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Registered number: 10874329
Chez Jerome Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Spicer & Co UK Limited
Chartered Accountants
Staple House
5 Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10874329
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 43,219 49,505
43,219 49,505
CURRENT ASSETS
Stocks 6 1,500 1,500
Cash at bank and in hand 4,212 2,583
5,712 4,083
Creditors: Amounts Falling Due Within One Year 7 (133,174 ) (110,922 )
NET CURRENT ASSETS (LIABILITIES) (127,462 ) (106,839 )
TOTAL ASSETS LESS CURRENT LIABILITIES (84,243 ) (57,334 )
Creditors: Amounts Falling Due After More Than One Year 8 (13,574 ) (23,845 )
NET LIABILITIES (97,817 ) (81,179 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (97,819 ) (81,181 )
SHAREHOLDERS' FUNDS (97,817) (81,179)
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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.
On behalf of the board
Mrs Maria Santos-Dehoux
Director
24/01/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Chez Jerome Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10874329 . The registered office is Staple House, 5 Eleanors Cross, Dunstable, Bedfordshire, LU6 1SU.
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. Going Concern Disclosure
At the balance sheet date, liabilities exceed assets by £97,817 (2023: £81,179). However, the financials statements have been prepared on going concern basis as the company has the continuing support from its director and shareholder. The director is therefore satisfied that the financial statements have been correctly prepared on the going concern basis.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.5. 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:
Leasehold over the lease term
Fixtures & Fittings 25% reducing balance method
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. 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.
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2.8. 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.
2.9. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 5,000
As at 31 July 2024 5,000
Amortisation
As at 1 August 2023 5,000
As at 31 July 2024 5,000
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 120,000 11,425 131,425
As at 31 July 2024 120,000 11,425 131,425
Depreciation
As at 1 August 2023 71,639 10,281 81,920
Provided during the period 6,000 286 6,286
As at 31 July 2024 77,639 10,567 88,206
Net Book Value
As at 31 July 2024 42,361 858 43,219
As at 1 August 2023 48,361 1,144 49,505
6. Stocks
2024 2023
£ £
Stock 1,500 1,500
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 10,490 10,231
Other creditors 116,819 93,832
Taxation and social security 5,865 6,859
133,174 110,922
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,574 23,845
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Reserves
Profit and Loss account
The Profit and Loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholder. This is a distributable reserve.
11. Related Party Transactions
As at balance sheet date, included in creditors are amounts due to director of £116,819 (2023: £93,832).
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