Company No:
Contents
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 |
The director presents this annual report and the unaudited financial statements of the company for the financial period ended 31 January 2024.
PRINCIPAL ACTIVITIES
DIRECTOR
The director, who served during the financial period and to the date of this report except as noted, was as follows:
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(Appointed 19 January 2023) |
Approved and signed by:
Jamie Tereasa Farquharson-Welsh
Director |
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.
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.
Chartered Accountants
Aberdeen
AB10 1XL
Period from 19.01.2023 to 31.01.2024 |
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£ | ||
Turnover |
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Administrative expenses | (
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Operating profit and profit before taxation |
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Tax on profit | (
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Profit for the financial period |
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31.01.2024 | ||
£ | ||
Current assets | ||
Debtors | 3 |
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Cash at bank and in hand |
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108,153 | ||
Creditors: amounts falling due within one year | 4 | (
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Net current assets | 1,697 | |
Total assets less current liabilities | 1,697 | |
Net assets |
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Capital and reserves | ||
Called-up share capital | 5 |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of JTFW LTD (registered number:
Jamie Tereasa Farquharson-Welsh
Director |
Called-up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 19 January 2023 |
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Profit for the financial period |
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Total comprehensive income |
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Issue of share capital |
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At 31 January 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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.
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.
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.
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.
Period from 19.01.2023 to 31.01.2024 |
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Number | |
Monthly average number of persons employed by the company during the period, including the director |
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31.01.2024 | |
£ | |
Other debtors |
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31.01.2024 | |
£ | |
Corporation tax |
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Other creditors |
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31.01.2024 | |
£ | |
Allotted, called-up and not yet paid | |
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3 |
Transactions with the entity's director
31.01.2024 | |
£ | |
Amounts due to directors | 102,212 |
Period from 19.01.2023 to 31.01.2024 |
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£ | |
Turnover | |
Sales |
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Administrative expenses | |
Motor expenses | (
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Legal and professional fees | (
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Sundry expenses | (
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(3,086) | |
Operating profit and profit before taxation |
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