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Registered number: 09980697
Jaze Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09980697
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,696 3,670
2,696 3,670
CURRENT ASSETS
Debtors 5 195,655 28,106
Cash at bank and in hand 37,458 24,413
233,113 52,519
Creditors: Amounts Falling Due Within One Year 6 (210,700 ) (36,088 )
NET CURRENT ASSETS (LIABILITIES) 22,413 16,431
TOTAL ASSETS LESS CURRENT LIABILITIES 25,109 20,101
PROVISIONS FOR LIABILITIES
Deferred Taxation (700 ) (700 )
NET ASSETS 24,409 19,401
CAPITAL AND RESERVES
Called up share capital 7 100 100
Capital redemption reserve 100 100
Profit and Loss Account 24,209 19,201
SHAREHOLDERS' FUNDS 24,409 19,401
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
James Eagleton
Director
16 April 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Jaze Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09980697 . The registered office is 5 Ribblesdale Place, Preston, Lancashire, PR1 8BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures, fittings and equipment 25% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Fixtures, fittings and equipment
£
Cost
As at 1 January 2023 6,016
Additions 249
Disposals (362 )
As at 31 December 2023 5,903
Depreciation
As at 1 January 2023 2,346
Provided during the period 1,223
Disposals (362 )
As at 31 December 2023 3,207
Net Book Value
As at 31 December 2023 2,696
As at 1 January 2023 3,670
5. Debtors
2023 2022
£ £
Due within one year
Amounts owed by group undertakings 17,572 28,106
Other debtors 178,083 -
195,655 28,106
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 10
Amounts owed to participating interests 163,401 -
Other creditors 4,852 8,612
Taxation and social security 42,447 27,466
210,700 36,088
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Directors Advances, Credits and Guarantees
Included within other debtors are the following loans from directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr James Eagleton 5,143 46,219 - - 41,076
The above loan is unsecured and repayable on demand. Interest has been charged at 2.25% during the year.
9. Related Party Transactions
The company was under the control of James Hold Ltd.
Mr J. Eagleton is the managing director and 100% shareholder of James Hold Ltd.
The following balances and transactions with the parent company and its subsidiaries are included in the financial statement:
James Hold Ltd
Amounts owed to group undertakings - £163,401
Eagleton Housing Ltd
Amounts owed by group undertakings - £17,572
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