Jellyjace Limited
Unaudited Financial Statements
For the year ended 31 August 2023
Pages for Filing with Registrar
Company Registration No. 12801326 (England and Wales)
Jellyjace Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Jellyjace Limited
Balance Sheet
As at 31 August 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
155,607
154,607
Current assets
-
-
Creditors: amounts falling due within one year
4
(147,408)
(148,870)
Net current liabilities
(147,408)
(148,870)
Net assets
8,199
5,737
Capital and reserves
Called up share capital
5
10,000
10,000
Profit and loss reserves
(1,801)
(4,263)
Total equity
8,199
5,737
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 August 2024 and are signed on its behalf by:
A Yee
Director
Company Registration No. 12801326
Jellyjace Limited
Notes to the Financial Statements
For the year ended 31 August 2023
Page 2
1
Accounting policies
Company information
Jellyjace Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
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 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
Fixed asset investments
Investments represents amounts loaned in the normal course of business. An impairment is recognised for any amounts that are not expected to be recovered or a loss is expected on realisation.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
Jellyjace Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
1
Accounting policies
(Continued)
Page 3
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Jellyjace Limited
Notes to the Financial Statements (Continued)
For the year ended 31 August 2023
Page 4
3
Fixed asset investments
2023
2022
£
£
Loans
155,607
154,607
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
145,008
146,470
Accruals and deferred income
2,400
2,400
147,408
148,870
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
5,000
5,000
5,000
5,000
Ordinary B shares of £1 each
5,000
5,000
5,000
5,000
10,000
10,000
10,000
10,000
6
Directors' transactions
During the period the directors loaned monies to the company in different tranches. One loan for a total of £30,000 was loaned to the company with a rate of interest at 12.5% (2022: 9.5%) with no set repayment date. The remaining loan of £115,008 (2022: £116,470) has been provided to the company for working capital purposes and carries no interest charges. Both loans are repayable on demand.