John Reynolds Ltd
Registered number: 04871080
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 2,000
Tangible assets 4 36,666 37,789
36,666 39,789
Current assets
Debtors 5 1,882 2,975
Cash at bank and in hand 4,453 3,380
6,335 6,355
Creditors: amounts falling due within one year 6 (42,881) (40,182)
Net current liabilities (36,546) (33,827)
Total assets less current liabilities 120 5,962
Creditors: amounts falling due after more than one year 7 - (5,862)
Net assets 120 100
Capital and reserves
Called up share capital 100 100
Profit and loss account 20 -
Shareholders' funds 120 100
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J R Reynolds
Director
Approved by the board on 22 December 2023
John Reynolds Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% on reducing balance
Motor vehicles 25% on reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 40,000
At 31 March 2023 40,000
Amortisation
At 1 April 2022 38,000
Provided during the year 2,000
At 31 March 2023 40,000
Net book value
At 31 March 2023 -
At 31 March 2022 2,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 40,513 22,616 63,129
Additions 11,098 - 11,098
At 31 March 2023 51,611 22,616 74,227
Depreciation
At 1 April 2022 12,601 12,739 25,340
Charge for the year 9,752 2,469 12,221
At 31 March 2023 22,353 15,208 37,561
Net book value
At 31 March 2023 29,258 7,408 36,666
At 31 March 2022 27,912 9,877 37,789
5 Debtors 2023 2022
£ £
Trade debtors 1,882 2,975
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2,416
Trade creditors 6,031 2,279
Director's current account 33,967 31,495
Corporation tax 1,361 1,733
Other taxes and social security costs 1,522 2,259
42,881 40,182
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 5,862
8 Other information
John Reynolds Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Philips House
Drury Lane
St Leonards on Sea TN38 9BA
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