Company registration number 09546219 (England and Wales)
JONATHAN TERRY BATHROOMS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
JONATHAN TERRY BATHROOMS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JONATHAN TERRY BATHROOMS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,100
2,200
Tangible assets
4
21,108
271
22,208
2,471
Current assets
Debtors
5
30,278
25,728
Cash at bank and in hand
-
0
274
30,278
26,002
Creditors: amounts falling due within one year
6
(18,679)
(12,129)
Net current assets
11,599
13,873
Total assets less current liabilities
33,807
16,344
Creditors: amounts falling due after more than one year
7
(26,578)
(14,177)
Provisions for liabilities
(377)
(51)
Net assets
6,852
2,116
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
6,851
2,115
Total equity
6,852
2,116

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 18 October 2024
Mr J D A Terry
Director
Company Registration No. 09546219
JONATHAN TERRY BATHROOMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Jonathan Terry Bathrooms Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for bathroom installations provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance
Motor vehicles
25% reducing balance
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised on the profit and loss account in other administrative expenses.

JONATHAN TERRY BATHROOMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

 

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.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
JONATHAN TERRY BATHROOMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
11,000
Amortisation and impairment
At 1 May 2023
8,800
Amortisation charged for the year
1,100
At 30 April 2024
9,900
Carrying amount
At 30 April 2024
1,100
At 30 April 2023
2,200
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
339
-
0
339
Additions
-
0
23,320
23,320
At 30 April 2024
339
23,320
23,659
Depreciation and impairment
At 1 May 2023
68
-
0
68
Depreciation charged in the year
54
2,429
2,483
At 30 April 2024
122
2,429
2,551
Carrying amount
At 30 April 2024
217
20,891
21,108
At 30 April 2023
271
-
0
271
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
30,278
25,728
JONATHAN TERRY BATHROOMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,768
2,451
Taxation and social security
6,925
5,730
Other creditors
7,986
3,948
18,679
12,129
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,787
14,177
Other creditors
14,791
-
0
26,578
14,177
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,344
3,739
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
9
Related party transactions

The company has an existing loan with Edward Alexander Property Limited. At the year end the amount owed to Jonathan Terry Bathrooms Limited was £25,728 (2023: £25,728), this amount is included in debtors: amounts falling due within one year. Mr J Terry is a director of both Jonathan Terry Bathrooms Limited and Edward Alexander Property Limited.

 

The company has an existing loan with Design Kitchens Limited. At the year end the amount owed to Jonathan Terry Bathrooms Limited was £4,550, this amount is included in debtors: amounts falling due within one year. Mr J Terry is a director of both Jonathan Terry Bathrooms Limited and Design Kitchens Limited.

10
Directors' transactions

Dividends totalling £18,000 (2023 - £12,000) were paid in the year in respect of shares held by the company's director.

The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors fees. At the year end the amount outstanding to the director was £3,736 (2023 - £2,167). This amount being included in creditors amounts falling due within one year.

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