Company registration number 07451340 (England and Wales)
Jefferies Exp Limited
financial statements
For the year ended 31 December 2023
Jefferies Exp Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 9
Jefferies Exp Limited
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
414,800
Tangible assets
4
-
0
106,822
-
0
521,622
Current assets
Stocks
-
245,979
Debtors
5
3,175,522
3,719,802
Cash at bank and in hand
488,078
151
3,663,600
3,965,932
Creditors: amounts falling due within one year
6
(3,886,729)
(2,826,878)
Net current (liabilities)/assets
(223,129)
1,139,054
Total assets less current liabilities
(223,129)
1,660,676
Creditors: amounts falling due after more than one year
7
(5,464)
(378,341)
Provisions for liabilities
-
0
(19,733)
Net (liabilities)/assets
(228,593)
1,262,602
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(228,693)
1,262,502
Total equity
(228,593)
1,262,602

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr J T Maxey
Director
Company registration number 07451340 (England and Wales)
Jefferies Exp Limited
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information

Jefferies Exp Limited is a private company limited by shares incorporated in England and Wales. The registered office is South Court, 1 Sharston Road, Manchester, England, M22 4SN.

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
Going concern

The company will cease to trade on 31 July 2024 and the financial statements have been prepared on a basis other than that of the going concern basis. This includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed to at the reporting date.

1.3
Turnover

Revenue is generally recognised when the company obtains a right to claim revenue, estimated as the amount of revenue recoverable. Revenue not billed to clients is included in debtors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.

Rendering of Services

 

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when the company obtains the right to consideration in exchange for its performance under these contacts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients but excluding value added tax.

Other income

 

Furlough income which is a grant awarded by the government, is recognised in income over the periods in which the company recognises the related costs for which the grant is intended to compensate.

Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets - goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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:

Leasehold land and buildings
33% straight line
Fixtures and fittings
25% 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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Work in progress is valued at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

 

1.8
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.

1.9
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.

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.

Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 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.

1.12
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.

1.13
Leases
Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 6 -

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 year was:

2023
2022
Number
Number
Total
38
53
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
880,975
Amortisation and impairment
At 1 January 2023
466,175
Impairment losses
414,800
At 31 December 2023
880,975
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
414,800
Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 7 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
66,582
281,213
347,795
Additions
-
0
2,307
2,307
Disposals
(66,582)
(283,520)
(350,102)
At 31 December 2023
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2023
45,550
195,423
240,973
Depreciation charged in the year
2,728
19,652
22,380
Eliminated in respect of disposals
(48,278)
(215,075)
(263,353)
At 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
21,032
85,790
106,822
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,141,461
3,469,958
Other debtors
34,061
249,844
3,175,522
3,719,802
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,099
317,363
Trade creditors
2,446,185
2,170,692
Amounts owed to group undertakings
1,361,182
-
0
Taxation and social security
28,499
216,758
Other creditors
20,764
122,065
3,886,729
2,826,878

 

Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 8 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,464
200,000
Other creditors
-
0
178,341
5,464
378,341

Included within creditors are bank loans amounting to £35,563 (2022 - £517,363) with fixed and floating charges over all property and undertakings of the company in favour of Iceberg Group.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter

We draw attention to Note 1.2 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statement have been prepared on a basis other than going concern as described in Note 1.2. Our opinion is not modified in respect of this matter.

Senior Statutory Auditor:
Susan Redmond FCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
17 September 2024
9
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
£
£
28,959
85,191
10
Related party transactions
Balances with related parties
The following amounts were owed at the reporting end date:
Jefferies Exp Limited
Notes to the financial statements (continued)
For the year ended 31 December 2023
10
Related party transactions
(Continued)
- 9 -
Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
Other related parties
31,500
1,500
-
0
-
0
11
Parent company

The ultimate parent company is Express Solicitors Limited, incorporated in England and Wales. The registered office of the parent company is South Court, 1 Sharston Road, Manchester, England, M22 4SN. By virtue of the shareholdings in the parent company the ultimate controlling party is J Maxey.

12
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
346,733
Profit as adjusted
346,733
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