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Registration number: 01929565

R.G. Jarrett Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

image-name
 

R.G. Jarrett Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

R.G. Jarrett Limited

Company Information

Directors

Ms P O'Connor

Mr JR Torrington

Company secretary

Mr JR Torrington

Registered office

8B Tesla Court Innovation Way
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FL

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R.G. Jarrett Limited
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R.G. Jarrett Limited for the year ended 31 May 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R.G. Jarrett Limited, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of R.G. Jarrett Limited and state those matters that we have agreed to state to the Board of Directors of R.G. Jarrett Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.G. Jarrett Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R.G. Jarrett Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of R.G. Jarrett Limited. You consider that R.G. Jarrett Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R.G. Jarrett Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

19 November 2024

 

R.G. Jarrett Limited

(Registration number: 01929565)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,975

17,539

Investments

6

5,000

5,000

 

16,975

22,539

Current assets

 

Stocks

7

91,932

9,293

Debtors

8

230,469

439,261

Cash at bank and in hand

 

1,148,176

966,276

 

1,470,577

1,414,830

Creditors: Amounts falling due within one year

9

(1,143,638)

(1,126,164)

Net current assets

 

326,939

288,666

Total assets less current liabilities

 

343,914

311,205

Provisions for liabilities

-

(3,511)

Net assets

 

343,914

307,694

Capital and reserves

 

Called up share capital

2,500

2,500

Capital redemption reserve

2,500

2,500

Retained earnings

338,914

302,694

Shareholders' funds

 

343,914

307,694

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 November 2024 and signed on its behalf by:
 

 

R.G. Jarrett Limited

(Registration number: 01929565)
Balance Sheet as at 31 May 2024

.........................................
Ms P O'Connor
Director

.........................................
Mr JR Torrington
Company secretary and director

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
8B Tesla Court Innovation Way
Lynch Wood
Peterborough
Cambridgeshire
PE2 6FL

These financial statements were authorised for issue by the Board on 19 November 2024.

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.

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.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling a the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and 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.

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Deferred tax assets are only recognised when it is more likely than not that they will be fully recovered.

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

Plant and machinery

33% on cost

Fixtures and fittings

at varying rates on cost

Motor vehicles

25% on cost

Computer equipment

50% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademark

at varying rates on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 9 (2023 - 10).

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 June 2023

134,520

134,520

At 31 May 2024

134,520

134,520

Amortisation

At 1 June 2023

134,520

134,520

At 31 May 2024

134,520

134,520

Carrying amount

At 31 May 2024

-

-

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

26,113

43,118

19,681

88,912

Additions

1,161

-

-

1,161

At 31 May 2024

27,274

43,118

19,681

90,073

Depreciation

At 1 June 2023

17,807

33,885

19,681

71,373

Charge for the year

2,593

4,132

-

6,725

At 31 May 2024

20,400

38,017

19,681

78,098

Carrying amount

At 31 May 2024

6,874

5,101

-

11,975

At 31 May 2023

8,306

9,233

-

17,539

6

Investments

2024
£

2023
£

Investments in subsidiaries

5,000

5,000

Subsidiaries

£

Cost or valuation

At 1 June 2023

5,000

At 31 May 2024

5,000

Carrying amount

At 31 May 2024

5,000

At 31 May 2023

5,000

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

91,932

9,293

 

R.G. Jarrett Limited

Notes to the Financial Statements for the Year Ended 31 May 2024

8

Debtors

Current

2024
£

2023
£

Trade debtors

211,649

430,746

Prepayments

11,083

5,469

Other debtors

7,737

3,046

 

230,469

439,261

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

403,087

374,507

Owed by/(from) group undertakings

10

727,229

724,366

Other creditors

 

2,193

8,336

PAYE and NIC creditor

 

6,613

6,289

Accruals

 

4,516

12,666

 

1,143,638

1,126,164

10

Related party transactions

Transactions with directors

Summary of transactions with subsidiaries

Padders (Hong Kong) Limited - A subsidiary of R. G. Jarrett Limited
 At the balance sheet date the company was owed to Padders (Hong Kong) Limited £163,314 (2023: £177,509).

Goods and services to the value of £245 (2023: £96,154) were purchased from Padders (Hong Kong) Limited during the period. Credit notes to the value of £44,629 (2023: £80,700) were issued to Padders (Hong Kong). The company also made sales of £Nil (2023: £266) to Padders (Hong Kong) Limited.