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Registration number: 06309536

J T Prout Ltd

trading as J T Prout Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

J T Prout Ltd

trading as J T Prout Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

J T Prout Ltd

trading as J T Prout Limited

Company Information

Director

Mr Jeremy Prout

Registered office

Styles Farm
Styles Lane
Harescombe
Glos
GL4 0XF

Accountants

Cashtrac Ltd
15 Westgate House
Westgate Street
Gloucester
Gloucestershire
GL1 2RU

 

J T Prout Ltd

trading as J T Prout Limited

Statement of Director's Responsibilities

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 section 1A, the Financial Reporting Standard applicable to the Small Entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

J T Prout Ltd

trading as J T Prout Limited

(Registration number: 06309536)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

55,866

38,207

Current assets

 

Debtors

6

2,036

8,426

Cash at bank and in hand

 

39,731

32,512

 

41,767

40,938

Creditors: Amounts falling due within one year

7

(1,482)

(8,263)

Net current assets

 

40,285

32,675

Net assets

 

96,151

70,882

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

96,149

70,880

Shareholders' funds

 

96,151

70,882

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 April 2025
 

.........................................
Mr Jeremy Prout
Director

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Styles Farm
Styles Lane
Harescombe
Glos
GL4 0XF
England

These financial statements were authorised for issue by the director on 8 April 2025.

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

10% Standard Rate

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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 if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 2).

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

3,000

3,000

At 31 July 2024

3,000

3,000

Amortisation

At 1 August 2023

3,000

3,000

At 31 July 2024

3,000

3,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

1,959

-

79,362

81,321

Additions

-

15,300

16,550

31,850

Disposals

-

-

(5,200)

(5,200)

At 31 July 2024

1,959

15,300

90,712

107,971

Depreciation

At 1 August 2023

1,411

-

41,703

43,114

Charge for the year

137

956

10,344

11,437

Eliminated on disposal

-

-

(2,446)

(2,446)

At 31 July 2024

1,548

956

49,601

52,105

Carrying amount

At 31 July 2024

411

14,344

41,111

55,866

At 31 July 2023

548

-

37,659

38,207

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Prepayments

2,035

1,503

Other debtors

1

6,923

 

2,036

8,426

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

340

5,415

Accruals and deferred income

78

936

Other creditors

1,064

1,912

1,482

8,263

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

9

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £6,875.00) per ordinary share

-

13,750

 

 

10

Related party transactions

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Transactions with the director

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Mr Jeremy Prout

Directors Loan

6,924

282

(7,285)

(78)

2023

At 1 August 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 July 2023
£

Mr Jeremy Prout

Directors Loan

-

10,674

(3,750)

6,924

 

J T Prout Ltd

trading as J T Prout Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

15,000

15,000