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Registered number: 7313977
J Nicholls & Associates Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
J Nicholls & Associates Ltd
Chartered Management Accountants
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 7313977
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,688 1,700
1,688 1,700
CURRENT ASSETS
Debtors 5 56,699 34,930
Cash at bank and in hand 2,149 18,395
58,848 53,325
Creditors: Amounts Falling Due Within One Year 6 (14,120 ) (10,509 )
NET CURRENT ASSETS (LIABILITIES) 44,728 42,816
TOTAL ASSETS LESS CURRENT LIABILITIES 46,416 44,516
PROVISIONS FOR LIABILITIES
Deferred Taxation (321 ) (323 )
NET ASSETS 46,095 44,193
CAPITAL AND RESERVES
Called up share capital 7 2,001 2,001
Profit and Loss Account 44,094 42,192
SHAREHOLDERS' FUNDS 46,095 44,193
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved and signed by the director on 10 January 2025:
Mr J R Nicholls
Director
10/01/2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
J Nicholls & Associates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 7313977 . The registered office is 61 Prestbury Road, Cheltenham, Gloucestershire, GL52 2BY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. 
For the most part customers are invoiced monthly in arrears.  However in cases where work is performed over several months, turnover from the rendering of services is recognised by reference to the stage of completion of the contract against pre-agreed milestones. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 3 Years
Motor Vehicles 5 years
Computer Equipment 3 Years
Motor vehicle was actually disposed in May 2023- ie the last financial year. It had been fully depreciated at time of disposal so there is no impact on the financial statements
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 863 25,130 6,236 32,229
Additions - - 1,491 1,491
Disposals - (25,130 ) (2,791 ) (27,921 )
As at 30 June 2024 863 - 4,936 5,799
Depreciation
As at 1 July 2023 863 25,130 4,536 30,529
Provided during the period - - 1,153 1,153
Disposals - (25,130 ) (2,441 ) (27,571 )
As at 30 June 2024 863 - 3,248 4,111
Net Book Value
As at 30 June 2024 - - 1,688 1,688
As at 1 July 2023 - - 1,700 1,700
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 55,750 34,254
Other debtors 949 676
56,699 34,930
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,387 3,669
VAT 9,548 6,660
Director's loan account 3,185 180
14,120 10,509
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,001 2,001
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