Registered number
07128717
Graeme John Limited
Filleted Accounts
31 March 2024
Graeme John Limited
Registered number: 07128717
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 35,236 38,953
Current assets
Debtors 5 160,356 179,737
Cash at bank and in hand 288,918 244,851
449,274 424,588
Creditors: amounts falling due within one year 6 (82,410) (81,296)
Net current assets 366,864 343,292
Total assets less current liabilities 402,100 382,245
Provisions for liabilities (7,966) (8,710)
Net assets 394,134 373,535
Capital and reserves
Called up share capital 336 336
Capital redemption reserve 168 168
Profit and loss account 393,630 373,031
Shareholders' funds 394,134 373,535
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Steven Reed
Director
Approved by the board on 21 October 2024
Graeme John Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment over 5 years
Motor vehicles over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 24
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 300,000
At 31 March 2024 300,000
Amortisation
At 1 April 2023 300,000
At 31 March 2024 300,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023 168,208
Additions 5,092
At 31 March 2024 173,300
Depreciation
At 1 April 2023 129,255
Charge for the year 8,809
At 31 March 2024 138,064
Net book value
At 31 March 2024 35,236
At 31 March 2023 38,953
5 Debtors 2024 2023
£ £
Trade debtors 56,917 76,737
Accrued income 100,000 100,000
Other debtors 3,439 3,000
160,356 179,737
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 6,335 6,181
Directors loan account 2,217 11,655
Taxation and social security costs 73,858 63,460
82,410 81,296
7 Controlling party
The company is controlled by directors Steven Reed and Lesley Pearce who each own 50% of the issued share capital.
8 Presentation currency
The financial statements are presented in Sterling and rounded to the nearest £1.
9 Other information
Graeme John Limited is a private company limited by shares and incorporated in England & Wales. Its registered office is:
1 Victoria Square
Aberdare
Rhondda Cynon Taff
CF44 7LA
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