Registered number
04981760
James Bly Limited
Filleted Accounts
31 December 2023
James Bly Limited
Registered number: 04981760
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Current assets
Stocks 60,860 59,150
Cash at bank and in hand 19,161 24,178
80,021 83,328
Creditors: amounts falling due within one year 3 (46,901) (83,267)
Net current assets 33,120 61
Net assets 33,120 61
Capital and reserves
Called up share capital 1 1
Revaluation reserve 4 46,878 46,878
Profit and loss account (13,759) (46,818)
Shareholders' funds 33,120 61
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Bly
Director
Approved by the board on 31 August 2024
James Bly Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The long held stocks have been revalued based upon a discounted ticket price.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,551 2,496
Trade creditors 5,570 7,885
Taxation and social security costs 10,871 4,221
Other creditors 27,909 68,665
46,901 83,267
4 Revaluation reserve 2023 2022
£ £
At 1 January 2023 46,878 28,878
Gain on revaluation of land and buildings - 18,000
At 31 December 2023 46,878 46,878
5 Other information
James Bly Limited is a private company limited by shares and incorporated in England. Its registered office is:
59 Coopers Close,
Stepney
London,
E1 4BB
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