Company registration number 03156890 (England and Wales)
JENNY PACKHAM (LONDON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
JENNY PACKHAM (LONDON) LIMITED
COMPANY INFORMATION
Directors
J Packham
M J Anderson
Secretary
M D Anderson
Company number
03156890
Registered office
Unit A, Spectrum House
32-34 Gordon House Road
London
NW5 1LP
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
JENNY PACKHAM (LONDON) LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
JENNY PACKHAM (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
143,351
Tangible assets
4
277,273
191,156
420,624
191,156
Current assets
Stocks
958,602
1,238,241
Debtors
5
1,251,015
1,716,834
Cash at bank and in hand
2,351,394
943,779
4,561,011
3,898,854
Creditors: amounts falling due within one year
6
(3,232,309)
(2,614,130)
Net current assets
1,328,702
1,284,724
Total assets less current liabilities
1,749,326
1,475,880
Creditors: amounts falling due after more than one year
7
(160,000)
(341,577)
Provisions for liabilities
(56,550)
(37,825)
Net assets
1,532,776
1,096,478
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,532,774
1,096,476
Total equity
1,532,776
1,096,478
JENNY PACKHAM (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 February 2025 and are signed on its behalf by:
M J Anderson
Director
Company registration number 03156890 (England and Wales)
JENNY PACKHAM (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
Jenny Packham (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Spectrum House, 32-34 Gordon House Road, London, NW5 1LP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and licence fees excluding value added tax.
Turnover is recognised when the goods are delivered and royalty rights are transferred to the customer, which is the point when the significant risks, rewards and legal ownership have been transferred to the customer.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
over its useful life of five years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the lease period
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on reducing balance
Motor vehicles
25% on reducing balance
JENNY PACKHAM (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stock is stated at the lower of cost, and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of 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 deducting all of its liabilities.
JENNY PACKHAM (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
24
JENNY PACKHAM (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Intangible fixed assets
Computer software
£
Cost
At 1 June 2023
Additions
179,189
At 31 May 2024
179,189
Amortisation and impairment
At 1 June 2023
Amortisation charged for the year
35,838
At 31 May 2024
35,838
Carrying amount
At 31 May 2024
143,351
At 31 May 2023
During the year, no impairment provisions have been made against any class of intangible fixed assets.
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
474,363
60,657
699,834
204,977
37,774
1,477,605
Additions
30,870
174,641
22,164
227,675
Disposals
(405,310)
(60,657)
(631,361)
(185,401)
(6,135)
(1,288,864)
At 31 May 2024
99,923
243,114
41,740
31,639
416,416
Depreciation and impairment
At 1 June 2023
434,505
51,774
577,046
187,227
35,897
1,286,449
Depreciation charged in the year
19,654
1,983
52,525
8,348
413
82,923
Eliminated in respect of disposals
(405,310)
(53,757)
(584,581)
(180,599)
(5,982)
(1,230,229)
At 31 May 2024
48,849
44,990
14,976
30,328
139,143
Carrying amount
At 31 May 2024
51,074
198,124
26,764
1,311
277,273
At 31 May 2023
39,858
8,883
122,788
17,750
1,877
191,156
JENNY PACKHAM (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,066,259
1,364,288
Other debtors
19,296
19,534
Prepayments and accrued income
165,460
333,012
1,251,015
1,716,834
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,413,282
958,925
Trade creditors
1,016,480
1,068,141
Corporation tax
361,469
251,939
Other taxation and social security
45,218
122,354
Other creditors
358,595
176,987
Accruals and deferred income
37,265
35,784
3,232,309
2,614,130
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
160,000
341,577
The bank overdraft and loan are secured by fixed and floating charges over the assets of the company and by a personal guarantee given by the directors.