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Registration number: 05145140

Jamesway Ltd

Annual Report and Unaudited Financial Statements- Companies house filing

for the Period from 1 December 2021 to 31 March 2023

 

Jamesway Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Jamesway Ltd

(Registration number: 05145140)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

4

51,612

69,466

Current assets

 

Stocks

5

55,275

56,842

Debtors

6

207,630

263,739

Cash at bank and in hand

 

7,147

2,460

 

270,052

323,041

Creditors: Amounts falling due within one year

7

(174,291)

(251,366)

Net current assets

 

95,761

71,675

Total assets less current liabilities

 

147,373

141,141

Creditors: Amounts falling due after more than one year

7

(21,852)

(35,419)

Provisions for liabilities

(16,592)

(13,199)

Net assets

 

108,929

92,523

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

108,928

92,522

Shareholders' funds

 

108,929

92,523

For the financial period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the director on 15 March 2024
 

 

Jamesway Ltd

(Registration number: 05145140)
Statement of Financial Position as at 31 March 2023

.........................................
P James
Director

 

Jamesway Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 31 March 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: Orchard Nursery, Orchard Road, Hurst, Reading, Berkshire, RG10 0SD.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure of long or short period

The financial statements have been lengthened to match the period end of other companies owned by the ultimate shareholder, and as a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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 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 are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the government's Coronavirus Job Retention Scheme grant..

Foreign currency transactions and balances

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tax

The tax expense for the period comprises current and deferred 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.

 

Jamesway Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 31 March 2023

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 statement of financial position 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

Motor Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Fixtures fittings and equipment

25% reducing balance

Office Equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Jamesway Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 31 March 2023

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

 

Jamesway Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 7 (2021 - 8).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2021

5,190

158,886

24,939

81,996

271,011

Additions

-

1,557

3,001

9,000

13,558

Disposals

(1,170)

(25,335)

(6,518)

(25,106)

(58,129)

At 31 March 2023

4,020

135,108

21,422

65,890

226,440

Depreciation

At 1 December 2021

4,576

114,399

21,943

60,627

201,545

Charge for the period

39

9,156

999

7,018

17,212

Eliminated on disposal

(710)

(15,901)

(4,514)

(22,804)

(43,929)

At 31 March 2023

3,905

107,654

18,428

44,841

174,828

Carrying amount

At 31 March 2023

115

27,454

2,994

21,049

51,612

At 30 November 2021

614

44,487

2,996

21,369

69,466

5

Stocks

2023
£

2021
£

Work in progress

27,034

34,560

Other inventories

28,241

22,282

55,275

56,842

6

Debtors

2023
£

2021
£

Trade debtors

99,023

167,008

Other debtors

108,607

94,633

Prepayments

-

2,098

207,630

263,739

 

Jamesway Ltd

Notes to the Unaudited Financial Statements for the Period from 1 December 2021 to 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Bank loans and overdrafts

8

9,815

40,444

Trade creditors

 

57,640

112,487

Taxation and social security

 

28,782

28,591

Accruals and deferred income

 

3,378

2,910

Other creditors

 

74,676

66,934

 

174,291

251,366

Creditors: amounts falling due after more than one year

Note

2023
£

2021
£

Loans and borrowings

8

21,852

35,419


Amounts payable in respect of hire purchase contracts are secured by way of the assets to which they relate. The bank loans are secured by either a debenture placing a charge against all of the company's fixed and floating assets, or by government guarantee.

8

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

21,852

35,089

Finance lease liabilities

-

330

21,852

35,419

2023
£

2021
£

Current loans and borrowings

Bank borrowings

9,815

9,911

Bank overdrafts

-

22,587

Finance lease liabilities

-

7,946

9,815

40,444

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £Nil (2021 - £860).