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Registration number: 04552422

Villager Jim Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Villager Jim Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Villager Jim Limited

Company Information

Director

Mr J Dobson

Company secretary

Mrs JL Dobson

Registered office

2 Western Street
Barnsley
South Yorkshire
S70 2BP

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Villager Jim Limited

(Registration number: 04552422)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,392

8,522

Current assets

 

Debtors

5

73,531

81,158

Cash at bank and in hand

 

1,079

3,289

 

74,610

84,447

Creditors: Amounts falling due within one year

6

(42,480)

(52,189)

Net current assets

 

32,130

32,258

Total assets less current liabilities

 

38,522

40,780

Creditors: Amounts falling due after more than one year

6

(36,405)

(39,134)

Provisions for liabilities

(1,619)

(1,619)

Net assets

 

498

27

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

398

(73)

Shareholders' funds

 

498

27

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 June 2024
 

.........................................
Mr J Dobson
Director

 

Villager Jim Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Villager Jim Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

- 25% on reducing balance and 25% on cost

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,130

2,397

 

Villager Jim Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

53,103

53,103

At 31 October 2023

53,103

53,103

Depreciation

At 1 November 2022

44,581

44,581

Charge for the year

2,130

2,130

At 31 October 2023

46,711

46,711

Carrying amount

At 31 October 2023

6,392

6,392

At 31 October 2022

8,522

8,522

5

Debtors

Current

2023
£

2022
£

Trade debtors

14

54

Other debtors

73,517

81,104

 

73,531

81,158

 

Villager Jim Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

15,639

15,688

Trade creditors

 

1,017

-

Taxation and social security

 

743

2,234

Accruals and deferred income

 

718

415

Other creditors

 

24,363

33,852

 

42,480

52,189

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

36,405

39,134

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Villager Jim Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

36,405

39,134

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,639

15,688

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mrs JL Dobson

No interest is charged on the loan and there is no fixed date of repayment

(30,083)

3,794

(26,288)

       
     

Mr J Dobson

No interest is charged on the loan and there is no fixed date of repayment

(30,083)

3,794

(26,288)