 20,864 20,741
8 Related party transactions
The directors maintain current accounts with the company. The amount due by the company to the directors as at 31 March 2023 was £542 (2022 £570).
9 Other information
JI Prydal Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bull Pens
Sezincote
Moreton-in-Marsh
Gloucestershire
GL56 9AW
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