Company registration number 05412471 (England and Wales)
Jon Ronson Limited
Unaudited financial statements
For the year ended 31 December 2023
Jon Ronson Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 8
Jon Ronson Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,003
3,006
Current assets
Debtors
5
742,226
762,306
Cash at bank and in hand
186,296
248,589
928,522
1,010,895
Creditors: amounts falling due within one year
6
(36,847)
(133,936)
Net current assets
891,675
876,959
Total assets less current liabilities
893,678
879,965
Provisions for liabilities
(501)
(571)
Net assets
893,177
879,394
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
893,077
879,294
Total equity
893,177
879,394
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 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.
Jon Ronson Limited
Statement of financial position (continued)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 September 2024 and are signed on its behalf by:
Mr J Ronson
Director
Company registration number 05412471 (England and Wales)
Jon Ronson Limited
Statement of changes in equity
For the year ended 31 December 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
100
762,141
762,241
Year ended 31 December 2022:
Profit and total comprehensive income
-
157,153
157,153
Dividends
-
(40,000)
(40,000)
Balance at 31 December 2022
100
879,294
879,394
Year ended 31 December 2023:
Profit and total comprehensive income
-
81,783
81,783
Dividends
-
(68,000)
(68,000)
Balance at 31 December 2023
100
893,077
893,177
Jon Ronson Limited
Notes to the financial statements
For the year ended 31 December 2023
- 4 -
1
Accounting policies
Company information
Jon Ronson Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o DJH Mitten Clarke, St George's House, 56 Peter Street, Manchester, England, M2 3NQ.
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. 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 for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Royalty and journalism royalties are recognised on an accruals basis.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
The copyright in respect of litiary works assigned to the company are fully amortised.
1.5
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:
Plant and equipment
15% and 25% reducing balances
Fixtures and fittings
15% reducing balances
Computers
33% straight line
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.
Jon Ronson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
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.
Financial instruments are recognised in the company's statement of financial position 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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Jon Ronson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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
Jon Ronson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 7 -
3
Intangible fixed assets
Other intangible assets
£
Cost
At 1 January 2023 and 31 December 2023
125,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
125,000
Carrying amount
At 31 December 2023
At 31 December 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
32,602
Depreciation and impairment
At 1 January 2023
29,596
Depreciation charged in the year
1,003
At 31 December 2023
30,599
Carrying amount
At 31 December 2023
2,003
At 31 December 2022
3,006
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
742,226
762,306
Jon Ronson Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
21,790
37,428
Other taxation and social security
2,182
4,311
Other creditors
12,875
92,197
36,847
133,936
7
Related party transactions
Included within other debtors is an amount of £729,850 (2022:£729,850) due from Jon Ronson LLC.