Company registration number 11321224 (England and Wales)
JAE5 LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JAE5 LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JAE5 LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
590,037
327,392
Current assets
Stocks
48,750
48,750
Debtors
5
1,306,105
974,862
Cash at bank and in hand
18,386
25,663
1,373,241
1,049,275
Creditors: amounts falling due within one year
6
(777,770)
(585,306)
Net current assets
595,471
463,969
Total assets less current liabilities
1,185,508
791,361
Creditors: amounts falling due after more than one year
7
(190,255)
(27,323)
Net assets
995,253
764,038
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
995,252
764,037
Total equity
995,253
764,038

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 31 March 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 12 April 2024
Mr J K Awotwe-Mensah
Director
Company Registration No. 11321224
JAE5 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Jae5 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Colwyn Chambers, 19 York Street, Manchester, M2 3BA.

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 represents amounts receivable for royalties and performances fees net of VAT.

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:

Freehold land and buildings
0%
Stage jewellery
0%
Office equipment
25% straight line
Musical equipment
25% straight line
Motor vehicles
25% straight line
Office artwork
0%
Guard dogs
16.67% straight line
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

 

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

JAE5 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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
JAE5 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Stage jewellery
Office equipment
Musical equipment
Motor vehicles
Office artwork
Guard dogs
Total
£
£
£
£
£
£
£
£
Cost
At 1 April 2022
50,293
224,471
19,561
89,346
-
0
20,000
-
0
403,671
Additions
-
0
-
0
76,330
24,693
190,253
9,996
43,667
344,939
At 31 March 2023
50,293
224,471
95,891
114,039
190,253
29,996
43,667
748,610
Depreciation and impairment
At 1 April 2022
-
0
-
0
13,496
58,608
-
0
-
0
-
0
72,104
Depreciation charged in the year
-
0
-
0
23,658
23,824
31,709
-
0
7,278
86,469
At 31 March 2023
-
0
-
0
37,154
82,432
31,709
-
0
7,278
158,573
Carrying amount
At 31 March 2023
50,293
224,471
58,737
31,607
158,544
29,996
36,389
590,037
At 31 March 2022
50,293
224,471
6,065
26,563
-
0
20,000
-
0
327,392
Last year c/fwd depreciation
-
-
13,496
62,783
-
-
-
Differs from this year b/fwd by
-
-
-
(4,175)
-
-
-
JAE5 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
9,174
Corporation tax recoverable
230,114
-
0
Other debtors
1,075,991
965,688
1,306,105
974,862
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,648
10,648
Trade creditors
63,396
28,096
Corporation tax
244,535
287,902
Other taxation and social security
253,017
221,170
Other creditors
206,174
37,490
777,770
585,306
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,514
27,323
Other creditors
172,741
-
0
190,255
27,323
8
Directors' transactions

Loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr J K Awotwe-Mensah -
2.00
344,323
1,861,498
8,406
(1,194,182)
1,020,045
344,323
1,861,498
8,406
(1,194,182)
1,020,045
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