REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Buster Jimmy Finance Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
Buster Jimmy Finance Limited |
Buster Jimmy Finance Limited (Registered number: 11862244) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Buster Jimmy Finance Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Lichfield Street |
Burton on Trent |
Staffordshire |
DE14 3RD |
Buster Jimmy Finance Limited (Registered number: 11862244) |
Abridged Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Buster Jimmy Finance Limited (Registered number: 11862244) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Buster Jimmy Finance Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been drawn up on the going concern basis and we refer to note 9 to the financial statements explaining the position. |
Revenue recognition |
Revenue for the company comprises the fair value of the consideration received or receivable. |
The interest receivable is recognised on a time proportion basis using the effective rate of interest method. The interest receivable is on loan notes issued and also loans given to other parties at a commercial rate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Investments in financial assets |
Loans and receivables are non derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the company provides notes to a debtor with no intention of trading the receivable. They are included within noncurrent assets as they are related to Loan notes redeemable by 2040. |
Borrowings |
Redeemable Preference Shares which are mandatorily redeemable on a specific date are classified as liabilities. The dividends on these preference shares are taken to the income statement as a finance expense. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Buster Jimmy Finance Limited (Registered number: 11862244) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
The other debtors falling due after more than 5 years are loan notes with Buster Jimmy Investments Limited which are unsecured Redeemable Loan Notes 2040. Interest is receivable at the rate of 2.5% per annum. |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2023 | 2022 |
£ | £ |
Repayable otherwise than by instalments |
Preference shares |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary Shares | £1 | 100 | 100 |
Ordinary shares are classified as equity. Mandatorily redeemable preference shares are classified as liabilities. |
7. | RELATED PARTY DISCLOSURES |
The balance owed by group undertakings at 31 December 2023 was £43,876,464 (2022: £53,449,363). |
The balance owed by associated companies under common control at 31 December 2023 was £36,358,837 (2022: £22,990,902). |
Interest is charged on the group debt at the rate of 3% per annum. No interest has been charged on the associated company debts but subsequent to the year end agreement has been reached to charge a market rate on such debts. |
8. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
9. | GOING CONCERN |
The company has incurred a loss in the year of £1,153,853 and has accumulated a deficit of £4,120,195. |
Subsequent to the year end the directors have reached agreements with associated companies to charge a market rate of interest. In addition the directors have continued to seek other suitable lending opportunities. Consequently there has been an increase in the turnover and the directors are confident the company will remain a going concern. |