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COMPANY REGISTRATION NUMBER: 07011063
Rachel Jackson London Limited
Filleted Unaudited Financial Statements
31 December 2023
Rachel Jackson London Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
73,303
81,761
Tangible assets
6
30,911
34,518
----------
----------
104,214
116,279
Current assets
Stocks
205,261
269,883
Debtors
7
245,950
146,258
Cash at bank and in hand
80,448
90,678
----------
----------
531,659
506,819
Creditors: amounts falling due within one year
8
429,324
369,104
----------
----------
Net current assets
102,335
137,715
----------
----------
Total assets less current liabilities
206,549
253,994
Creditors: amounts falling due after more than one year
9
( 199,079)
( 241,864)
Provisions
Taxation including deferred tax
23,256
23,256
----------
----------
Net liabilities
( 15,786)
( 11,126)
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 15,787)
( 11,127)
--------
--------
Shareholders deficit
( 15,786)
( 11,126)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rachel Jackson London Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Ms R Jackson
Director
Company registration number: 07011063
Rachel Jackson London Limited
Notes to the Financial Statements
Year ended 31 December 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 34-35 Eastcastle St, W1W 8DW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Intagibles
-
over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold
-
15% straight line
Office equipment
-
25% 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution 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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 17 ).
5. Intangible assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
84,580
--------
Amortisation
At 1 January 2023
2,819
Charge for the year
8,458
--------
At 31 December 2023
11,277
--------
Carrying amount
At 31 December 2023
73,303
--------
At 31 December 2022
81,761
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
12,441
52,318
64,759
Additions
1,228
1,228
--------
--------
--------
At 31 December 2023
12,441
53,546
65,987
--------
--------
--------
Depreciation
At 1 January 2023
8,943
21,298
30,241
Charge for the year
2,145
2,690
4,835
--------
--------
--------
At 31 December 2023
11,088
23,988
35,076
--------
--------
--------
Carrying amount
At 31 December 2023
1,353
29,558
30,911
--------
--------
--------
At 31 December 2022
3,498
31,020
34,518
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
201,566
136,224
Other debtors
44,384
10,034
----------
----------
245,950
146,258
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25
Trade creditors
166,454
222,695
Corporation tax
25,118
Social security and other taxes
113,924
108,651
Gift Card Liability
4,502
1,531
Other creditors
119,301
36,227
----------
----------
429,324
369,104
----------
----------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
199,079
241,864
----------
----------
10. Related party transactions
The company was under the control of the Directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.