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Registration number: 07732290

J Sims Karate Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

J Sims Karate Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

J Sims Karate Limited

Company Information

Director

Mr JD Sims

Registered office

24 Southfield
Polegate
East Sussex
BN26 5LX

Accountants

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

 

J Sims Karate Limited

Director's Report for the Year Ended 31 August 2023

The director presents his report and the financial statements for the year ended 31 August 2023.

Director of the company

The director who held office during the year was as follows:

Mr JD Sims

Principal activity

The principal activity of the company is Karate academy

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 June 2024
 

.........................................
Mr JD Sims
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J Sims Karate Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J Sims Karate Limited for the year ended 31 August 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of J Sims Karate Limited, as a body, in accordance with the terms of our engagement letter dated 4 August 2011. Our work has been undertaken solely to prepare for your approval the accounts of J Sims Karate Limited and state those matters that we have agreed to state to the Board of Directors of J Sims Karate Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Sims Karate Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J Sims Karate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of J Sims Karate Limited. You consider that J Sims Karate Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J Sims Karate 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 accounts.

......................................

Gold Accountants Limited
24 Southfield
Polegate
East Sussex
BN26 5LX

21 June 2024

 

J Sims Karate Limited

Profit and Loss Account for the Year Ended 31 August 2023

Note

2023
£

2022
£

Turnover

 

49,347

28,838

Cost of sales

 

(7,763)

(6,102)

Gross profit

 

41,584

22,736

Administrative expenses

 

(42,347)

(21,618)

Operating (loss)/profit

 

(763)

1,118

(Loss)/profit before tax

4

(763)

1,118

Tax on (loss)/profit

 

-

(183)

(Loss)/profit for the financial year

 

(763)

935

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

J Sims Karate Limited

Statement of Comprehensive Income for the Year Ended 31 August 2023

2023
£

2022
£

(Loss)/profit for the year

(763)

935

Total comprehensive income for the year

(763)

935

 

J Sims Karate Limited

(Registration number: 07732290)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

510

680

Current assets

 

Stocks

6

120

110

Debtors

7

5,745

5,720

Cash at bank and in hand

 

3,044

770

 

8,909

6,600

Creditors: Amounts falling due within one year

8

(7,555)

(4,653)

Net current assets

 

1,354

1,947

Net assets

 

1,864

2,627

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

1,863

2,626

Shareholders' funds

 

1,864

2,627

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 June 2024
 

.........................................
Mr JD Sims
Director

 

J Sims Karate Limited

Statement of Changes in Equity for the Year Ended 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 September 2022

1

2,626

2,627

Loss for the year

-

(763)

(763)

At 31 August 2023

1

1,863

1,864

Share capital
£

Retained earnings
£

Total
£

At 1 September 2021

1

3,691

3,692

Profit for the year

-

935

935

Dividends

-

(2,000)

(2,000)

At 31 August 2022

1

2,626

2,627

 

J Sims Karate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Southfield
Polegate
East Sussex
BN26 5LX
United Kingdom

These financial statements were authorised for issue by the director on 21 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 taxable income.

 

J Sims Karate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

J Sims Karate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

170

227

 

J Sims Karate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

754

3,405

4,159

At 31 August 2023

754

3,405

4,159

Depreciation

At 1 September 2022

686

2,793

3,479

Charge for the year

17

153

170

At 31 August 2023

703

2,946

3,649

Carrying amount

At 31 August 2023

51

459

510

At 31 August 2022

68

612

680

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

120

110

7

Debtors

Current

2023
£

2022
£

Prepayments

900

900

Other debtors

4,845

4,820

 

5,745

5,720

8

Creditors

Creditors: amounts falling due within one year

 

J Sims Karate Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

2023
£

2022
£

Due within one year

Trade creditors

642

424

Taxation and social security

2,989

2,199

Accruals and deferred income

2,030

2,030

Other creditors

1,894

-

7,555

4,653

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil (2022 - £2,000.00) per each Ordinary shares

-

2,000