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Registered number: 13426831










JACKSON SON & CO. LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
JACKSON SON & CO. LIMITED
REGISTERED NUMBER: 13426831

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
2,198
9,515

Tangible assets
 6 
5,117
2,315

  
7,315
11,830

Current assets
  

Debtors: amounts falling due within one year
 7 
226,974
249,489

Cash at bank and in hand
  
480,661
246,610

  
707,635
496,099

Creditors: amounts falling due within one year
 8 
(719,711)
(522,725)

Net current liabilities
  
 
 
(12,076)
 
 
(26,626)

Total assets less current liabilities
  
(4,761)
(14,796)

  

Net liabilities
  
(4,761)
(14,796)


Capital and reserves
  

Called up share capital 
  
-
-

Profit and loss account
  
(4,761)
(14,796)

  
(4,761)
(14,796)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
JACKSON SON & CO. LIMITED
REGISTERED NUMBER: 13426831
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J Kelly Jr
Director

Date: 28 March 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Jackson Son & Co. Limited, (13426831), is a private company limited by shares.  It is incorporated in England and Wales. The Registered Office is 1.09 Canterbury Court, Kennington Park, 1-3 Brixton Road, London, England, SW9 6DE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
3
-
5
Years straight line method
Office equipment
-
2
Years straight line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2024 was unqualified.

The audit report was signed on 28 March 2025 by Keely Harvey FCA (Senior statutory auditor) on behalf of Shaw Gibbs (Audit) Ltd.


4.


Employees

The average monthly number of employees during the year was 7 (2023 - 7).


5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
21,950



At 31 March 2024

21,950



Amortisation


At 1 April 2023
12,435


Charge for the year on owned assets
7,317



At 31 March 2024

19,752



Net book value



At 31 March 2024
2,198



At 31 March 2023
9,515



Page 7

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
1,000
8,553
9,553


Additions
123
5,685
5,808



At 31 March 2024

1,123
14,238
15,361



Depreciation


At 1 April 2023
845
6,393
7,238


Charge for the year on owned assets
159
2,847
3,006



At 31 March 2024

1,004
9,240
10,244



Net book value



At 31 March 2024
119
4,998
5,117



At 31 March 2023
155
2,160
2,315

Page 8

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

As restated
2024
2023
£
£


Trade debtors
172,933
119,738

Other debtors
-
1,848

Prepayments and accrued income
54,041
91,730

Deferred taxation
-
36,173

226,974
249,489



8.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
13,884
36,274

Amounts owed to group undertakings
-
5,400

Corporation tax
6,758
36,806

Other taxation and social security
8,167
7,315

Other creditors
511
421

Accruals and deferred income
690,391
436,509

719,711
522,725



9.


Deferred taxation




2024


£






At beginning of year
36,173


Charged to profit or loss
(36,173)



At end of year
-

Page 9

 
JACKSON SON & CO. LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
9.Deferred taxation (continued)

The deferred tax asset is made up as follows:

As restated
2024
2023
£
£


Short term timing differences
-
36,173

-
36,173


10.


Share capital

On incorporation 1 ordinary share was issued at the nominal value of £0.01.





11.


Prior year adjustment

The corporation tax liability was understated by £36,173 in the prior year due to a timing difference between taxable and accounting profits.  A corresponding deferred tax asset of £36,173 was also understated.  This has no impact upon the result for the year nor the opening reserves. 


12.


Controlling party

The parent undertaking of this company is Blue Commoditites LLP, incorporated in England and Wales, by virtue of the fact that it owns 100% of the ordinary share capital of the company.  
Since the year end Blue Commodities LLP became part of OTC Global Holdings LP, an entity incoporated in America.

 
Page 10