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Registration number: 04435595

W J James & Co Limited trading as W J James & Co

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

W J James & Co Limited

trading as W J James & Co

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

W J James & Co Limited

trading as W J James & Co

Company Information

Directors

Mr N J Morrell

Mr W A Williams

Mrs K R Saunders-Jones

Mrs J M Roderick

Company secretary

Mr W A Williams

Registered office

Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Bankers

Barclays Bank plc
57 Frogmore Street
Abergavenny
Monmouthshire
NP7 5AT

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

W J James & Co Limited

trading as W J James & Co

(Registration number: 04435595)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

5

10,181

12,610

Current assets

 

stocks

7,850

7,531

Debtors

6

559,401

527,947

Cash at bank and in hand

 

32,394

57,092

 

599,645

592,570

Creditors: Amounts falling due within one year

7

(304,432)

(302,096)

Net current assets

 

295,213

290,474

Total assets less current liabilities

 

305,394

303,084

Creditors: Amounts falling due after more than one year

7

(26,509)

(47,299)

Provisions for liabilities

(2,545)

(2,396)

Net assets

 

276,340

253,389

capital and reserves

 

Called up share capital

758

758

Capital redemption reserve

250

250

Profit and loss account

275,332

252,381

Total equity

 

276,340

253,389

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

 

W J James & Co Limited

trading as W J James & Co

(Registration number: 04435595)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

.........................................

Mr N J Morrell

Director

.........................................

Mr W A Williams

Company secretary and director

.........................................

Mrs K R Saunders-Jones

Director

.........................................

Mrs J M Roderick

Director

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

These financial statements were authorised for issue by the Board on 19 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Revenue recognition

Turnover is based on an assessment of the fair value of services provided in the ordinary course of the company’s activities at the balance sheet date as a proportion of the total value of the engagement. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the conditions will be met and the funds received.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on cost

Plant and machinery

At varying rates on cost

Computer equipment

At varying rates on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

stocks

Stock represents stationery and other consumables on hand at the balance sheet date and are valued at cost.

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 19).

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

422,768

422,768

At 31 March 2024

422,768

422,768

Amortisation

At 1 April 2023

422,768

422,768

At 31 March 2024

422,768

422,768

Carrying amount

At 31 March 2024

-

-

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

14,472

22,057

44,616

81,145

Additions

490

-

-

490

At 31 March 2024

14,962

22,057

44,616

81,635

Depreciation

At 1 April 2023

14,065

18,022

36,448

68,535

Charge for the year

257

2,149

513

2,919

At 31 March 2024

14,322

20,171

36,961

71,454

Carrying amount

At 31 March 2024

640

1,886

7,655

10,181

At 31 March 2023

407

4,035

8,168

12,610

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

6

debtors

2024
£

2023
£

trade debtors

247,023

215,687

Prepayments

27,824

28,152

Other debtors

284,554

284,108

559,401

527,947

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

20,796

20,355

trade creditors

 

28,713

28,232

Taxation and social security

 

102,194

102,498

Other creditors

 

152,729

151,011

 

304,432

302,096

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,509

47,299

 

W J James & Co Limited

trading as W J James & Co

Notes to the Financial Statements
for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

750

750

750

750

"A" Ordinary of £1 each

2

2

2

2

"B" Ordinary of £1 each

2

2

2

2

"C" Ordinary of £1 each

2

2

2

2

"D" Ordinary of £1 each

2

2

2

2

 

758

758

758

758

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

26,509

47,299

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,796

20,355