Company registration number 10437363 (England and Wales)
JAMES RETAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JAMES RETAIL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES RETAIL LIMITED
BALANCE SHEET
AS AT
28 MARCH 2023
28 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
66,667
82,667
Tangible assets
4
85,846
90,025
152,513
172,692
Current assets
Stocks
109,197
83,759
Debtors
5
34,534
30,696
Cash at bank and in hand
168,097
54,236
311,828
168,691
Creditors: amounts falling due within one year
6
(681,653)
(543,287)
Net current liabilities
(369,825)
(374,596)
Total assets less current liabilities
(217,312)
(201,904)
Creditors: amounts falling due after more than one year
7
(27,500)
(37,500)
Net liabilities
(244,812)
(239,404)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(244,912)
(239,504)
Total equity
(244,812)
(239,404)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JAMES RETAIL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 MARCH 2023
28 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 December 2023 and are signed on its behalf by:
M J Titterton
Director
Company registration number 10437363 (England and Wales)
JAMES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MARCH 2023
- 3 -
1
Accounting policies
Company information
James Retail Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Hazel Court, Midland Way, Barlborough Links, Chesterfield, Derbyshire, S43 4FD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In preparing these financial statements the director has considered the applicability of the going concerntrue basis. At 31 March 2023 the company had net liabilities of £244,812 (2022: £239,404) which are financed by director loans. The director has agreed not to withdraw this finance for the foreseeable future and therefore considers that it is appropriate for the accounts to be prepared on a going concern basis.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. The following criteria must be met before turnover is recognised:
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyers;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
JAMES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Improvement to property
10% straight line
Fixtures and fittings
20% straight line
Computers
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stock are valued at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase calculated using the first in first out method.
At each balance sheet date stocks are assessed for impairment. If stock is impaired the carrying amount is reduced to its selling price less costs to complete and sell, the impairment loss is recognised immediately in the profit and loss account.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
JAMES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
13
JAMES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 29 March 2022 and 28 March 2023
160,000
Amortisation and impairment
At 29 March 2022
77,333
Amortisation charged for the year
16,000
At 28 March 2023
93,333
Carrying amount
At 28 March 2023
66,667
At 28 March 2022
82,667
4
Tangible fixed assets
Improvement to property
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 29 March 2022
73,560
136,704
11,892
222,156
Additions
20,219
3,285
590
24,094
At 28 March 2023
93,779
139,989
12,482
246,250
Depreciation and impairment
At 29 March 2022
9,808
110,431
11,892
132,131
Depreciation charged in the year
9,041
19,195
37
28,273
At 28 March 2023
18,849
129,626
11,929
160,404
Carrying amount
At 28 March 2023
74,930
10,363
553
85,846
At 28 March 2022
63,752
26,273
90,025
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
995
Other debtors
13,739
5,692
14,734
5,692
Deferred tax asset
19,800
25,004
34,534
30,696
JAMES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 MARCH 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
172,244
84,743
Amounts owed to group undertakings
67,211
82,341
Taxation and social security
10,557
13,139
Other creditors
421,641
353,064
681,653
543,287
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,500
37,500
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
230,667
129,167
10
Related party transactions
At the period end £255,854 was owed to a director (2022: £330,854). Amounts are repayable on demand and do not bear interest.
At the period end a total of £214,134 was owed to James Convenience Retail Limited, a company under common control (2022: £113,104). Amounts are repayable on demand and do not bear interest.