Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2023-05-01false11truefalse 10157665 2023-05-01 2024-04-30 10157665 2022-05-01 2023-04-30 10157665 2024-04-30 10157665 2023-04-30 10157665 c:Director1 2023-05-01 2024-04-30 10157665 d:Buildings 2023-05-01 2024-04-30 10157665 d:Buildings 2024-04-30 10157665 d:Buildings 2023-04-30 10157665 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10157665 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 10157665 d:Buildings d:LongLeaseholdAssets 2024-04-30 10157665 d:Buildings d:LongLeaseholdAssets 2023-04-30 10157665 d:Buildings d:ShortLeaseholdAssets 2024-04-30 10157665 d:Buildings d:ShortLeaseholdAssets 2023-04-30 10157665 d:LandBuildings 2024-04-30 10157665 d:LandBuildings 2023-04-30 10157665 d:PlantMachinery 2023-05-01 2024-04-30 10157665 d:PlantMachinery 2024-04-30 10157665 d:PlantMachinery 2023-04-30 10157665 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10157665 d:MotorVehicles 2023-05-01 2024-04-30 10157665 d:MotorVehicles 2024-04-30 10157665 d:MotorVehicles 2023-04-30 10157665 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10157665 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 10157665 d:Goodwill 2024-04-30 10157665 d:Goodwill 2023-04-30 10157665 d:CurrentFinancialInstruments 2024-04-30 10157665 d:CurrentFinancialInstruments 2023-04-30 10157665 d:Non-currentFinancialInstruments 2024-04-30 10157665 d:Non-currentFinancialInstruments 2023-04-30 10157665 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 10157665 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10157665 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 10157665 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10157665 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 10157665 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 10157665 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 10157665 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 10157665 d:ShareCapital 2024-04-30 10157665 d:ShareCapital 2023-04-30 10157665 d:RetainedEarningsAccumulatedLosses 2024-04-30 10157665 d:RetainedEarningsAccumulatedLosses 2023-04-30 10157665 c:OrdinaryShareClass1 2023-05-01 2024-04-30 10157665 c:OrdinaryShareClass1 2024-04-30 10157665 c:OrdinaryShareClass1 2023-04-30 10157665 c:OrdinaryShareClass2 2023-05-01 2024-04-30 10157665 c:OrdinaryShareClass2 2024-04-30 10157665 c:OrdinaryShareClass2 2023-04-30 10157665 c:FRS102 2023-05-01 2024-04-30 10157665 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 10157665 c:FullAccounts 2023-05-01 2024-04-30 10157665 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 10157665 d:AcceleratedTaxDepreciationDeferredTax 2024-04-30 10157665 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 10157665 d:Goodwill d:OwnedIntangibleAssets 2023-05-01 2024-04-30 10157665 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10157665









JIM PUGH LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
JIM PUGH LIMITED
REGISTERED NUMBER: 10157665

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
                                                                                                               Note
£
£

Fixed assets
  

Intangible assets
 4 
-
1,671

Tangible assets
 5 
2,357,783
2,320,174

  
2,357,783
2,321,845

Current assets
  

Stocks
  
641,060
793,706

Debtors: amounts falling due within one year
 7 
187,254
138,815

  
828,314
932,521

Creditors: amounts falling due within one year
 8 
(582,635)
(662,104)

Net current assets
  
 
 
245,679
 
 
270,417

Total assets less current liabilities
  
2,603,462
2,592,262

Creditors: amounts falling due after more than one year
 9 
(719,475)
(1,001,465)

Provisions for liabilities
  

Deferred tax
 11 
(14,021)
(4,735)

  
 
 
(14,021)
 
 
(4,735)

Net assets
  
1,869,966
1,586,062


Capital and reserves
  

Called up share capital 
 12 
200
200

Profit and loss account
  
1,869,766
1,585,862

  
1,869,966
1,586,062

img0d08.png Page 1

 
JIM PUGH LIMITED
REGISTERED NUMBER: 10157665
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J K Pugh
Director

Date: 27 January 2025


The notes on pages 3 to 15 form part of these financial statements.
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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Jim Pugh Limited (company number 10157665) is a private limited company, limited by shares, incorporated in England and Wales, with its registered office and principal place of business at New House Farm, Kenley, Shrewsbury, Shropshire, SY5 6NS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Investment property
-
not depreciated
Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference
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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets
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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Intangible assets




Basic Payment

£



Cost


At 1 May 2023
10,549



At 30 April 2024

10,549



Amortisation


At 1 May 2023
8,878


Charge for the year on owned assets
1,671



At 30 April 2024

10,549



Net book value



At 30 April 2024
-



At 30 April 2023
1,671



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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Land and buildings
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 May 2023
2,301,700
69,951
13,221
2,384,872


Additions
-
39,100
20,000
59,100


Disposals
-
-
(8,300)
(8,300)



At 30 April 2024

2,301,700
109,051
24,921
2,435,672



Depreciation


At 1 May 2023
-
54,102
10,596
64,698


Charge for the year on owned assets
-
14,357
5,165
19,522


Disposals
-
-
(6,331)
(6,331)



At 30 April 2024

-
68,459
9,430
77,889



Net book value



At 30 April 2024
2,301,700
40,592
15,491
2,357,783



At 30 April 2023
2,301,700
15,849
2,625
2,320,174




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold property
1,564,972
1,564,972

Investment property
697,945
697,945

Property improvements
38,783
38,783

2,301,700
2,301,700


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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Investment property


Freehold Investment property
£

Valuation


At 1 May 2023
697,945

At 30 April 2024
697,945

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
697,945
697,945

697,945
697,945

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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Debtors

2024
2023
£
£


Trade debtors
164,200
102,019

Other debtors
4,465
4,243

Prepayments and accrued income
18,589
32,553

187,254
138,815



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
111,391
92,093

Bank loans
100,000
130,705

Trade creditors
77,952
213,441

Corporation tax
85,553
82,085

Other creditors
204,164
139,460

Accruals and deferred income
3,575
4,320

582,635
662,104



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
719,475
1,001,465

719,475
1,001,465


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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
130,705


100,000
130,705

Amounts falling due 1-2 years

Bank loans
100,000
100,000


100,000
100,000

Amounts falling due 2-5 years

Bank loans
619,475
901,465


619,475
901,465


819,475
1,132,170


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JIM PUGH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Deferred taxation




2024


£






At beginning of year
(4,735)


Charged to profit or loss
(9,286)



At end of year
(14,021)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(14,021)
(4,735)

(14,021)
(4,735)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary A shares of £1.00 each
100
100
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

200

200



13.


Related party transactions

During the year, the company has operated a loan account with a connected individual, of which the balance at the 30 April 2024 is £204,164 (2023: £139,460).

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