0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 13,348 13,348 13,137 13,137 211 xbrli:pure xbrli:shares iso4217:GBP 02206432 2022-07-01 2023-06-30 02206432 2023-06-30 02206432 2022-06-30 02206432 2021-07-01 2022-06-30 02206432 2022-06-30 02206432 2021-06-30 02206432 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 02206432 bus:Director2 2022-07-01 2023-06-30 02206432 core:WithinOneYear 2023-06-30 02206432 core:WithinOneYear 2022-06-30 02206432 core:ShareCapital 2023-06-30 02206432 core:ShareCapital 2022-06-30 02206432 core:RetainedEarningsAccumulatedLosses 2023-06-30 02206432 core:RetainedEarningsAccumulatedLosses 2022-06-30 02206432 bus:SmallEntities 2022-07-01 2023-06-30 02206432 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02206432 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 02206432 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02206432 bus:FullAccounts 2022-07-01 2023-06-30 02206432 bus:OrdinaryShareClass1 2023-06-30 02206432 bus:OrdinaryShareClass1 2022-06-30 02206432 core:OfficeEquipment 2022-07-01 2023-06-30 02206432 core:OfficeEquipment 2022-06-30
COMPANY REGISTRATION NUMBER: 02206432
Jeff McManus Limited
Filleted Unaudited Financial Statements
30 June 2023
Jeff McManus Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Jeff McManus Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
211
Current assets
Stocks
215,651
215,651
Debtors
5
2,886
----------
----------
215,651
218,537
Creditors: amounts falling due within one year
6
357,143
355,850
----------
----------
Net current liabilities
141,492
137,313
----------
----------
Total assets less current liabilities
( 141,492)
( 137,102)
----------
----------
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
( 141,494)
( 137,104)
----------
----------
Shareholders deficit
( 141,492)
( 137,102)
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jeff McManus Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 25 March 2024 , and are signed on behalf of the board by:
Mrs M W McManus
Director
Company registration number: 02206432
Jeff McManus Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Printing House, 66 Lower Road, Harrow HA2 0DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The going concern basis has been used. Of the company's liabilities £357,143 (2022 - £351,920) is owed to the directors and it has been agreed that repayment will not be demanded since such action would adversely affect the company's operations. The going concern basis has been applied on the continuing support of the directors. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets as current assets.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2022
13,348
13,348
Disposals
( 13,348)
( 13,348)
--------
--------
At 30 June 2023
--------
--------
Depreciation
At 1 July 2022
13,137
13,137
Disposals
( 13,137)
( 13,137)
--------
--------
At 30 June 2023
--------
--------
Carrying amount
At 30 June 2023
--------
--------
At 30 June 2022
211
211
--------
--------
5. Debtors
2023
2022
£
£
Trade debtors
2,886
----
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
81
Trade creditors
3,849
Director loan accounts
357,143
351,920
----------
----------
357,143
355,850
----------
----------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----