REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
J.S. HELD UK LIMITED |
PREVIOUSLY KNOWN AS |
GPW + CO LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
J.S. HELD UK LIMITED |
PREVIOUSLY KNOWN AS |
GPW + CO LIMITED |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
J.S. HELD UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Registered Auditors |
5 Giffard Court |
Millbrook Close |
Northampton |
Northamptonshire |
NN5 5JF |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up, fully paid share capital |
Share premium |
Capital redemption reserve |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
J.S. Held UK Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value: |
Preparation of consolidated financial statements |
The financial statements contain information about J.S. Held UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
(i) Useful economic lives of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Impairment of debtors |
The Company makes an estimated provision of the recoverable value of trade debtors. This is done by providing for an estimated percentage of fee income of 0.55%. |
(iii) Work in Progress |
Recognised amounts of contract revenue and related work in progress reflect management's best estimate of each contract's outcome and stage of completion. This includes the assessment of profitability of ongoing contracts. For more complex contracts; in particular those that are ongoing and may expand as a consequence of our findings, the costs of completion and contract profitability are sometimes uncertain. |
Revenue recognition |
Revenue from rendering of services is recognised at the fair value of consideration received or receivable and represent amounts receivable for the services provided during the normal course of business. |
Revenue from service contracts is recognised using the percentage of completion method, measured by the percentage of time incurred to the total estimated time for each contract. Contract cost include all direct professional services and those indirect costs related to contract performance. When estimates indicate a probable ultimate loss, the full amount of loss is accrued. |
Revenue excludes value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Computer equipment | - |
Fixture and fitting | - |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The Company only enters into basic financial instruments transactions that resulted in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence if impairment. If objective evidence of impairment is found, an impairment loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grant |
Government grants relating to revenue expenditure are recognised as income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixture |
to | Computer | and |
property | equipment | fitting | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Reclassification/transfer | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 | 34,980 |
NET BOOK VALUE |
At 31 December 2022 | 34,980 |
At 31 December 2021 | 34,980 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
J.S. HELD UK LIMITED (REGISTERED NUMBER: 05088224) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | LEASING AGREEMENTS |
At the balance sheet date the company was committed to making payments of £66,750 (2021 - £81.148) under non cancellable operating leases. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTROLLING PARTY |
The immediate parent is J.S. Held IH LLC, a company incorporated in the United States of America. |
At the balance sheet date, the ultimate controlling party was Jonathon Held. |
The smallest and largest company in which the company's results are consolidated is J.S. Held Holdings LLC, a company incorporated in the United States of America. Their registered office is 50 Jericho Quadrangle, Suite 117, Jericho, NY, 11753. |