Company Registration No. 13234614 (England and Wales)
JUST1SHOT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JUST1SHOT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JUST1SHOT LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,425
41,901
Investments
4
4,065
7,495
35,490
49,396
Current assets
Debtors
5
1,050
1,050
Cash at bank and in hand
1,662
3,847
2,712
4,897
Creditors: amounts falling due within one year
6
(12,721)
(11,405)
Net current liabilities
(10,009)
(6,508)
Total assets less current liabilities
25,481
42,888
Creditors: amounts falling due after more than one year
7
(28,064)
(33,492)
Net (liabilities)/assets
(2,583)
9,396
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,584)
9,395
Total equity
(2,583)
9,396

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 31 March 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.

JUST1SHOT LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 August 2024
Oshaye Samuel Hutchinson
Director
Company Registration No. 13234614
JUST1SHOT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Just1shot Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets, includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JUST1SHOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense represents the tax currently payable.

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.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.12

Comparative figures:

The accounts relate to the year ended 31 March 2023. The comparative figures relate to the period 1 March 2021 (date of incorporation) to 31 March 2022.

JUST1SHOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

There were no employees during the current year or previous period.

3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022 and 31 March 2023
43,245
Depreciation and impairment
At 1 April 2022
1,344
Depreciation charged in the year
10,476
At 31 March 2023
11,820
Carrying amount
At 31 March 2023
31,425
At 31 March 2022
41,901
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
4,065
7,495
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2022
7,495
Disposals
(3,430)
At 31 March 2023
4,065
Carrying amount
At 31 March 2023
4,065
At 31 March 2022
7,495
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,050
1,050
JUST1SHOT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank overdrafts
-
0
816
Obligations under finance leases
5,428
5,428
Corporation tax
2,512
2,512
Other creditors
2,309
1,729
Accruals
2,472
920
12,721
11,405

Other creditors represents an amount of £2,309 (2022: £1,729) due to director of the company.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
28,064
33,492
8
Prior period adjustment
Reconciliation of changes in equity
1 March
31 March
2021
2022
£
£
Adjustments to prior year
Total adjustments
-
-
Equity as previously reported
-
9,396
Equity as adjusted
-
9,396
Notes to reconciliation
(i) Motor vehicle recognised

A prior year adjustment has been made to reflect the correct value of a motor vehicle purchased under finance lease.

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