REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
JAM Events Scotland Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
JAM Events Scotland Limited |
JAM Events Scotland Limited (Registered number: SC499700) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JAM Events Scotland Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bank Chambers |
31 The Square |
Cumnock |
Ayrshire |
KA18 1AT |
JAM Events Scotland Limited (Registered number: SC499700) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JAM Events Scotland Limited (Registered number: SC499700) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
JAM Events Scotland Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 31 March 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 April 2022. |
Turnover |
Turnover represents income from the hire of plant excluding value added tax. |
Turnover from services provided by the company is recognised when the company has performed its obligations and in exchange obtained the right to consideration. |
Deposits received in advance of the provision of services are treated as liabilities. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Intangible fixed assets |
Amortisation is provided at the following rates in order to write off each asset over its estimated useful life. |
Website | 33 1/3% straight line p.a. |
Tangible fixed assets |
Plant & Machinery | 33 1/3% straight line p.a. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Transactions with Directors are as follows: |
Mr A Kyle | 31.3.24 | 31.3.23 |
£ | £ |
Due to director at 1 April 2023 | 3,782 | 3,512 |
Dividend receivable | 7,000 | - |
Other amounts advanced | 480 | 470 |
Amounts drawn | (6,212 | ) | (200 | ) |
Due to director at 31 March 2024 | 5,050 | 3,782 |
Ms M Kyle | 31.3.24 | 31.3.23 |
£ | £ |
Due (by)/to director at 1 April 2023 | (8,184 | ) | 1,206 |
Dividend receivable | 7,000 | - |
Other amounts advanced | 9,692 | 470 |
Amounts drawn | (8,508 | ) | (9,860 | ) |
Due to director at 31 March 2024 | 0 | (8,184 | ) |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Kyle. |
The ultimate controlling party is |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIRST YEAR ADOPTION |
Jam Events Scotland ltd has prepared accounts for the year ended 31 March 2024 under the provisions of FRS 102 1a as required as a consequence of the the growth in size of the company. |
In previous years accounts had been properly prepared under FRS 105. |
The year of transition from FRS 105 to FRS 102 1a commenced on 1 April 2022. |
In the year ended 31 March 2023 the effect of the transition to FRS 102 was to require Jam Events Scotland Ltd to recognise a provision for Deferred Tax of £26,100 as follows: |
Deferred Tax provision | 31.3.23 |
£ |
Due in respect of periods to 31 March 2022 | 18,500 |
Due in respect of the year ended 31 March 2023 | 7,600 |
Provision required at 31 March 2023 | 26,100 |
In consequence the following re statements have been made to reflect the requirements of FRS 102 1a to the accounts of Jam Events Scotland Ltd for the year ended 31 March 2023 |
PROFIT AND LOSS | FRS 105 | adjustment | FRS 102 1a |
31.3.23 | 31.3.23 | 31.3.23 |
£ | £ | £ |
OPERATING PROFIT AND PROFIT BEFORE TAXATION |
306,362 |
- |
306,362 |
Tax on profit | 49,121 | 7,600 | 56,721 |
PROFIT FOR THE FINANCIAL YEAR | 257,241 | 7,600 | 249,641 |
RETAINED PROFIT AT START OF YEAR | 60,801 | 18,500 | 42,301 |
PROFIT FOR THE FINANCIAL YEAR | 257,241 | 7,600 | 249,641 |
RETAINED PROFIT AT END OF YEAR | 318,042 | 26,100 | 291,942 |
BALANCE SHEET | FRS 105 | adjustment | FRS 102 1a |
31.3.23 | 31.3.23 | 31.3.23 |
£ | £ | £ |
TOTAL ASSETS LESS CURRENT LIABILITIES | 318,052 | - | 318,052 |
PROVISIONS FOR LIABILITIES | - | 26,100 | 26,100 |
NET ASSETS | 318,052 | 26,100 | 291,952 |
CAPITAL AND RESERVES |
Called up share capital | 10 | - | 10 |
Retained Earnings | 318,042 | 26,100 | 291,942 |
SHAREHOLDERS' FUNDS | 318,052 | 26,100 | 291,952 |
JAM Events Scotland Limited (Registered number: SC499700) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
• | not to apply the requirements of Section 19 Business Combinations and Goodwill; |
• | not to apply the requirements of Section 26 Share-based Payment; |
• | to measure fair value at date of transition to FRS 102 and use as deemed cost on: |
- | an item of property, plant and equipment; |
- | an investment property; |
- | an intangible asset which meets the recognition criteria and criteria for revaluation in Section 18 Intangible Assets other than Goodwill; |
• | to use a previous GAAP revaluation as deemed cost on: |
- | an item of property, plant and equipment; |
- | an investment property; |
- | an intangible asset which meets the recognition criteria and criteria for revaluation in Section 18 Intangible Assets other than Goodwill; |
• | to measure investment in subsidiaries, associates and joint ventures at cost determined in accordance with Section 9 Consolidated and Separate Financial Statements, Section 14 Investments in Associates or Section 15 Investments in Joint Ventures; deemed cost; |
• | not to apply the requirement of paragraph 22.13 in respect of compound financial instruments; |
• | not to apply the requirements of paragraphs 34.12E to 34.16A in respect of service concession agreements; |
• | to take elections available for extractive activities; |
• | to determine existence of leases on basis of existing facts and circumstances; |
• | to measure decommissioning liabilities included in cost of property, plant and equipment at date of transition to FRS 102; |
• | to retain accounting policies for reported assets, liabilities and equity measurement at date of transition to FRS 102 for dormant companies; |
• | to measure carrying amount of deferred development costs at date of transition to FRS 102 as deemed cost; |
• | to treat date of transition to FRS 102 as date on which capitalisation of borrowing costs commences; |
• | not to apply the requirements of paragraphs 20.15A to 20.25A in respect of lease incentives; |
• | to measure assets and liabilities of subsidiaries, associates and joint ventures at the carrying amounts that would be included in the parent's consolidated financial statements; carrying amounts required by FRS 102 other than those that would be included in the parent's consolidated financial statements; |
• | to designate previously recognised financial instruments at fair value through profit or loss provided criteria in paragraph 11.14b are met at date of transition to FRS 102. |