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Company No: SC755887 (Scotland)

JTFW LTD

Annual Report and Unaudited Financial Statements
For the financial period from 19 January 2023 to 31 January 2024

JTFW LTD

Annual Report and Unaudited Financial Statements

For the financial period from 19 January 2023 to 31 January 2024

Contents

JTFW LTD

COMPANY INFORMATION

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

COMPANY INFORMATION (continued)

For the financial period from 19 January 2023 to 31 January 2024
DIRECTOR Jamie Tereasa Farquharson-Welsh (Appointed 19 January 2023)
REGISTERED OFFICE 6 & 7 Queens Terrace
Aberdeen
AB10 1XL
United Kingdom
COMPANY NUMBER SC755887 (Scotland)
CHARTERED ACCOUNTANTS Hall Morrice LLP
6 & 7 Queen's Terrace
Aberdeen
AB10 1XL
BANKERS Royal Bank of Scotland
40 Albyn Place
Aberdeen
AB10 1YN
JTFW LTD

DIRECTOR'S REPORT

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

DIRECTOR'S REPORT (continued)

For the financial period from 19 January 2023 to 31 January 2024

The director presents this annual report and the unaudited financial statements of the company for the financial period ended 31 January 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company is that of the provision of consultancy services. The company commenced trading on 19th January 2023.

DIRECTOR

The director, who served during the financial period and to the date of this report except as noted, was as follows:

Jamie Tereasa Farquharson-Welsh (Appointed 19 January 2023)

This Director's Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved and signed by:

Jamie Tereasa Farquharson-Welsh
Director

07 October 2024

JTFW LTD

DIRECTOR'S RESPONSIBILITIES STATEMENT

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

DIRECTOR'S RESPONSIBILITIES STATEMENT (continued)

For the financial period from 19 January 2023 to 31 January 2024

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the director must not approve the financial statements unless the director is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that financial period.

In preparing these financial statements, the director is required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JTFW LTD

For the financial period from 19 January 2023 to 31 January 2024

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JTFW LTD (continued)

For the financial period from 19 January 2023 to 31 January 2024

In accordance with the engagement letter dated 26 September 2024 and in order to assist you to fulfil your duties under the Companies Act 2006, the accounts which follow have been prepared from the accounting records and information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken to enable us to prepare for your approval the accounts on behalf of the Company's Board of Directors and for no other purpose in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that the Company has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of the Company. You consider that the Company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the accounts.

Hall Morrice LLP
Chartered Accountants

6 & 7 Queen's Terrace
Aberdeen
AB10 1XL

07 October 2024

JTFW LTD

PROFIT AND LOSS ACCOUNT

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

PROFIT AND LOSS ACCOUNT (continued)

For the financial period from 19 January 2023 to 31 January 2024
Period from
19.01.2023 to
31.01.2024
£
Turnover 5,224
Administrative expenses ( 3,086)
Operating profit and profit before taxation 2,138
Tax on profit ( 444)
Profit for the financial period 1,694
JTFW LTD

BALANCE SHEET

As at 31 January 2024
JTFW LTD

BALANCE SHEET (continued)

As at 31 January 2024
31.01.2024
£
Current assets
Debtors 3 300
Cash at bank and in hand 107,853
108,153
Creditors: amounts falling due within one year 4 ( 106,456)
Net current assets 1,697
Total assets less current liabilities 1,697
Net assets 1,697
Capital and reserves
Called-up share capital 5 3
Profit and loss account 1,694
Total shareholders' funds 1,697

For the financial period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of JTFW LTD (registered number: SC755887) were approved and authorised for issue by the Director on 07 October 2024. They were signed on its behalf by:

Jamie Tereasa Farquharson-Welsh
Director
JTFW LTD

STATEMENT OF CHANGES IN EQUITY

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial period from 19 January 2023 to 31 January 2024
Called-up share capital Profit and loss account Total
£ £ £
At 19 January 2023 0 0 0
Profit for the financial period 0 1,694 1,694
Total comprehensive income 0 1,694 1,694
Issue of share capital 3 0 3
At 31 January 2024 3 1,694 1,697
JTFW LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 19 January 2023 to 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

JTFW LTD (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 6 & 7 Queens Terrace, Aberdeen, AB10 1XL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
19.01.2023 to
31.01.2024
Number
Monthly average number of persons employed by the company during the period, including the director 1

3. Debtors

31.01.2024
£
Other debtors 300

4. Creditors: amounts falling due within one year

31.01.2024
£
Corporation tax 444
Other creditors 106,012
106,456

5. Called-up share capital

31.01.2024
£
Allotted, called-up and not yet paid
1 Ordinary A Shares share of £ 1.00 1
2 Ordinary B Shares shares of £ 1.00 each 2
3

During the period 1 A share of £1 and 2 B shares of £1 were issues at par. B shares carry no voting rights.

6. Related party transactions

Transactions with the entity's director

31.01.2024
£
Amounts due to directors 102,212
JTFW LTD

DETAILED PROFIT AND LOSS ACCOUNT

For the financial period from 19 January 2023 to 31 January 2024
JTFW LTD

DETAILED PROFIT AND LOSS ACCOUNT (continued)

For the financial period from 19 January 2023 to 31 January 2024
Period from
19.01.2023 to
31.01.2024
£
Turnover
Sales 5,224
Administrative expenses
Motor expenses ( 315)
Legal and professional fees ( 2,447)
Sundry expenses ( 324)
(3,086)
Operating profit and profit before taxation 2,138