Company registration number 12120246 (England and Wales)
J B Design House Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
J B Design House Ltd
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
J B Design House Ltd
BALANCE SHEET
As At 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,237
12,722
Current assets
Debtors
4
8,081
5,984
Cash at bank and in hand
83,118
64,420
91,199
70,404
Creditors: amounts falling due within one year
5
(38,023)
(25,058)
Net current assets
53,176
45,346
Total assets less current liabilities
90,413
58,068
Creditors: amounts falling due after more than one year
6
(20,000)
(30,000)
Net assets
70,413
28,068
Capital and reserves
Called up share capital
8
5
Profit and loss reserves
70,405
28,063
Total equity
70,413
28,068
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 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 19 April 2024
Miss J Boddy
Director
Company registration number 12120246 (England and Wales)
J B Design House Ltd
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2023
- 2 -
1
Accounting policies
Company information
J B Design House Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 10 Arundel Grove, London, N16 8LZ.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Plant and equipment
15% Straight line
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
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, 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.
J B Design House Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 July 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 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.
1.5
Taxation
The tax expense represents 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
J B Design House Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 July 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2022
19,391
Additions
32,263
At 31 July 2023
51,654
Depreciation and impairment
At 1 August 2022
6,669
Depreciation charged in the year
7,748
At 31 July 2023
14,417
Carrying amount
At 31 July 2023
37,237
At 31 July 2022
12,722
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,081
5,984
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Corporation tax
24,405
11,361
Other taxation and social security
48
Other creditors
890
1,017
Accruals and deferred income
2,680
2,680
38,023
25,058
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20,000
30,000