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 |