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JACCOUNTANCY (UK) LTD

Registered Number
12059528
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

JACCOUNTANCY (UK) LTD
Company Information
for the year from 1 January 2024 to 31 December 2024

Director

WILSON, Jay

Registered Address

Maling Exchange Hoults Yard
Walker Road
Newcastle Upon Tyne
NE6 2HL

Registered Number

12059528 (England and Wales)
JACCOUNTANCY (UK) LTD
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets36,2451,010
Tangible assets471,80817,633
78,05318,643
Current assets
Debtors5155,81835,492
Cash at bank and on hand11,62818,970
167,44654,462
Creditors amounts falling due within one year6(132,271)(111,810)
Net current assets (liabilities)35,175(57,348)
Total assets less current liabilities113,228(38,705)
Creditors amounts falling due after one year(83,994)(34,067)
Provisions for liabilities-(3,500)
Net assets29,234(76,272)
Capital and reserves
Called up share capital1001
Profit and loss account29,134(76,273)
Shareholders' funds29,234(76,272)
The financial statements were approved and authorised for issue by the Director on 10 January 2025, and are signed on its behalf by:
WILSON, Jay
Director
Registered Company No. 12059528
JACCOUNTANCY (UK) LTD
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
Jaccountancy (UK) Ltd. (''The company'') is a private company that is domiciled and incorporated in England and Wales. The company's registered number is 12059528 with the registered address at Maling Exchange Hoults Yard, Walker Road, Newcastle Upon Tyne, Tyne And Wear, England, NE6 2HL
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in £ sterling and this is the functional currency of the company
Going concern
The Company’s improved financial performance is primarily driven by increased revenues and prudent cost management, and ongoing financial support from the Director. The Director is confident that the Company will remain profitable and sustain adequate cash flows and funding for at least the next twelve months from the date these financial statements are approved. As a result, the Director continues to prepare these financial statements on a going concern basis.
Revenue from rendering of services
The Company’s revenue recognition policy is in accordance with FRS 102 Section 23 (notably paragraphs 23.3 and 23.7–23.10), which requires that revenue from the provision of services is recognised when (or as) the entity obtains an unconditional right to consideration, or as performance obligations are fulfilled. 1. Nature of Contracts • Clients commit to a minimum 12-month period, payable monthly. • If early termination occurs, the remaining balance of the minimum term (and any renewal term) becomes payable in full under the early-termination provisions. 2. Monthly Revenue Recognition • Revenue is recognised monthly as services are rendered. • Any amounts billed in advance of services being performed are recorded as “Deferred Revenue” until earned. • If services have been performed but not yet invoiced, such amounts may be recognised as “Accrued Income” (a Contract Asset), provided the Company has an unconditional right to receive payment. 3. Future Payments • Although future payments may be contractually guaranteed, they are not recognised as a receivable or recorded as revenue until (a) the related performance obligations have been satisfied, or (b) an early-termination event has occurred, triggered by the client, making the remaining balance of the contract enforceable. As at the reporting date the company had unrealised revenue of £727,274 (2023: £205,000)
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
The company has transactions in GBP, EUR and USD. Transactions in these foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are realised and charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
Research expenditure is written off against profits in the year that it was incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the profit and loss account over the estimated useful lives of each class of asset using a straight-line method, unless otherwise stated.

Straight line (years)
Land and buildings30
Plant and machinery3
Fixtures and fittings5
Vehicles4
Office Equipment3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year94
3.Intangible assets
During the year, the Company capitalised £5,460 of website development costs. These costs were incurred as a result of work performed by the Company’s internal development team to create an intangible asset. The website plays a critical role in the Company’s operations, serving as a core tool for client onboarding and internal operational management

Total

£
Cost or valuation
At 01 January 241,010
Additions5,460
At 31 December 246,245
Amortisation and impairment
Charge for year225
Net book value
At 31 December 246,245
At 31 December 231,010
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 2435,861
Additions70,798
At 31 December 24106,659
Depreciation and impairment
At 01 January 2418,228
Charge for year16,623
At 31 December 2434,851
Net book value
At 31 December 2471,808
At 31 December 2317,633
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables106,909-
Other debtors35,31635,492
Prepayments and accrued income13,593-
Total155,81835,492
Short-term debtors are measured at transaction price, which is typically the invoice price. Where applicable, adjustments are made for impairment to reflect amounts expected to be recovered. Loans and other financial assets are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost, determined using the effective interest method.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables74,75874,795
Taxation and social security57,51310,395
Other creditors-16,750
Accrued liabilities and deferred income-9,870
Total132,271111,810
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £781 (2023 - £481) were due to the scheme. They are included in creditors.
8.Controlling party
Mr. Jay Wilson, who is both the sole Director and sole shareholder of Jaccountancy (UK) Ltd., is considered to be the ultimate controlling party of the Company.