Registration number:
J T Corfe Limited
for the Year Ended 30 June 2024
J T Corfe Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
J T Corfe Limited
Company Information
Directors |
Mr M R Turner Mrs L Turner |
Registered office |
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Accountants |
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J T Corfe Limited
(Registration number: 10234905)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 liabilities |
( |
( |
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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 (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(16,956) |
8,590 |
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Shareholders' (deficit)/funds |
(16,856) |
8,690 |
J T Corfe Limited
(Registration number: 10234905)
Balance Sheet as at 30 June 2024 (continued)
For the financial year ending 30 June 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. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
The Duke of Wellington
7 East Street
Wareham
Dorset
BH20 4NN
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 using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax and is recognised in profit or loss account.
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. 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 |
Furniture , fixtures and fittings |
25% reducing balance |
Office equipment |
25% reducing balance |
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 revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life.
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 |
Evenly over 5 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised and measured at the transaction price, less any provision for impairment.
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities unless there is an unconditional right to defer payment of the creditor for at least 12 months after the reporting date, in which case they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are recorded at transaction price, net of transaction costs. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
Tangible assets |
Freehold Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
- |
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Charge for the year |
- |
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At 30 June 2024 |
- |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
5 |
Tangible assets (continued) |
Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
2024 |
2023 |
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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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Trade creditors |
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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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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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J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Charges and securities
Within loans and borrowings is an amount of £314,359 (2023: £351,788) which is secured by two legal charges both dated 11 July 2016 in favour of EW and JS Cutts over the property held in freehold land and buildings. The charges include a covenant to pay 144 equal monthly instalments of £5,310 expiring 30 June 2028, with an interest rate of 2.5% above the base rate of National Westminster Bank PLC, or in the circumstance that the property is sold the outstanding balance of the loan is repayable on demand. The charge gives full title guarantee by way of a fixed and floating charge over all of the property and undertakings of the company.
Also within loans and borrowings is an amount of £45,157 (2023: £55,591) owed to Mr K Johnson. The loan has a nominal interest rate of 2.5%. The loan is secured by a second legal mortgage charge over the freehold of the property dated 11 July 2016.
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
Dividends |
Interim dividends paid
2024 |
2023 |
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Interim dividend of £ |
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Related party transactions |
Transactions with directors |
2024 |
At 1 July 2023 |
Advances to director |
Repayments by director |
At 30 June 2024 |
Mr M R Turner |
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Transactions during the year. |
( |
( |
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( |
Mrs L Turner |
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Transactions during the year. |
( |
( |
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( |
2023 |
At 1 July 2022 |
Advances to director |
At 30 June 2023 |
Mr M R Turner |
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Transactions during the year. |
( |
( |
( |
Mrs L Turner |
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Transactions during the year. |
( |
( |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
J T Corfe Limited
Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)
12 |
Related party transactions (continued) |
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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23,567 |
23,567 |