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COMPANY REGISTRATION NUMBER: 06165860
FJN GROUP LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
FJN GROUP LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
FJN GROUP LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
59,938
99,540
CURRENT ASSETS
Debtors
7
422,154
323,135
Cash at bank and in hand
63,313
243,360
------------
------------
485,467
566,495
CREDITORS: amounts falling due within one year
8
173,090
181,116
------------
------------
NET CURRENT ASSETS
312,377
385,379
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
372,315
484,919
CREDITORS: amounts falling due after more than one year
9
20,398
36,543
------------
------------
NET ASSETS
351,917
448,376
------------
------------
FJN GROUP LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
103
103
Profit and loss account
351,814
448,273
------------
------------
SHAREHOLDERS FUNDS
351,917
448,376
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
Mr G Whillis
Director
Company registration number: 06165860
FJN GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Galleria, 2nd Floor Station Road, Crawley, RH10 1WW, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises income from contract placements and permanent placements and is measured at fair value of the consideration received or receivable. In relation to contract placements turnover is recognised by the company in respect of services supplied on a month-on-month basis. For permanent placements turnover is recognised when candidates commence employment with the client, after making due allowance for cancellations of placements shortly after the commencement of employment.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to leasehold
-
Over 5 years
Right of use assets
-
Over the length of the lease
Furniture and Fittings
-
25% straight line
Motor vehicle
-
25% straight line
Office Equipment
-
25 % straight line
Bicycle
-
25 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 16 (2023: 10 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
46,354
72,989
----------
----------
Tax on profit
46,354
72,989
----------
----------
6. TANGIBLE ASSETS
Improvement to leasehold
Right of use assets
Fixtures, fittings and equipment
Motor vehicles
Bicycle
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
2,889
48,640
22,352
120,999
17,823
212,703
Additions
2,250
4,638
6,888
Disposals
( 85,599)
( 7,810)
( 93,409)
--------
----------
----------
------------
----------
------------
At 31 Mar 2024
5,139
48,640
26,990
35,400
10,013
126,182
--------
----------
----------
------------
----------
------------
Depreciation
At 1 Apr 2023
1,158
7,872
12,099
82,707
9,327
113,163
Charge for the year
1,027
14,299
6,026
8,850
2,503
32,705
Disposals
( 73,766)
( 5,858)
( 79,624)
--------
----------
----------
------------
----------
------------
At 31 Mar 2024
2,185
22,171
18,125
17,791
5,972
66,244
--------
----------
----------
------------
----------
------------
Carrying amount
At 31 Mar 2024
2,954
26,469
8,865
17,609
4,041
59,938
--------
----------
----------
------------
----------
------------
At 31 Mar 2023
1,731
40,768
10,253
38,292
8,496
99,540
--------
----------
----------
------------
----------
------------
7. DEBTORS
2024
2023
£
£
Trade debtors
165,694
233,610
Other debtors
256,460
89,525
------------
------------
422,154
323,135
------------
------------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
14,168
14,345
Corporation tax
60,910
72,953
Social security and other taxes
56,370
63,264
Other creditors
31,642
20,554
------------
------------
173,090
181,116
------------
------------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Right of use loan
7,898
14,043
----------
----------
20,398
36,543
----------
----------
10. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
1,550
-----
--------
11. EVENTS AFTER THE END OF THE REPORTING PERIOD
On 21 June 2024 FJN Group Ltd was acquired by Barrington James Limited incorporated in England & Wales.
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At 31 March 2024 the director owed FJN Group Ltd £196,513 (2023:NIL). There are no terms attached to the loan provided to the director and it has been provided by the company interest free.