Registration number:
J T Retail Entertainments Limited
for the
Year Ended 30 June 2023
J T Retail Entertainments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J T Retail Entertainments Limited
Company Information
Director |
J A Tucker |
Registered office |
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Accountants |
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J T Retail Entertainments Limited
(Registration number: 07038245)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current (liabilities)/assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Non-distributable reserve |
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Retained earnings |
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Shareholders' funds |
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J T Retail Entertainments Limited
(Registration number: 07038245)
Balance Sheet as at 30 June 2023
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
Metford Farm
Crow Lane
East Bower
Bridgwater
Somerset
TA6 4TT
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 presentation currency of the financial statements is the Pound Sterling (£). All monetary amounts are rounded to the nearest Pound (£).
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
Disclosure of long or short period
Going concern
Post year end the company transferred its investment property within the group and became dormant. No adjustment has been made to the financial statements to reflect this as the adjustments are not material to the financial statements. As such the financial statements have been prepared on a going concern basis.
Reclassification of comparative amounts
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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
The company was affected by the COVID-19 pandemic and took advantage of Government financial aid of furlough funding. This has been recognised under the accruals model and the grant income received has been identified as revenue therefore recognised as income.
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.
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
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 |
Plant and machinery |
20% on cost |
Fixtures and fittings (Furniture, fittings and equipment) |
20% on cost and 10% on cost |
Computer equipment (Furniture, fittings and equipment) |
33% on cost |
Investment property
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.
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for 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.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made and income received under operating leases are charged/credited to profit and loss on a straight-line basis over the period of the lease.
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Disposals |
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- |
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At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Eliminated on disposal |
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- |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2022 and 30 June 2023 |
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- |
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J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Investment properties |
2023 |
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At 1 July |
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Additions |
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Fair value adjustments |
( |
At 30 June |
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The company's investment property was valued by the director on an open market basis at 30 June 2023.
If investment property had not been revalued it would have been included at it's historical cost of £290,402 (2022 - £200,118).
No provision has been made for the deferred tax asset on losses recognised on revaluing the investment property to its fair values on disposal. The current estimate is that there is an unprovided deferred tax asset of £4,066 (2022 - 973). The director has not recognised this asset as it is their long-term intention to retain the investment property within the group.
Debtors |
Current |
2023 |
2022 |
Amounts owed by group undertakings |
- |
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Prepayments |
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Other debtors |
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J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors due within one year include loans which are secured of £113,984 (2022 - £7,924).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Creditors due after more than one year include loans which are secured of £0 (2022 - £96,017).
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Other borrowings |
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- |
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Security for borrowings
Other borrowings that were taken out during the year were secured by fixed and floating charges over the undertaking and all property and assets of the company.
The overdraft facility was covered by a fixed and floating charge over the undertaking and all property and assets present and future. This was satisfied in December 2022.
The bank borrowings were secured by way of a first legal charge over the freehold property of the company. This was satisfied in December 2022.
J T Retail Entertainments Limited
Notes to the Financial Statements for the Year Ended 30 June 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is