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No description of principal activity
2023-06-01
Sage Accounts Production Advanced 2023 - FRS102_2023
21,286
20,796
101
20,897
389
490
xbrli:pure
xbrli:shares
iso4217:GBP
08480434
2023-06-01
2024-05-31
08480434
2024-05-31
08480434
2023-05-31
08480434
2022-06-01
2023-05-31
08480434
2023-05-31
08480434
2022-05-31
08480434
core:FurnitureFittings
2023-06-01
2024-05-31
08480434
bus:LeadAgentIfApplicable
2023-06-01
2024-05-31
08480434
bus:Director3
2023-06-01
2024-05-31
08480434
bus:Director6
2023-06-01
2024-05-31
08480434
core:FurnitureFittings
2023-05-31
08480434
core:FurnitureFittings
2024-05-31
08480434
core:WithinOneYear
2024-05-31
08480434
core:WithinOneYear
2023-05-31
08480434
core:AfterOneYear
2024-05-31
08480434
core:AfterOneYear
2023-05-31
08480434
core:ShareCapital
2024-05-31
08480434
core:ShareCapital
2023-05-31
08480434
core:RetainedEarningsAccumulatedLosses
2024-05-31
08480434
core:RetainedEarningsAccumulatedLosses
2023-05-31
08480434
core:BetweenOneFiveYears
2024-05-31
08480434
core:FurnitureFittings
2023-05-31
08480434
bus:SmallEntities
2023-06-01
2024-05-31
08480434
bus:AuditExemptWithAccountantsReport
2023-06-01
2024-05-31
08480434
bus:SmallCompaniesRegimeForAccounts
2023-06-01
2024-05-31
08480434
bus:PrivateLimitedCompanyLtd
2023-06-01
2024-05-31
08480434
bus:FullAccounts
2023-06-01
2024-05-31
COMPANY REGISTRATION NUMBER:
08480434
Filleted Unaudited Financial Statements |
|
Year ended 31 May 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 7 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
James Hadley Limited |
|
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 financial statements of James Hadley Limited for the year ended 31 May 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of James Hadley Limited, as a body, in accordance with the terms of our engagement letter dated 22 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of James Hadley Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than James Hadley Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that James Hadley Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Hadley Limited. You consider that James Hadley 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 financial statements of James Hadley 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 financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
25 February 2025
Statement of Financial Position |
|
31 May 2024
Fixed assets
Tangible assets |
5 |
389 |
490 |
|
|
|
|
Current assets
Stocks |
135,000 |
110,000 |
Debtors |
6 |
9,851 |
30,435 |
Cash at bank and in hand |
17,612 |
24,912 |
|
--------- |
--------- |
|
162,463 |
165,347 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
46,737 |
43,633 |
|
--------- |
--------- |
Net current assets |
115,726 |
121,714 |
|
--------- |
--------- |
Total assets less current liabilities |
116,115 |
122,204 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
33,334 |
39,216 |
|
|
|
|
Provisions |
74 |
95 |
|
--------- |
--------- |
Net assets |
82,707 |
82,893 |
|
--------- |
--------- |
|
|
|
Statement of Financial Position (continued) |
|
31 May 2024
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
82,607 |
82,793 |
|
-------- |
-------- |
Shareholders funds |
82,707 |
82,893 |
|
-------- |
-------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 February 2025
, and are signed on behalf of the board by:
Mr P M Morris |
Mr S O Scott |
Director |
Director |
|
|
Company registration number:
08480434
Notes to the Financial Statements |
|
Year ended 31 May 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29-31 Surrey Street, Sheffield, S1 2LG.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents net invoiced sales of good, excluding value added tax. Turnover is recognised when the goods are physically collected by or delivered to customers.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
10% straight line |
|
|
|
|
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
5
).
5.
Tangible assets
|
Fixtures and fittings |
|
£ |
Cost |
|
At 1 June 2023 and 31 May 2024 |
21,286 |
|
-------- |
Depreciation |
|
At 1 June 2023 |
20,796 |
Charge for the year |
101 |
|
-------- |
At 31 May 2024 |
20,897 |
|
-------- |
Carrying amount |
|
At 31 May 2024 |
389 |
|
-------- |
At 31 May 2023 |
490 |
|
-------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
9,080 |
28,995 |
Other debtors |
771 |
1,440 |
|
------- |
-------- |
|
9,851 |
30,435 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
5,882 |
5,882 |
Trade creditors |
24,782 |
14,663 |
Corporation tax |
5,068 |
3,047 |
Social security and other taxes |
7,140 |
12,980 |
Other creditors |
3,865 |
7,061 |
|
-------- |
-------- |
|
46,737 |
43,633 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
33,334 |
39,216 |
|
-------- |
-------- |
|
|
|
The company has borrowed £50,000 under the Government's Covid bounce back loan scheme.
This loan is repayable within 6 years from January 2021, with no repayments due for the first 12 months.
Interest of 2.5% is payable monthly, in arrears, on this loan; the Government covers the first 12 months interest charge.
The Government acts as guarantor to the lender for this loan.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Later than 1 year and not later than 5 years |
30,000 |
– |
|
-------- |
---- |
|
|
|
10.
Controlling party
The ultimate controlling party of the entity is Sipech Holdings Limited, incorporated in the UK under company number 13221883 and with a common registered office address to this company.