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Registered number: 07577753










JACOBS & GEE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
JACOBS & GEE LIMITED
 
 
COMPANY INFORMATION


Directors
Mr M Jacobs 
Mr R Jacobs 




Company secretary
Mr M Jacobs



Registered number
07577753



Registered office
80 Grove Lane
Holt

Norfolk

NR25 6ED




Trading Address
New House
Smithy Lane

Bessingham

Norfolk

NR11 7JR






Accountants
Larking Gowen LLP
Chartered Accountants

80 Grove Lane

Holt

Norfolk

NR25 6ED





 
JACOBS & GEE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 8


 
JACOBS & GEE LIMITED
REGISTERED NUMBER: 07577753

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
23,547
31,400

  
23,547
31,400

Current assets
  

Stocks
  
4,250
4,000

Debtors: amounts falling due within one year
 4 
42,648
16,815

Cash at bank and in hand
  
174,831
178,343

  
221,729
199,158

Creditors: amounts falling due within one year
 5 
(162,913)
(148,654)

Net current assets
  
 
 
58,816
 
 
50,504

Total assets less current liabilities
  
82,363
81,904

Provisions for liabilities
  

Deferred tax
 6 
(5,853)
(5,821)

  
 
 
(5,853)
 
 
(5,821)

Net assets
  
76,510
76,083


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
76,410
75,983

  
76,510
76,083


Page 1

 
JACOBS & GEE LIMITED
REGISTERED NUMBER: 07577753
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr M Jacobs
Director

Date: 30 July 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

Jacobs & Gee Limited is a private company limited by shares and registered in England. The registration number is 07577753 and registered office is 80 Grove Lane, Holt, England, NR25 6ED. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Office equipment
-
25% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase. 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods to the extent which it is material. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

Page 5

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; and loans from directors. 

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Tangible fixed assets





Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2022
12,043
65,223
1,343
78,609



At 31 October 2023

12,043
65,223
1,343
78,609



Depreciation


At 1 November 2022
10,379
35,969
861
47,209


Charge for the year on owned assets
418
7,314
121
7,853



At 31 October 2023

10,797
43,283
982
55,062



Net book value



At 31 October 2023
1,246
21,940
361
23,547



At 31 October 2022
1,664
29,254
482
31,400

Page 6

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
2,122
411

Prepayments and accrued income
40,526
16,404

42,648
16,815



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,566
10,091

Corporation tax
14,756
585

Other taxation and social security
11,581
6,140

Other creditors
126,207
129,758

Accruals and deferred income
2,803
2,080

162,913
148,654



6.


Deferred taxation




2023


£






At beginning of year
(5,821)


Charged to profit or loss
(32)



At end of year
(5,853)

2023
2022
£
£


Accelerated capital allowances
(5,821)
(5,966)

Short term timing differences
(32)
145

(5,853)
(5,821)

Page 7

 
JACOBS & GEE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,652 (2022 - £1,393). Contributions totalling £222 (2022 - £903) were payable to the fund at the reporting date and are included in creditors.


8.


Related party transactions

As at 31 October 2023, included in other creditors, is an amount due to the directors of £124,754 (2022 - £128,421).

 
Page 8