Registered number
05216097
JAMESDEAN LIMITED
Filleted Accounts
31 March 2023
JAMESDEAN LIMITED
Registered number: 05216097
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 83,173 72,235
Investments 4 16,000 16,000
99,173 88,235
Current assets
Debtors 5 327,962 278,954
Cash at bank and in hand 384,720 414,683
712,682 693,637
Creditors: amounts falling due within one year 6 (522,730) (393,433)
Net current assets 189,952 300,204
Total assets less current liabilities 289,125 388,439
Creditors: amounts falling due after more than one year 7 (111,650) (105,844)
Provisions for liabilities (9,018) (14,034)
Net assets 168,457 268,561
Capital and reserves
Called up share capital 100 100
Profit and loss account 168,357 268,461
Shareholders' funds 168,457 268,561
The director is 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 director acknowledges his 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.
D Honeycutt
Director
Approved by the board on 29 January 2024
JAMESDEAN 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Improvement to premises 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
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 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 10,642 20,873 108,742 140,257
Additions - - 38,995 38,995
At 31 March 2023 10,642 20,873 147,737 179,252
Depreciation
At 1 April 2022 10,598 20,656 36,768 68,022
Charge for the year 11 54 27,992 28,057
At 31 March 2023 10,609 20,710 64,760 96,079
Net book value
At 31 March 2023 33 163 82,977 83,173
At 31 March 2022 44 217 71,974 72,235
4 Investments
Other
investments
£
Cost
At 1 April 2022 16,000
At 31 March 2023 16,000
5 Debtors 2023 2022
£ £
Trade debtors 17,313 17,313
Other debtors 310,649 261,641
327,962 278,954
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,932 9,687
Obligations under finance lease and hire purchase contracts 12,297 11,829
Trade creditors 114,099 62,271
Taxation and social security costs 162,544 143,877
Other creditors 223,858 165,769
522,730 393,433
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,274 33,206
Obligations under finance lease and hire purchase contracts 88,376 72,638
111,650 105,844
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 13,000 13,000
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Honeycutt
Interest bearing loan repayable on demand 46,749 - (26) 46,723
46,749 - (26) 46,723
10 Related party transactions
During the year dividends were paid as follows: D Honeycutt, director and shareholder £83,000 (2022: £50,000). At the year end this company owed Jamesdean (Redhill) Limited, in which it holds a 33% shareholding, £146,350 (2022 - £137,043).
11 Controlling party
No one shareholder has a controlling interest.
12 Other information
JAMESDEAN LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
65 Victoria Road
Horley
Surrey
RH8 7PZ
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