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Registered number: SC332956










JACKSON & CO. (FIFE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

 
JACKSON & CO. (FIFE) LIMITED
 

COMPANY INFORMATION


DIRECTOR
Miss R Cross 




REGISTERED NUMBER
SC332956



REGISTERED OFFICE
Unit 25
Fife Renewables Centre Ajax Way

Methil

Leven

KY8 3RS




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
JACKSON & CO. (FIFE) LIMITED
REGISTERED NUMBER:SC332956

STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
-
328

  
-
328

Current assets
  

Debtors: amounts falling due within one year
 5 
80,615
97,580

Cash at bank and in hand
  
-
35

  
80,615
97,615

Creditors: amounts falling due within one year
 6 
(46,740)
(72,053)

Net current assets
  
 
 
33,875
 
 
25,562

Total assets less current liabilities
  
33,875
25,890

Creditors: amounts falling due after more than one year
 7 
(13,345)
(24,278)

Provisions for liabilities
  

Deferred tax
  
-
(57)

  
 
 
-
 
 
(57)

Net assets
  
20,530
1,555


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
20,430
1,455

  
20,530
1,555


Page 1

 
JACKSON & CO. (FIFE) LIMITED
REGISTERED NUMBER:SC332956

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Miss R Cross
Director

Date: 23 August 2024


The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
JACKSON & CO. (FIFE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Jackson & Co. (Fife) Limited is limited by shares and incorporated in Scotland.  The address of the registered office is Unit 25, Fife Renewables Centre Ajax Way, Methil, Leven, KY8 3RS.  The principal activity of the company is that of Solicitors.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

At 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 forseeable future. The director has considered a period of 12 months from the date of approval of the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
JACKSON & CO. (FIFE) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
15% - 33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
JACKSON & CO. (FIFE) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 4).


4.


Tangible fixed assets





Office Equipment

£





At 1 December 2022
21,223


Disposals
(21,223)



At 30 November 2023

-





At 1 December 2022
20,895


Charge for the year on owned assets
328


Disposals
(21,223)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
328

Page 5

 
JACKSON & CO. (FIFE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
26,874
50,860

Other debtors
21,845
39,132

Prepayments and accrued income
31,896
7,588

80,615
97,580



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
10,056
19,101

Bank loans
10,933
10,933

Other loans
5,403
7,119

Other taxation and social security
14,038
12,984

Other creditors
3,643
14,200

Accruals and deferred income
2,667
7,716

46,740
72,053


Bank overdrafts are secured by a floating charge over the company assets.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
11,400
19,000

Other loans
1,945
5,278

13,345
24,278



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20 (2022 - 20) Ordinary A shares of £1.00 each
20
20
80 (2022 - 80) Ordinary B shares of £1.00 each
80
80

100

100


Page 6

 
JACKSON & CO. (FIFE) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


9.


Commitments under operating leases

At 30 November 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
1,007
755

1,007
755


10.


Related party transactions

Miss R Cross has provided personal guarantees in favour of Virgin Money in relation to the company's bank borrowings to a maximum amount of £43,000.
Miss R Cross has also provided personal guarantees in relation to the company's other loans to a maximum amount of £5,279 (2022 - £8,611).


Page 7