Registered number
08508684
JEREMY'S LIMITED
Unaudited Filleted Accounts
30 April 2024
JEREMY'S LIMITED
Registered number: 08508684
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 615 1,988
Current assets
Stocks 8,000 7,200
Debtors 4 77,428 142,283
Cash at bank and in hand 3,288 3,180
88,716 152,663
Creditors: amounts falling due within one year 5 (73,595) (90,026)
Net current assets 15,121 62,637
Total assets less current liabilities 15,736 64,625
Creditors: amounts falling due after more than one year 6 (15,000) (23,333)
Net assets 736 41,292
Capital and reserves
Called up share capital 2 2
Profit and loss account 734 41,290
Shareholders' funds 736 41,292
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.
J Shotter
Director
Approved by the board on 23 January 2025
JEREMY'S LIMITED
Notes to the Accounts
for the year ended 30 April 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.
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:
Plant and machinery over 5 years
Motor vehicles over 5 years
Office equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 12,805 1,060 13,865
At 30 April 2024 12,805 1,060 13,865
Depreciation
At 1 May 2023 11,029 848 11,877
Charge for the year 1,161 212 1,373
At 30 April 2024 12,190 1,060 13,250
Net book value
At 30 April 2024 615 - 615
At 30 April 2023 1,776 212 1,988
4 Debtors 2024 2023
£ £
Trade debtors 1,618 3,480
Other debtors 75,810 138,803
77,428 142,283
Other debtors include £74,191 (2023: £138,803) owed by Jeremys Two Ltd, a related party.
Amounts due after more than one year included above 74,191 138,803
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 29,518 18,713
Trade creditors 18,850 36,860
Taxation and social security costs 20,847 28,417
Other creditors 4,380 6,036
73,595 90,026
Creditors include £4,498 of indirect taxes which may be considered to be secured creditors.
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 23,333
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases (net of VAT). 2,976 4,671
8 Related party transactions
The directors are paid salaries that are considered to be the market rate for a company of this type and size. Dividends were received in accordance with shareholdings. At 30/04/2024 the company was owed £74,191 (2023:£138,803) from Jeremys Two Ltd (same directors and shareholders). During the year Jeremys Two Ltd purchased an estimated £112,000 of produce on behalf of Jeremys Ltd which is recharged at the estimated cost (prior year Jeremys Ltd purchased an estimated net £47,830 on behalf of Jeremys Two Ltd). In the accounts both the purchase and the estimated recharge are shown netted off in Cost of Sales which may result in either a net profit or a net loss within the accounts from these transactions as the recharge is estimated. The company uses property owned by the directors/ shareholders. No rent is charged other than the interest on the mortgage which was £6,161 in the year.
9 Controlling party
The ultimate controlling party is J Shotter and C Shotter by virtue of their combined 100% shareholding.
10 Other information
JEREMY'S LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Ansty House
High Street
Henfield
West Sussex
BN5 9DA
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