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Registered number: 03948088
Jon Whitmarsh Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hub Accountants Limited
Chartered Accountants
Innovation House
Wincombe Lane
Shaftesbury
Dorset
SP7 8FG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03948088
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 10,559 13,274
10,559 13,274
CURRENT ASSETS
Stocks 4 117,012 -
Debtors 5 11,318 12,740
Cash at bank and in hand 1,173,342 1,246,199
1,301,672 1,258,939
Creditors: Amounts Falling Due Within One Year 6 (203,797 ) (213,226 )
NET CURRENT ASSETS (LIABILITIES) 1,097,875 1,045,713
TOTAL ASSETS LESS CURRENT LIABILITIES 1,108,434 1,058,987
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,007 ) (2,523 )
NET ASSETS 1,106,427 1,056,464
CAPITAL AND RESERVES
Called up share capital 7 11 11
Capital redemption reserve 3 3
Profit and Loss Account 1,106,413 1,056,450
SHAREHOLDERS' FUNDS 1,106,427 1,056,464
Page 1
Page 2
For the year ending 31 March 2024 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
Mr Jonathan Whitmarsh
Director
31st July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Turnover
Turnover represents amounts receivable for building services rendered net of VAT.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Plant & Machinery 15 % Reducing balance
Motor Vehicles 20 % Reducing balance
Fixtures & Fittings 15 % Reducing balance
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. 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 year 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.
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 asset reflects 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.
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1.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2. Average Number of Employees
3Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 6,732 25,669 1,797 34,198
Additions 359 - - 359
As at 31 March 2024 7,091 25,669 1,797 34,557
Depreciation
As at 1 April 2023 3,816 16,242 866 20,924
Provided during the period 819 1,885 370 3,074
As at 31 March 2024 4,635 18,127 1,236 23,998
Net Book Value
As at 31 March 2024 2,456 7,542 561 10,559
As at 1 April 2023 2,916 9,427 931 13,274
4. Stocks
2024 2023
£ £
Work in progress 117,012 -
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 9,543 738
Prepayments and accrued income 1,775 12,002
11,318 12,740
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Page 5
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 11,661 12,065
Corporation tax 30,154 68,967
Other taxes and social security 1,401 1,700
VAT 20,385 28,601
Net wages 71 204
Other creditors 2,310 2,146
Accruals and deferred income 2,000 1,716
Director's loan account 135,815 97,827
203,797 213,226
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 11 11
8. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 45,000 49,000
Page 5