Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-3112022-11-01falseNo description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09832964 2022-11-01 2023-10-31 09832964 2021-11-01 2022-10-31 09832964 2023-10-31 09832964 2022-10-31 09832964 2021-11-01 09832964 c:Director1 2022-11-01 2023-10-31 09832964 d:MotorVehicles 2022-11-01 2023-10-31 09832964 d:ComputerEquipment 2022-11-01 2023-10-31 09832964 d:ComputerEquipment 2023-10-31 09832964 d:ComputerEquipment 2022-10-31 09832964 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 09832964 d:CurrentFinancialInstruments 2023-10-31 09832964 d:CurrentFinancialInstruments 2022-10-31 09832964 d:Non-currentFinancialInstruments 2023-10-31 09832964 d:Non-currentFinancialInstruments 2022-10-31 09832964 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 09832964 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 09832964 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 09832964 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 09832964 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 09832964 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 09832964 d:ShareCapital 2023-10-31 09832964 d:ShareCapital 2022-10-31 09832964 d:ShareCapital 2021-11-01 09832964 d:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 09832964 d:RetainedEarningsAccumulatedLosses 2023-10-31 09832964 d:RetainedEarningsAccumulatedLosses 2021-11-01 2022-10-31 09832964 d:RetainedEarningsAccumulatedLosses 2022-10-31 09832964 d:RetainedEarningsAccumulatedLosses 2021-11-01 09832964 c:FRS102 2022-11-01 2023-10-31 09832964 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 09832964 c:FullAccounts 2022-11-01 2023-10-31 09832964 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09832964 2 2022-11-01 2023-10-31 09832964 6 2022-11-01 2023-10-31 09832964 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 09832964










JSDM PROJECTS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
JSDM PROJECTS LTD
REGISTERED NUMBER: 09832964

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
549
-

Investments in associates
  
16,288
16,288

  
16,837
16,288

Current assets
  

Debtors
 6 
2,294,678
2,874,670

Cash at bank and in hand
 7 
271,755
124,498

  
2,566,433
2,999,168

Creditors: amounts falling due within one year
 8 
(279,808)
(13,528,391)

Net current assets/(liabilities)
  
 
 
2,286,625
 
 
(10,529,223)

Total assets less current liabilities
  
2,303,462
(10,512,935)

Creditors: amounts falling due after more than one year
 9 
(12,353,230)
(50,000)

  

Net liabilities
  
(10,049,768)
(10,562,935)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(10,049,868)
(10,563,035)

  
(10,049,768)
(10,562,935)


Page 1

 
JSDM PROJECTS LTD
REGISTERED NUMBER: 09832964
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J Marriott
Director

Date: 9 October 2024

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
JSDM PROJECTS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2021
100
271,531
271,631



Loss for the year
-
(10,714,566)
(10,714,566)

Dividends: Equity capital
-
(120,000)
(120,000)



At 1 November 2022
100
(10,563,035)
(10,562,935)



Profit for the year
-
513,167
513,167


At 31 October 2023
100
(10,049,868)
(10,049,768)


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

JSDM Projects Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is at 41 Amersham Road, New Cross, London, SE14 6QQ. The company's registered number is 09832964.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Going concern

The company’s accounts have been prepared on a going concern basis. However, as a result of the company’s most significant debtor entering into administration, it has been necessary to make a provision against recovery of this debtor in the prior years accounts amounting to £11,464,968.
The director has since been able to negoiate a plan to recover some of these previously written of funds amounting to £890,019 which has been recognised in the company's Profit and Loss. 
Largely as a result of this the company has made a profit for the year of £513,167 (2022: Loss £10,714,566).  In order to ensure that the company can continue as a going concern, the director has been negotiating with the company’s creditors to reschedule the repayment date of the company’s loan agreements. Those that fall due within one year are being extended for a period of two years, up to the end of May 2025. The director considers that these actions will enable the company to continue to operate as a going concern.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
on cost
Computer equipment
-
25%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 6

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

2023
2022
£
£

Wages and salaries
24,405
27,054

Social security costs
504
505

24,909
27,559


The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


At 1 November 2022
820


Additions
561



At 31 October 2023

1,381



Depreciation


At 1 November 2022
820


Charge for the year on owned assets
12



At 31 October 2023

832



Net book value



At 31 October 2023
549



At 31 October 2022
-

Page 8

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 November 2022
16,288



At 31 October 2023
16,288





6.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
1,544,321
653,603

1,544,321
653,603

Due within one year

Other debtors
792,477
13,672,769

Provision for bad debt
(42,120)
(11,451,702)

2,294,678
2,874,670





7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
271,755
124,498

271,755
124,498


Page 9

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
7,298
-

Corporation tax
-
6,263

Other creditors
270,010
12,922,862

Accruals and deferred income
2,500
599,266

279,808
13,528,391



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,591
50,000

Other creditors
12,316,639
-

12,353,230
50,000





10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
7,298
-


7,298
-

Amounts falling due 1-2 years

Bank loans
36,591
50,000


36,591
50,000



43,889
50,000


Page 10

 
JSDM PROJECTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Related party transactions

During the year, the company declared a dividend of £NIL (2022: £120,000).
At the year end £269,079 (2022: £398,423) was owed to J Marriott, director of the company. 

 
Page 11