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Registration number: 13573410

JRNY Magazine Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

JRNY Magazine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

JRNY Magazine Limited

Company Information

Directors

K Dadfar

J G H Banks

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Accountants

Bourner Bullock Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

JRNY Magazine Limited

(Registration number: 13573410)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,193

688

Current assets

 

Stocks

6

2,888

912

Debtors

7

15,149

100

Cash at bank and in hand

 

28,112

63,344

 

46,149

64,356

Creditors: Amounts falling due within one year

8

(19,535)

(113,797)

Net current assets/(liabilities)

 

26,614

(49,441)

Net assets/(liabilities)

 

30,807

(48,753)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

30,707

(48,853)

Shareholders' funds/(deficit)

 

30,807

(48,753)

 

JRNY Magazine Limited

(Registration number: 13573410)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 22 May 2025 and signed on its behalf by:
 

.........................................
K Dadfar
Director

.........................................
J G H Banks
Director

 
     
 

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

Principal activity

The principal activity of the Company is to produce and sell travel magazines.

These financial statements were authorised for issue by the Board on 22 May 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

 

JRNY Magazine Limited

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

Financial instruments

Classification
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to/from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Tax

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

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.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 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

Office Equipment

4 Years straight line.

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.

 

JRNY Magazine Limited

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

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.

Debtors

Basic financial assets, including trade and other debtors, are intially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

 

JRNY Magazine Limited

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

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 0 (2023 - 2).

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

751

751

Additions

4,831

4,831

At 31 August 2024

5,582

5,582

Depreciation

At 1 September 2023

63

63

Charge for the year

1,326

1,326

At 31 August 2024

1,389

1,389

Carrying amount

At 31 August 2024

4,193

4,193

At 31 August 2023

688

688

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,888

912

7

Debtors

 

JRNY Magazine Limited

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

Current

2024
£

2023
£

Prepayments

10,038

100

Other debtors

5,111

-

 

15,149

100

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

7,535

256

Accruals and deferred income

12,000

95,226

Other creditors

-

18,315

19,535

113,797

 

JRNY Magazine Limited

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

10

Related party transactions

Transactions with other related parties

K Dadfar:
During the period, K Dadfar loaned the company £Nil (2023: 352.26 ) and the company made repayments of £663.00 (2023: £4,500). At the end of the period, the amount owed from K Dadfar was £310.74 (2023: £352.26 owed to K Dadfar).

J Banks:
During the period, J Banks loaned the company £Nil (2023: £513.00) and the company made repayments of £563.00 (2023: £4,500). At the end of the period, the amount owed from J Banks was £50.00 (2023: £513.00 owed to J Banks).


That Wild Idea:
During the year 'That Wild Idea', an unincorporated entity controlled by K Dadfar and J Banks, loaned the company £Nil (2023: £17,450) and and made repayments of £17,450 (2022: £3,000). The amount outstanding at the balance sheet date was £Nil (2023: £17,450).