Company registration number SC091183 (Scotland)
JIM KERR MANAGEMENT CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
JIM KERR MANAGEMENT CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JIM KERR MANAGEMENT CONSULTANCY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
693
594
Investments
5
172,835
141,585
173,528
142,179
Current assets
Debtors
7
4,337,012
4,231,836
Cash at bank and in hand
134,209
353,193
4,471,221
4,585,029
Creditors: amounts falling due within one year
8
(4,268,325)
(1,769,484)
Net current assets
202,896
2,815,545
Total assets less current liabilities
376,424
2,957,724
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
376,324
2,957,624
Total equity
376,424
2,957,724
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 8 May 2025
Mr I Grenfell
Director
Company Registration No. SC091183
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Jim Kerr Management Consultancy Limited is a private company limited by shares incorporated in Scotland. The registered office is 7 Belford Gardens, Edinburgh, EH4 3EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amount receivable for royalties from the exploitation of musical rights net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments.
Fair value measurement of financial instruments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss and subsidiary company shares are carried at cost.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
25,462
Additions
395
At 30 June 2024
25,857
Depreciation and impairment
At 1 July 2023
24,868
Depreciation charged in the year
296
At 30 June 2024
25,164
Carrying amount
At 30 June 2024
693
At 30 June 2023
594
5
Fixed asset investments
2024
2023
£
£
Investments
172,835
141,585
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2023
141,585
Valuation changes
31,250
At 30 June 2024
172,835
Carrying amount
At 30 June 2024
172,835
At 30 June 2023
141,585
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
(Continued)
- 5 -
6
Financial instruments
2024
2023
£
£
25,514
25,514
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,722
Corporation tax recoverable
16,071
1,154
Other debtors
4,320,941
4,227,960
4,337,012
4,231,836
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
135,818
116,069
Corporation tax
13,621
Other taxation and social security
5
Other creditors
4,132,507
1,639,789
4,268,325
1,769,484