REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2023 |
for |
PAPER FLOWER BY JAMES NESS LTD |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 April 2023 |
for |
PAPER FLOWER BY JAMES NESS LTD |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 8 |
Retained earnings |
Shareholders' funds |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | Statutory information |
Paper Flower By James Ness Ltd is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and |
trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of goods supplied and services provided is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Goodwill |
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and |
amortised on a straight line basis over its useful life. The period chosen to write off goodwill is four years. Provision is made for any impairment. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures, fittings & equipment | - |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | Accounting policies - continued |
Taxation |
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Pension costs and other post-retirement benefits |
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year. |
Hire purchase and leases |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
3. | Employees and directors |
The average number of employees during the year was |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Amortisation |
At 1 May 2022 |
and 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
5. | Tangible fixed assets |
Fixtures, |
fittings |
& equipment |
£ |
Cost |
At 1 May 2022 |
Additions |
At 30 April 2023 |
Depreciation |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors & prepayments |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security | ( |
) |
Corporation tax | 17,408 | 28,928 |
Other creditors & accruals | 10,229 | 4,546 |
Director's loan account | 17,851 | 19,797 |
The director's loan is unsecured, interest free and carries no schedule of repayment. |
PAPER FLOWER BY JAMES NESS LTD (REGISTERED NUMBER: SC448939) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
8. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |