Company Registration No. 11850769 (England and Wales)
Jaytee Fair Lady Limited
Unaudited financial statements
for the year ended 30 June 2023
Pages for filing with the registrar
Jaytee Fair Lady Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Jaytee Fair Lady Limited
Statement of financial position
As at 30 June 2023
1
2023
2022
Notes
Current assets
Debtors
4
348
27
Cash at bank and in hand
15,868
19,283
16,216
19,310
Creditors: amounts falling due within one year
5
(2,103,311)
(2,101,020)
Net current liabilities
(2,087,095)
(2,081,710)
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
(2,087,096)
(2,081,711)
Total equity
(2,087,095)
(2,081,710)

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 8 February 2024.
08 February 2024
Jonathan Turner
Director
Company Registration No. 11850769
Jaytee Fair Lady Limited
Notes to the financial statements
For the year ended 30 June 2023
2
1
Accounting policies
Company information

Jaytee Fair Lady Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bowcliffe Hall, Bramham, Wetherby, West Yorkshire, LS23 6LP.

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 euros, 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

Following the sale of the vessel held and operated by the company during the prior year, the company has ceased this trade. The Director continues to support the company as a non trading entity at the point of approval of these financial statements.

1.3
Turnover

Turnover was recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue for services was recognised at the date the boat was chartered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

1.5
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. Bank overdrafts are shown within borrowings in current liabilities.

Jaytee Fair Lady Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
1
Accounting policies (continued)
3
1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

1.8
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.

Jaytee Fair Lady Limited
Notes to the financial statements (continued)
For the year ended 30 June 2023
4
2
Employees
2023
2022
Number
Number
Total
-
0
-
0
3
Discontinued operations
During the prior year the vessel was sold and therefore all operations in the company were discontinued, remaining so in the current year.
4
Debtors
2023
2022
Amounts falling due within one year:
Other debtors
348
27
5
Creditors: amounts falling due within one year
2023
2022
Trade creditors
2,083
-
0
Other creditors
2,101,228
2,101,020
2,103,311
2,101,020
6
Called up share capital
2023
2022
Ordinary share capital
Issued and not fully paid
1 Ordinary share of €1.17 each
1
1

These shares were converted to Euros at the date of incorporation.

7
Directors' transactions

Included within creditors is a loan of €2,097,533 (2022: €2,097,533) made by the sole shareholder and director. This loan is interest free and repayable on demand. The balance remains within short term creditors at the year end.

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