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Company Registration number: 12282075

J.J.Nowell Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

J.J.Nowell Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

J.J.Nowell Limited

(Registration number: 12282075)
Balance Sheet as at 31 October 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

749

349

Investment property

5

1,188,004

753,647

 

1,188,753

753,996

Current assets

 

Debtors

6

4,790

2,595

Cash at bank and in hand

 

4,635

7,487

 

9,425

10,082

Creditors: Amounts falling due within one year

7

(214,862)

(216,425)

Net current liabilities

 

(205,437)

(206,343)

Total assets less current liabilities

 

983,316

547,653

Creditors: Amounts falling due after more than one year

7

(854,803)

(547,236)

Provisions for liabilities

(42,853)

-

Net assets

 

85,660

417

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

128,560

-

Retained earnings

(43,000)

317

Shareholders' funds

 

85,660

417

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

J.J.Nowell Limited

(Registration number: 12282075)
Balance Sheet as at 31 October 2024

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 January 2025
 

.........................................
Mr J J Nowell
Director

   
     
 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
7 Pymore Road
Bridport
Dorset
DT6 3XE

These financial statements were authorised for issue by the director on 20 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Prior period errors

A prior period adjustment was made to reflect the correct carrying value of investment property that had been previously understated. Investment property has been increased by an amount of £154,223. The adjustment did not impact the company’s net assets or profit and loss.

An adjustment was also made to long term liabilities in order to reflect the omission of the respective amounts borrowed on investment properties. This adjustment also had no effect on the company’s net assets or profit and loss.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% on cost

Office equipment

25% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

1,394

-

1,394

Additions

-

899

899

At 31 October 2024

1,394

899

2,293

Depreciation

At 1 November 2023

1,045

-

1,045

Charge for the year

349

150

499

At 31 October 2024

1,394

150

1,544

Carrying amount

At 31 October 2024

-

749

749

At 31 October 2023

349

-

349

5

Investment properties

2024
£

At 1 November

753,647

Additions

262,944

Fair value adjustments

171,413

At 31 October

1,188,004

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Other debtors

4,790

2,595

 

4,790

2,595

 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

(As restated)

2023
£

Due within one year

Accruals and deferred income

2,100

1,080

Other creditors

212,762

215,345

214,862

216,425

Creditors: amounts falling due after more than one year

Note

2024
£

(As restated)

2023
£

Due after one year

 

Loans and borrowings

9

854,803

547,236

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £854,803 (2023 - £547,236).

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

(As restated)

2023
£

Non-current loans and borrowings

Bank borrowings

854,803

547,236

 

J.J.Nowell Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

10

Related party transactions

Transactions with directors

Included in other creditors due within one year is an amount owed to the director of £212,163 (2023 - £214,745). This balance is interest free and repayable upon demand.