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Registration number: 08783164

Journolink Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Journolink Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Journolink Ltd

Company Information

Directors

Peter Richard Ibbetson

Gemma Hartley Guise

James Philip Tetteh Kofi

Gareth Coombes-Olney

Company secretary

Sally Ibbetson

Registered office

International House
10 Churchill Way
Cardiff
CF10 2HE

Accountants

Robert A Harris & Co Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

 

Chartered Management Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Journolink Ltd
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Journolink Ltd for the year ended 31 December 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Journolink Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Journolink Ltd and state those matters that we have agreed to state to the Board of Directors of Journolink Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Journolink Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Journolink Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Journolink Ltd. You consider that Journolink Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Journolink Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Robert A Harris & Co
Business & Technology Centre
Bessemer Drive
Stevenage
Herts
SG1 2DX

28 May 2525

 

Journolink Ltd

(Registration number: 08783164)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

750

Current assets

 

Debtors

5

28,204

19,637

Cash at bank and in hand

 

15,402

46,676

 

43,606

66,313

Creditors: Amounts falling due within one year

6

(37,096)

(36,171)

Net current assets

 

6,510

30,142

Total assets less current liabilities

 

6,510

30,892

Creditors: Amounts falling due after more than one year

6

(4,994)

(15,127)

Net assets

 

1,516

15,765

Capital and reserves

 

Called up share capital

7

287

287

Share premium reserve

853,894

853,894

Retained earnings

(852,665)

(838,416)

Shareholders' funds

 

1,516

15,765

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

Directors' 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 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

.........................................
Peter Richard Ibbetson
Director

 

Journolink Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2024

287

853,894

(838,415)

15,766

Loss for the year

-

-

(14,250)

(14,250)

At 31 December 2024

287

853,894

(852,665)

1,516

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 January 2023

287

853,894

(811,454)

42,727

Loss for the year

-

-

(26,962)

(26,962)

At 31 December 2023

287

853,894

(838,416)

15,765

 

Journolink Ltd

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

1

General information

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

The address of its registered office is:
International House
10 Churchill Way
Cardiff
CF10 2HE
England and Wales

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.

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.

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

Computer equipment

33.3% straight line basis

 

Journolink Ltd

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

Fixtures and fittings

25% straight line basis

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

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.

 

Journolink Ltd

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

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

The option scheme is an approved Enterprise Management Incentive Scheme (EMI). EMI is a form of share option scheme that provides significant tax advantages to employees. The option vesting period is within 10 years of being granted and set on an exit-only vesting event, (if there is no exercise by then they just lapse). Option holders must have an employment contract and work for the company for at least 25 hours a week or a minimum of 75% of their paid working time.

Options have been granted to two employees to 31/12/2023 on Class B ordinary shares totalling 1028 shares.



3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 11).

 

Journolink Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

33,507

33,507

At 31 December 2024

33,507

33,507

Depreciation

At 1 January 2024

32,757

32,757

Charge for the year

750

750

At 31 December 2024

33,507

33,507

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

750

750

5

Debtors

Current

2024
£

2023
£

Trade debtors

27,900

19,409

Other debtors

304

228

 

28,204

19,637

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

10,648

10,648

trade creditors

 

958

748

Taxation and social security

 

19,122

19,427

Accruals and deferred income

 

1,751

1,751

Other creditors

 

4,617

3,597

 

37,096

36,171

 

Journolink Ltd

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

4,994

15,127

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Class Shares- ordinary of £1 each

4

4

4

4

B Class Shares - ordinary of £0.01 each

24,402

244

24,402

244

C Class Shares - Preference of £0.01 each

3,942

39

3,942

39

28,348

287

28,348

287

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,994

15,127

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

Bank borrowings

Corona Virus Bounce Back Loan is denominated in GBP Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £15,642 (2023 - £25,775).

The loan is unsecured and backed by UK Government gaurantee

 

Journolink Ltd

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

9

Related party transactions

Key management personnel

Mr J P T Kofi a director

Summary of transactions with key management

Provided services to the company' s clients as part of the company's consultancy sales.The Director was paid £5,349 for these services during the course of the year.