Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
|
|
|
5,646 | 6,641 | |||
Current assets | ||||
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
202,788 | 147,530 | |||
Creditors: amounts falling due within one year | 7 | (
|
(
|
|
Net current assets | 130,591 | 70,553 | ||
Total assets less current liabilities | 136,237 | 77,194 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Jem Projects (Plymouth) Limited (registered number:
Dr J E Metcalfe
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Jem Projects (Plymouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark LLP Unit 18, 23 Melville Building East, Royal William Yard, Plymouth,PL1 3GW, United Kingdom. The principal place of business is 69 Fore Street, Plympton, Plymouth, Devon, PL7 1NA.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.
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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Fixtures and fittings |
|
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
There was a prior year adjustment to the retained earnings as dividends were omitted from the previous year accounts.
The profit for the year has not been affected as a result of this omission. The impact of adjusting for the dividends is an increase of dividends declared and a decrease of retained earnings as follows:
As previously reported | Adjustment | As restated | ||||
Year ended 30 April 2023 | £ | £ | £ | |||
Dividends Owed | 57,000 | 29,140 | 86,140 | |||
Retained Earnings | 106,234 | (29,140) | 77,094 |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
|
|
|
At 30 April 2024 |
|
|
|
Accumulated amortisation | |||
At 01 May 2023 |
|
|
|
At 30 April 2024 |
|
|
|
Net book value | |||
At 30 April 2024 |
|
|
|
At 30 April 2023 |
|
|
Fixtures and fittings | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2023 |
|
|
|
At 30 April 2024 |
|
|
|
Accumulated depreciation | |||
At 01 May 2023 |
|
|
|
Charge for the financial year |
|
|
|
At 30 April 2024 |
|
|
|
Net book value | |||
At 30 April 2024 |
|
|
|
At 30 April 2023 |
|
|
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100 | 100 |
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Directors 1 & 2 | 86,205 | 27,436 |
During the year the Company advanced £90,346 to the directors (2023 - £28,065), of which £29,111 was repaid (2023 - £57,624). Interest was charged on this amount at the official HMRC rate and the balance is repayable on demand. The balance owed to the company at 30 April 2024 is £88,671 (2023- £27,436).