Registration number:
Jukebox Sales and Rentals Limited
for the
Year Ended 31 May 2024
(Registration number: 00656781)
Statement of Financial Position as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4,000 |
4,000 |
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Retained earnings |
3,176,771 |
2,088,787 |
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Shareholders' funds |
3,180,771 |
2,092,787 |
(Registration number: 00656781)
Statement of Financial Position as at 31 May 2024
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:
• |
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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 disclosures 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, modified by the revaluation of certain fixed assets.
Going concern
There are no material uncertainties about the companies ability to continue.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental properties, stated net of discounts.
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.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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 statement of financial position 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 |
Motor Vehicles |
20% Straight line |
Computer Equipment |
33% Straight line |
Fixtures & Fittings |
20% Straight line |
Investment property
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
Goodwill |
10% Straight line |
Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2023 |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Investment properties |
2024 |
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At 1 June |
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Fair value adjustments |
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At 31 May |
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The fair value of the company's investment properties have been arrived at on the basis of two valuations.
A revaluation of 27 properties was conducted by BNP Paribas Real Estate in September 2023.
The directors do not believe the value changed between the September 2023 valuation and the period end date of 31st May 2024.
A revaluation of the remaining 5 properties not included above was the conducted by Parker Knights in December 2024 and the directors believe this valuation reflects the value of these properties as at 31st May 2024.
The name and qualification of the independent valuer are John Routledge MRICS.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Within loans and borrowings is £10,000 (2023: 30,359) which is secured by a floating charge over the company's assets, and £2,234 (2023: £2,234) of liabilities under hire purchase and finance lease agreements which are secured over the assets to which they relate.
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Within loans and borrowings is £1,281,875 (2023: £925,000) which is secured by a floating charge over the company's assets, and hire purchase and finance lease agreements of £12,465 (2023: £14699) are secured over the assets to which they relate.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Obligations under leases and hire purchase contracts |
Operating leases
As lessor
The total of future minimum payments receivable under non-cancellable operating leases are as follows:
2024 |
2023 |
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Not later than one year |
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Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 June 2023 |
At 31 May 2024 |
Mr P G W Smith |
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( |
( |
Mrs S Jack |
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Mrs A Smith |
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( |
( |
Mrs L Dunn |
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Miss R Smith |
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2023 |
At 1 June 2022 |
At 31 May 2023 |
Mr P G W Smith |
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( |
( |
Mrs S Jack |
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Mrs A Smith |
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( |
( |
Mrs L Dunn |
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Miss R Smith |
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Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Loans to related parties
2024 |
Village Peterlee |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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2023 |
Village Peterlee |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
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At end of period |
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Nature of related party