Company registration number 04218644 (England and Wales)
JOHN WHELAN ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
PAGES FOR FILING WITH REGISTRAR
JOHN WHELAN ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
JOHN WHELAN ASSOCIATES LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
535
799
Current assets
Cash at bank and in hand
1,319
21
Creditors: amounts falling due within one year
5
(7,139)
(15,639)
Net current liabilities
(5,820)
(15,618)
Total assets less current liabilities
(5,285)
(14,819)
Creditors: amounts falling due after more than one year
7
(2,488)
(1,382)
Net liabilities
(7,773)
(16,201)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(7,873)
(16,301)
Total equity
(7,773)
(16,201)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 May 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 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.
The financial statements were approved and signed by the director and authorised for issue on 21 February 2024
Mr J Whelan
Director
Company registration number 04218644 (England and Wales)
JOHN WHELAN ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MAY 2023
- 2 -
1
Accounting policies
Company information
John Whelan Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kalamu House, 11 Coldbath Square, London, EC1R 5LH.
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
Turnover
Turnover is 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.
1.3
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:
Fixtures, fittings & equipment
33.3% on reducing balance basis
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.
1.4
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.
1.5
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.
JOHN WHELAN ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 31 May 2022 and 30 May 2023
39,650
Depreciation and impairment
At 31 May 2022
38,851
Depreciation charged in the year
264
At 30 May 2023
39,115
Carrying amount
At 30 May 2023
535
At 30 May 2022
799
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,003
2,907
Other creditors
6,136
12,732
7,139
15,639
JOHN WHELAN ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MAY 2023
- 4 -
6
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,488
1,382
8
Related party transactions
At the balance sheet date, the amount payable to the director, Mr John Whelan, amounted to £3,987 (2022: £11,415).
The Loan is unsecured, interest free, and repayable on demand.
9
Control
The company is controlled by Mr and Mrs Whelan who own, 100% of the company's issued share capital.