Company registration number 06006056 (England and Wales)
JONES AVENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JONES AVENS LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JONES AVENS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JONES AVENS LIMITED FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jones Avens Limited for the period ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Jones Avens Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Jones Avens Limited and state those matters that we have agreed to state to the board of directors of Jones Avens Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jones Avens Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Jones Avens Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jones Avens Limited. You consider that Jones Avens Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Jones Avens Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
29 August 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
JONES AVENS LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 2 -
30 November 2023
31 December 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
82,496
105,770
Tangible assets
4
26,076
28,035
108,572
133,805
Current assets
Debtors
5
980,501
1,100,896
Cash at bank and in hand
155,674
18,833
1,136,175
1,119,729
Creditors: amounts falling due within one year
6
(341,154)
(450,102)
Net current assets
795,021
669,627
Total assets less current liabilities
903,593
803,432
Creditors: amounts falling due after more than one year
7
(19,345)
(29,098)
Provisions for liabilities
(6,519)
(7,009)
Net assets
877,729
767,325
Capital and reserves
Called up share capital
900
900
Profit and loss reserves
876,829
766,425
Total equity
877,729
767,325
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 period ended 30 November 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 period 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.
JONES AVENS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2024 and are signed on its behalf by:
Mr A Edwards
Mr P Reading
Director
Director
Company registration number 06006056 (England and Wales)
JONES AVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Jones Avens Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Reporting period
The reporting period has been shortened due to the acquisition of the company by another entity in December 2023. Therefore, the comparatives are not comparable.
1.2
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.
1.3
Going concern
Since the period end, the company was acquired by Carpenter Box Limited. Subsequently, the trade and net assets of the company were hived up as a going concern to the parent company. It is the directors intention that the company will be wound up and struck off the register of companies and therefore on this basis the company can not be considered a going concern. The directors have assessed that this has no effect on these financial statements as all assets and liabilities have been hived up at no less than their carrying values.true
1.4
Turnover
Turnover represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Turnover is recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors.
Turnover that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years. A period of twenty years has been used based on historical information including the estimated length of an average client relationship and anticipated future income streams.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
JONES AVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% per annum on a diminishing balance basis
Computer equipment
25% per annum on a straight line basis
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.
1.7
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.
1.8
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.
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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
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.
JONES AVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 30 (2022 - 31).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 30 November 2023
507,792
Amortisation and impairment
At 1 January 2023
402,022
Amortisation charged for the period
23,274
At 30 November 2023
425,296
Carrying amount
At 30 November 2023
82,496
At 31 December 2022
105,770
JONES AVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 7 -
4
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2023
50,832
64,759
115,591
Additions
5,452
5,452
At 30 November 2023
50,832
70,211
121,043
Depreciation and impairment
At 1 January 2023
31,857
55,699
87,556
Depreciation charged in the period
2,609
4,802
7,411
At 30 November 2023
34,466
60,501
94,967
Carrying amount
At 30 November 2023
16,366
9,710
26,076
At 31 December 2022
18,975
9,060
28,035
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
352,591
413,668
Gross amounts owed by contract customers
591,343
651,106
Other debtors
2,360
1,441
Prepayments and accrued income
34,207
34,681
980,501
1,100,896
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
70,874
Trade creditors
23,849
27,574
Taxation and social security
270,878
259,978
Other creditors
35,779
91,676
341,154
450,102
JONES AVENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,345
29,098
The amounts included within bank loans and overdrafts in notes 6 and 7 is secured.
Under a debenture dated 27 February 2007 National Westminister Bank Plc holds a fixed and floating charge over the undertaking and all property and assets present and future to secure all monies due to them. This charge was satisfied on 8 August 2024.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
2,899
9
Events after the reporting date
On 12 December 2023, the whole of the share capital of the company was acquired by Carpenter Box Limited.
On 30 June 2024 the company ceased to trade and the assets and liabilities were hived up to the parent. As part of this transaction the company paid a dividend amounting to £1,011,720 to its parent company.
In December 2023 the existing premises leases were extended at a rate of £30,000 per annum for three years and £40,000 per annum for five years. It is the parent company's intention to novate the leases as part of the hive up.