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COMPANY REGISTRATION NUMBER: 03574531
Jeckells of Wroxham Limited
Unaudited financial statements
31 October 2023
Jeckells of Wroxham Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
43,453
46,967
Current assets
Stocks
75,000
75,000
Debtors
6
33,313
38,672
Cash at bank and in hand
255,689
273,489
---------
---------
364,002
387,161
Creditors: Amounts falling due within one year
7
( 110,427)
( 136,504)
---------
---------
Net current assets
253,575
250,657
---------
---------
Total assets less current liabilities
297,028
297,624
Provisions
Other provisions
( 68,761)
( 89,723)
---------
---------
Net assets
228,267
207,901
---------
---------
Capital and reserves
Called up share capital
60,000
60,000
Profit and loss account
168,267
147,901
---------
---------
Shareholders funds
228,267
207,901
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Jeckells of Wroxham Limited
Statement of financial position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:
C W Jeckells
Director
Company registration number: 03574531
Jeckells of Wroxham Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The company's principal place of business is Station Road, Wroxham, Norfolk, England, NR12 8UT.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Annuity agreement with former director In 2014 the company granted an annuity to a former director in consideration of her lengthy and loyal service to the company. The total amount payable is discounted to the year end date. This is explained in more detail below.
Revenue recognition
Turnover represents the consideration received or receivable from the manufacture and sale of sails, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
2.5% or 20% straight line
Sail plans
-
2% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 16 (2022: 18 ).
5. Tangible assets
Plant & machinery
Sail plans
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
202,737
35,392
10,265
74,568
322,962
Additions
2,198
2,198
---------
-------
-------
-------
---------
At 31 October 2023
202,737
35,392
10,265
76,766
325,160
---------
-------
-------
-------
---------
Depreciation
At 1 November 2022
186,445
13,095
10,265
66,190
275,995
Charge for the year
1,232
708
3,772
5,712
---------
-------
-------
-------
---------
At 31 October 2023
187,677
13,803
10,265
69,962
281,707
---------
-------
-------
-------
---------
Carrying amount
At 31 October 2023
15,060
21,589
6,804
43,453
---------
-------
-------
-------
---------
At 31 October 2022
16,292
22,297
8,378
46,967
---------
-------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
22,366
23,220
Deferred tax asset
9,045
13,642
Prepayments and accrued income
1,902
1,810
-------
-------
33,313
38,672
-------
-------
The deferred tax asset falls due to be recovered in more than one year.
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Payments received on account
82,072
87,837
Trade creditors
5,738
6,374
Corporation tax
4,853
10,205
Social security and other taxes
5,356
10,200
Director loan accounts
11,866
20,946
Other creditors
542
942
---------
---------
110,427
136,504
---------
---------
8. Annuity agreement with former director
On 19 November 2014 S A Jeckells resigned as director of the company. In consideration of her lengthy and loyal service to the company an annuity was granted. The amount payable to S A Jeckells is a fixed fee of £1,666.66 per month (net of basic rate tax) for a fixed term to October 2026. The company therefore recognised a discounted provision of £213,248 during the year ended 31 October 2015 in respect of the anticipated future annuity payments likely to be payable under this agreement.
The discounting adjustment of £4,038 (2022 - £4,038) in relation to this provision has been included within interest payable and other similar items in the profit and loss account.