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Registration number: 10204106

JAMES JOSEPH SERVICES LIMITED

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

 

JAMES JOSEPH SERVICES LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

JAMES JOSEPH SERVICES LIMITED

Company Information

Directors

Mr A Farrell

Mrs E Farrell

Company secretary

Mrs E Farrell

Registered office

58 Skerry Rise
Chlemsford
Essex
CM1 4EQ

Accountants

Mawson Breskal & Co
6 Parkgate Avenue
Barnet
Herts
EN4 0NR

 

JAMES JOSEPH SERVICES LIMITED

(Registration number: 10204106)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,055

48,859

Current assets

 

Debtors

5

56,055

55,250

Cash at bank and in hand

 

18,882

8,495

 

74,937

63,745

Creditors: Amounts falling due within one year

(41,479)

(36,384)

Net current assets

 

33,458

27,361

Total assets less current liabilities

 

75,513

76,220

Creditors: Amounts falling due after more than one year

(24,163)

(29,224)

Provisions for liabilities

(8,367)

(8,367)

Accruals and deferred income

 

(1,957)

(2,160)

Net assets

 

41,026

36,469

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

40,926

36,369

Shareholders' funds

 

41,026

36,469

For the financial year ending 31 May 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.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

JAMES JOSEPH SERVICES LIMITED

(Registration number: 10204106)
Abridged Balance Sheet as at 31 May 2023

Approved and authorised by the Board on 20 February 2024 and signed on its behalf by:
 

.........................................
Mr A Farrell
Director

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 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:
58 Skerry Rise
Chlemsford
Essex
CM1 4EQ

These financial statements were authorised for issue by the Board on 20 February 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Grants that are received in respect of expenses or losses already incurred by the entity are recognised in the profit and loss account in the period when the grant becomes receivable.

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 furniture and equipment

25% reducing balance basis

Office building

Straight line over 10 years

Motor vehicles

15% 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 JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 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 any directors under contract) during the year, was 2 (2022 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

8,034

10,007

46,013

64,054

Additions

-

1,464

-

1,464

At 31 May 2023

8,034

11,471

46,013

65,518

Depreciation

At 1 June 2022

3,214

5,079

6,902

15,195

Charge for the year

803

1,598

5,867

8,268

At 31 May 2023

4,017

6,677

12,769

23,463

Carrying amount

At 31 May 2023

4,017

4,794

33,244

42,055

At 31 May 2022

4,820

4,928

39,111

48,859

Included within the net book value of land and buildings above is £4,017 (2022 - £4,820) in respect of freehold land and buildings.
 

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £495.00 (2022 - £519.60) per ordinary share

 

49,500

 

51,960

8

Related party transactions

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Transactions with directors

2022

At 1 June 2021
£

Repayments by director
£

At 31 May 2022
£

Mr A Farrell

Advance, interest free and repayable on demand

9,840

(9,840)

-

       
     

Mrs E Farrell

Advance, interest free and repayable on demand

9,839

(9,839)

-

       
     

 

 

JAMES JOSEPH SERVICES LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

20,000

23,542

Contributions paid to money purchase schemes

11,500

14,000

31,500

37,542