Company registration number 07089443 (England and Wales)
JAMES ROGERS IT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
JAMES ROGERS IT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES ROGERS IT LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
391,000
374,999
Investments
5
13,606
12,806
404,606
387,805
Current assets
Debtors
6
725
Cash at bank and in hand
2,548
22,951
2,548
23,676
Creditors: amounts falling due within one year
7
(35,984)
(53,534)
Net current liabilities
(33,436)
(29,858)
Total assets less current liabilities
371,170
357,947
Creditors: amounts falling due after more than one year
8
(230,725)
(230,725)
Net assets
140,445
127,222
Capital and reserves
Called up share capital
9
150
150
Revaluation reserve
10
108,515
92,514
Profit and loss reserves
31,780
34,558
Total equity
140,445
127,222
JAMES ROGERS IT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year 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 director acknowledges his 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 and signed by the director and authorised for issue on 30 August 2024
J E Rogers
Director
Company registration number 07089443 (England and Wales)
JAMES ROGERS IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
James Rogers IT Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Park Row, Nottingham, NG1 6GR.
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 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, modified to include
the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from property letting is recognised on an accruals basis.
1.3
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.
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 & equipment
Straight line over 4 years
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Investments are included at market value at the balance sheet. All gains and losses on investments are reflected in the profit and loss account as they arise.
JAMES ROGERS IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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, other debtors and cash and bank balances, are recognised at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors and other creditors that are classified as debt, are recognised at transaction price.
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. Trade creditors are recognised at transaction price.
1.7
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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.
1.9
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.
JAMES ROGERS IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 December 2022 and 30 November 2023
3,419
Depreciation and impairment
At 1 December 2022 and 30 November 2023
3,419
Carrying amount
At 30 November 2023
At 30 November 2022
4
Investment property
2023
£
Fair value
At 1 December 2022
374,999
Revaluations
16,001
At 30 November 2023
391,000
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
13,606
12,806
JAMES ROGERS IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 December 2022
12,806
Additions
17,806
Valuation changes
800
Disposals
(17,806)
At 30 November 2023
13,606
Carrying amount
At 30 November 2023
13,606
At 30 November 2022
12,806
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
725
7
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
35,984
53,534
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
230,725
230,725
There is a fixed charge over the properties to which this loan relates.
JAMES ROGERS IT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
230,725
-
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary A shares of £1 each
50
50
50
50
150
150
150
150
10
Revaluation reserve
2023
2022
£
£
At the beginning of the year
92,514
92,514
Other movements
16,001
-
At the end of the year
108,515
92,514
Currently no tax charge made on the revaluation due to the availability of losses.