Company registration number 11554101 (England and Wales)
JA11 PROMOTIONS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JA11 PROMOTIONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JA11 PROMOTIONS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,522
2,979
Investments
5
94,041
56,566
101,563
59,545
Current assets
Debtors
6
47,499
61,784
Cash at bank and in hand
10,148
5,141
57,647
66,925
Creditors: amounts falling due within one year
7
(62,489)
(62,752)
Net current (liabilities)/assets
(4,842)
4,173
Total assets less current liabilities
96,721
63,718
Provisions for liabilities
(1,881)
(745)
Net assets
94,840
62,973
Capital and reserves
Called up share capital
8
10
10
Profit and loss reserves
94,830
62,963
Total equity
94,840
62,973
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 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 5 August 2024
Mr J Adams
Director
Company Registration No. 11554101
JA11 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
JA11 Promotions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.
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. 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 sports promotional and marketing 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.
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:
Sports Equipment
33.33% Reducing balance
Computers
25% Straight line
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
JA11 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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
3
Fair value gain on investments
2023
2022
£
£
Fair value gains/(losses)
Changes in the fair value of value investments
7,475
(4,115)
4
Tangible fixed assets
Sports Equipment
Computers
Total
£
£
£
Cost
At 1 December 2022
2,143
4,703
6,846
Additions
6,720
6,720
At 30 November 2023
2,143
11,423
13,566
Depreciation and impairment
At 1 December 2022
1,403
2,464
3,867
Depreciation charged in the year
247
1,930
2,177
At 30 November 2023
1,650
4,394
6,044
Carrying amount
At 30 November 2023
493
7,029
7,522
At 30 November 2022
740
2,239
2,979
JA11 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
94,041
56,566
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2022
56,566
Additions
30,000
Valuation changes
7,475
At 30 November 2023
94,041
Carrying amount
At 30 November 2023
94,041
At 30 November 2022
56,566
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
47,499
61,784
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
6,555
11,591
Other creditors
55,934
51,161
62,489
62,752
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
8
8
8
8
Ordinary A of £1 each
2
2
2
2
10
10
10
10
JA11 PROMOTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
9
Directors' transactions
Dividends totalling £1,000 (2022 - £2,000) were paid in the year in respect of shares held by the company's director.
The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £23,871 (2022 - £20,596). This amount being included in creditors amounts falling due within one year.