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COMPANY REGISTRATION NUMBER: 07445725
REJOICE LIMITED
Unaudited Financial Statements
30 November 2023
REJOICE LIMITED
Financial Statements
Year ended 30 November 2023
Contents
Page
Director's report
1
Statement of comprehensive income
2
Statement of financial position
3
Notes to the financial statements
4
REJOICE LIMITED
Director's Report
Year ended 30 November 2023
The director presents her report and the unaudited financial statements of the company for the year ended 30 November 2023 .
The company has been dormant as defined in section 1169 of the Companies Act 2006 throughout the year and preceding financial year. It is anticipated that the company will remain dormant for the foreseeable future.
Director
The director who served the company during the year was as follows:
MRS B WEMAMBU-MOEDU
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 January 2024 and signed on behalf of the board by:
MRS B WEMAMBU-MOEDU
Director
Registered office:
112 ONSLOW ROAD
CROYDON
SURREY
UK
CR0 3NL
REJOICE LIMITED
Statement of Comprehensive Income
Year ended 30 November 2023
2023
2022
Note
£
£
Administrative expenses
413
413
----
----
Operating loss
( 413)
( 413)
----
----
Loss before taxation
( 413)
( 413)
Tax on loss
----
----
Loss for the financial year and total comprehensive income
( 413)
( 413)
----
----
All the activities of the company are from continuing operations.
No significant accounting transactions as defined by section 1169 of the Companies Act 2006 occurred in the current year or prior year.
REJOICE LIMITED
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
11,943
11,943
Current assets
Cash at bank and in hand
954
1,367
Creditors: amounts falling due within one year
5
17,190
18,900
--------
--------
Net current liabilities
16,236
17,533
--------
--------
Total assets less current liabilities
( 4,293)
( 5,590)
Creditors: amounts falling due after more than one year
6
11,219
9,509
--------
--------
Net liabilities
( 15,512)
( 15,099)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 15,612)
( 15,199)
--------
--------
Shareholders deficit
( 15,512)
( 15,099)
--------
--------
These financial statements have been prepared 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'.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 January 2024 , and are signed on behalf of the board by:
MRS B WEMAMBU-MOEDU
Director
Company registration number: 07445725
REJOICE LIMITED
Notes to the Financial Statements
Year ended 30 November 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 112 ONSLOW ROAD, CROYDON, SURREY, CR0 3NL, UK.
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.
Income statement
The company is dormant as defined by section 1169 of the Companies Act 2006. The company incurred no significant transactions during the current year or prior year.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .
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:
Plant & Machinery
-
25% straight line
Fixtures & Fittings
-
25% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
25% straight line
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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 December 2022 and 30 November 2023
1,520
468
18,027
750
20,765
-------
----
--------
----
--------
Depreciation
At 1 December 2022 and 30 November 2023
728
224
7,511
359
8,822
-------
----
--------
----
--------
Carrying amount
At 30 November 2023
792
244
10,516
391
11,943
-------
----
--------
----
--------
At 30 November 2022
792
244
10,516
391
11,943
-------
----
--------
----
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,777
18,008
Corporation tax
479
Other creditors
413
413
--------
--------
17,190
18,900
--------
--------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
11,219
9,509
--------
-------
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
MRS B WEMAMBU-MOEDU
( 1,460)
( 1,710)
( 3,170)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
MRS B WEMAMBU-MOEDU
( 1,317)
( 143)
( 1,460)
-------
----
-------
Directors advances, credits and guarantees disclosed as follows:(a) its amounts £3,170.45; (b) at the interest rate of 2.8% APR; (c) to be repaid within 5 years & (d) repayment of the credits commences first month after the end of the accounting period.
8. Related party transactions
The company was under the control of Mrs Bridget WEMAMBU-MOEDU throughout the current and previous year. Mrs Bridget WEMAMBU-MOEDU is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities 2015.