James McQueen Art Limited 12999731 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of art production. Digita Accounts Production Advanced 6.30.9574.0 true 12999731 2022-12-01 2023-11-30 12999731 2023-11-30 12999731 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-11-30 12999731 core:CurrentFinancialInstruments 2023-11-30 12999731 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 12999731 core:FurnitureFittingsToolsEquipment 2023-11-30 12999731 core:MotorVehicles 2023-11-30 12999731 core:OtherPropertyPlantEquipment 2023-11-30 12999731 bus:SmallEntities 2022-12-01 2023-11-30 12999731 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 12999731 bus:FilletedAccounts 2022-12-01 2023-11-30 12999731 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 12999731 bus:RegisteredOffice 2022-12-01 2023-11-30 12999731 bus:Director1 2022-12-01 2023-11-30 12999731 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-12-01 2023-11-30 12999731 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 12999731 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 12999731 core:MotorCars 2022-12-01 2023-11-30 12999731 core:MotorVehicles 2022-12-01 2023-11-30 12999731 core:OfficeEquipment 2022-12-01 2023-11-30 12999731 core:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 12999731 core:PlantMachinery 2022-12-01 2023-11-30 12999731 countries:EnglandWales 2022-12-01 2023-11-30 12999731 2022-11-30 12999731 core:FurnitureFittingsToolsEquipment 2022-11-30 12999731 core:MotorVehicles 2022-11-30 12999731 core:OtherPropertyPlantEquipment 2022-11-30 12999731 2021-12-01 2022-11-30 12999731 2022-11-30 12999731 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-11-30 12999731 core:CurrentFinancialInstruments 2022-11-30 12999731 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 12999731 core:FurnitureFittingsToolsEquipment 2022-11-30 12999731 core:MotorVehicles 2022-11-30 12999731 core:OtherPropertyPlantEquipment 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12999731

James McQueen Art Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

James McQueen Art Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

James McQueen Art Limited

Company Information

Director

L Fredericks

Registered office

61 Westway
Caterham
Surrey
CR3 5TQ

 

James McQueen Art Limited

(Registration number: 12999731)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

67,040

47,094

Current assets

 

Stocks

5

229,622

-

Debtors

6

113,859

87,329

Cash at bank and in hand

 

645,379

141,240

 

988,860

228,569

Creditors: Amounts falling due within one year

7

(227,787)

(51,686)

Net current assets

 

761,073

176,883

Net assets

 

828,113

223,977

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

828,111

223,975

Shareholders' funds

 

828,113

223,977

For the financial year ending 30 November 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 her 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 8 August 2024
 

.........................................
L Fredericks
Director

 

James McQueen Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
61 Westway
Caterham
Surrey
CR3 5TQ

These financial statements were authorised for issue by the director on 8 August 2024.

2

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.

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.

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.

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

Motor vehicles

25% reducing balance per annum

Plant and machinery

25% reducing balance per annum

Office equipment

33% straight line per annum

 

James McQueen Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 1).

 

James McQueen Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,408

26,695

47,295

75,398

Additions

2,175

60,849

-

63,024

Disposals

-

(26,695)

-

(26,695)

At 30 November 2023

3,583

60,849

47,295

111,727

Depreciation

At 1 December 2022

938

6,674

20,692

28,304

Charge for the year

1,194

15,212

6,651

23,057

Eliminated on disposal

-

(6,674)

-

(6,674)

At 30 November 2023

2,132

15,212

27,343

44,687

Carrying amount

At 30 November 2023

1,451

45,637

19,952

67,040

At 30 November 2022

470

20,021

26,603

47,094

5

Stocks

2023
£

2022
£

Work in progress

204,622

-

Other inventories

25,000

-

229,622

-

6

Debtors

Current

2023
£

2022
£

Other debtors

113,859

87,329

 

113,859

87,329

 

James McQueen Art Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

(5)

-

Taxation and social security

214,792

51,411

Accruals and deferred income

13,000

275

227,787

51,686

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2