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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
225,000
225,000
225,000
xbrli:pure
xbrli:shares
iso4217:GBP
13254600
2023-01-01
2023-12-31
13254600
2023-12-31
13254600
2022-01-01
2022-12-31
13254600
2022-12-31
13254600
bus:Director2
2023-01-01
2023-12-31
13254600
core:WithinOneYear
2023-12-31
13254600
core:WithinOneYear
2022-12-31
13254600
core:ShareCapital
2023-12-31
13254600
core:ShareCapital
2022-12-31
13254600
core:RetainedEarningsAccumulatedLosses
2023-12-31
13254600
core:RetainedEarningsAccumulatedLosses
2022-12-31
13254600
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
13254600
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
13254600
bus:Director2
2022-12-31
13254600
bus:Director2
2023-12-31
13254600
bus:Director2
2021-12-31
13254600
bus:Director2
2022-12-31
13254600
bus:Director2
2022-01-01
2022-12-31
13254600
bus:SmallEntities
2023-01-01
2023-12-31
13254600
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
13254600
bus:FullAccounts
2023-01-01
2023-12-31
13254600
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
13254600
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
13254600
Filleted Unaudited Financial Statements |
|
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
225,000 |
225,000 |
|
|
|
|
Current assets
Debtors |
7 |
456,373 |
415,617 |
Cash at bank and in hand |
967,751 |
1,192,767 |
|
------------ |
------------ |
|
1,424,124 |
1,608,384 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
2,080,470 |
2,077,940 |
|
------------ |
------------ |
Net current liabilities |
656,346 |
469,556 |
|
--------- |
--------- |
Total assets less current liabilities |
(
431,346) |
(
244,556) |
|
--------- |
--------- |
Net liabilities |
(
431,346) |
(
244,556) |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Profit and loss account |
(
431,347) |
(
244,557) |
|
--------- |
--------- |
Shareholders deficit |
(
431,346) |
(
244,556) |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
17 September 2024
, and are signed on behalf of the board by:
Company registration number:
13254600
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8 Radnor Cliff, Folkestone, CT20 2JN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
This includes the directors and key management personnel.
5.
Financial commitments
As at the reporting date the Company had no capital or other commitments or contracts for capital expenditure in place.
6.
Tangible assets
|
Long leasehold property |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
225,000 |
|
--------- |
Depreciation |
|
At 1 January 2023 and 31 December 2023 |
– |
|
--------- |
Carrying amount |
|
At 31 December 2023 |
225,000 |
|
--------- |
At 31 December 2022 |
225,000 |
|
--------- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
456,373 |
415,617 |
|
--------- |
--------- |
|
|
|
Included within other debtors are amounts owed by undertakings which are under common control. See note 12 for further details.
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
2,076,741 |
2,076,740 |
Social security and other taxes |
2,479 |
– |
Other creditors |
1,250 |
1,200 |
|
------------ |
------------ |
|
2,080,470 |
2,077,940 |
|
------------ |
------------ |
|
|
|
Amounts owed to group undertakings are interest free, unsecured and repayable on demand. See note 12 for further details.
9.
Financial instruments
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
10.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2023 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs J Cullen |
21,606 |
55,950 |
(
23,979) |
53,577 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
|
2022 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
|
|
£ |
£ |
£ |
£ |
|
Mrs J Cullen |
40,618 |
72,326 |
(
91,338) |
21,606 |
|
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
|
Overdrawn directors loan accounts are charged interest in line with HMRC guidelines. No interest is charged if directors loan account is in credit balance.
11.
Related party transactions
At the year end
JLC Financial Ltd
owed Lutomax Financial Ltd £2,076,741 (2022: £2,076,741). This loan is interest free, unsecured and repayable on demand. Both companies are under common control. During the year JLC Financial Limited loaned JJ Properties Kent Ltd £13,785. This loan is interest free, unsecured and repayable on demand. At the year-end the total loaned by JLC Financial Ltd
to JJ Properties Kent Ltd was £402,795 (2022: £389,010). Both companies are under common control. No further transactions with related parties were undertaken such as is required to be disclosed under the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.