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Company registration number: 01111794
JIM HASTINGS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 May 2024
JIM HASTINGS LIMITED
Company number: 01111794
CONTENTS
Statement of financial position
Notes to the financial statements
JIM HASTINGS LIMITED
Company number: 01111794
STATEMENT OF FINANCIAL POSITION
AS AT 31ST MAY 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 925,094 881,209
_______ _______
925,094 881,209
Current assets
Debtors 6 1,462,877 2,184,878
Cash at bank and in hand 2,208,739 1,222,548
_______ _______
3,671,616 3,407,426
Creditors: amounts falling due
within one year 7 ( 1,172,166) ( 970,487)
_______ _______
Net current assets 2,499,450 2,436,939
_______ _______
Total assets less current liabilities 3,424,544 3,318,148
Creditors: amounts falling due
after more than one year 8 ( 72,612) ( 43,014)
Provisions for liabilities ( 169,253) ( 158,084)
_______ _______
Net assets 3,182,679 3,117,050
_______ _______
Capital and reserves
Called up share capital 11,000 11,000
Profit and loss account 9 3,171,679 3,106,050
_______ _______
Shareholders funds 3,182,679 3,117,050
_______ _______
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 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.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
.................................
Ms F.L. Hastings
Director
Company registration number: 01111794
JIM HASTINGS LIMITED
Company number: 01111794
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Jim Hastings Limited, Bainbridge House, 379 Stamfordham Road, Westerhope, Newcastle upon Tyne, NE5 2LH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 is subsequently stated at cost less any accumulated depreciation and any 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under this model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2023: 39 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st June 2023 235,719 1,259,003 158,192 539,721 2,192,635
Additions - 251,450 3,833 69,815 325,098
Disposals - ( 195,368) - ( 59,554) ( 254,922)
_______ _______ _______ _______ _______
At 31st May 2024 235,719 1,315,085 162,025 549,982 2,262,811
_______ _______ _______ _______ _______
Depreciation
At 1st June 2023 - 896,646 147,090 267,690 1,311,426
Charge for the year - 102,546 - 79,926 182,472
Disposals - ( 115,490) - ( 40,691) ( 156,181)
_______ _______ _______ _______ _______
At 31st May 2024 - 883,702 147,090 306,925 1,337,717
_______ _______ _______ _______ _______
Carrying amount
At 31st May 2024 235,719 431,383 14,935 243,057 925,094
_______ _______ _______ _______ _______
At 31st May 2023 235,719 362,357 11,102 272,031 881,209
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 990,039 1,524,731
Other debtors 472,838 660,147
_______ _______
1,462,877 2,184,878
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 681,886 634,966
Corporation tax 15,102 45,707
Social security and other taxes 113,313 171,231
Other creditors 361,865 118,583
_______ _______
1,172,166 970,487
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 72,612 43,014
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£
Not later than 1 year 10,268
Later than 1 year and not later than 5 years 13,691
_______
23,959
_______