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Registration number: 07745060

Jubilee Direct Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Jubilee Direct Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Jubilee Direct Limited

Company Information

Directors

Mr IJC Quick

Mrs LJ Quick

Mr TJ Rose

Registered office

26 High Street
Rickmansworth
Hertfordshire
WD3 1ER

Accountants

DJM Accountants & Consultancy Limited 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

 

Jubilee Direct Limited

(Registration number: 07745060)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,682

11,429

Tangible assets

5

12,973

19,000

 

19,655

30,429

Current assets

 

Stocks

6

4,552

2,092

Debtors

7

59,560

73,333

Cash at bank and in hand

 

44,113

53,577

 

108,225

129,002

Creditors: Amounts falling due within one year

8

(106,776)

(130,028)

Net current assets/(liabilities)

 

1,449

(1,026)

Total assets less current liabilities

 

21,104

29,403

Creditors: Amounts falling due after more than one year

8

(20,001)

(30,000)

Net assets/(liabilities)

 

1,103

(597)

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

14,288

14,288

Retained earnings

(13,285)

(14,985)

Shareholders' funds/(deficit)

 

1,103

(597)

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 20 May 2025 and signed on its behalf by:
 

 

Jubilee Direct Limited

(Registration number: 07745060)
Balance Sheet as at 31 August 2024


Mr IJC Quick
Director

 

Jubilee Direct 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.

The address of its registered office is:
26 High Street
Rickmansworth
Hertfordshire
WD3 1ER

These financial statements were authorised for issue by the Board on 20 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.

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Jubilee Direct Limited

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

25% straight line method

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

Amortised evenly over its estimated useful life of ten years

Development costs

Amortised evenly over their estimated useful life of four 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 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.

 

Jubilee Direct Limited

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

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.

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.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

 

Jubilee Direct Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Intangible assets

Goodwill
 £

Development costs
£

Total
£

Cost or valuation

At 1 September 2023

55,197

38,857

94,054

At 31 August 2024

55,197

38,857

94,054

Amortisation

At 1 September 2023

48,603

34,022

82,625

Amortisation charge

2,328

2,419

4,747

At 31 August 2024

50,931

36,441

87,372

Carrying amount

At 31 August 2024

4,266

2,416

6,682

At 31 August 2023

6,594

4,835

11,429

 

Jubilee Direct Limited

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

5

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2023

39,227

15,888

67,620

44,264

Additions

-

-

2,000

-

Disposals

(39,082)

(15,888)

(61,783)

-

At 31 August 2024

145

-

7,837

44,264

Depreciation

At 1 September 2023

39,227

15,888

64,193

28,691

Charge for the year

-

-

1,764

5,191

Eliminated on disposal

(39,082)

(15,888)

(60,711)

-

At 31 August 2024

145

-

5,246

33,882

Carrying amount

At 31 August 2024

-

-

2,591

10,382

At 31 August 2023

-

-

3,427

15,573

Total
£

Cost or valuation

At 1 September 2023

166,999

Additions

2,000

Disposals

(116,753)

At 31 August 2024

52,246

Depreciation

At 1 September 2023

147,999

Charge for the year

6,955

Eliminated on disposal

(115,681)

At 31 August 2024

39,273

Carrying amount

At 31 August 2024

12,973

At 31 August 2023

19,000

 

Jubilee Direct Limited

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

6

Stocks

2024
£

2023
£

Other inventories

4,552

2,092

7

Debtors

Current

2024
£

2023
£

Trade debtors

56,039

70,403

Prepayments

3,521

2,930

 

59,560

73,333

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

24,813

25,536

Trade creditors

 

51,136

30,731

Taxation and social security

 

20,152

19,164

Accruals and deferred income

 

2,983

5,621

Other creditors

 

7,692

48,976

 

106,776

130,028

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

20,001

30,000

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Jubilee Direct Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

20,001

30,000

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

24,813

25,536

 

Jubilee Direct Limited

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

11

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £100.00) per ordinary share

17,000

10,000

 

 

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

16,980

16,880

13

Parent and ultimate parent undertaking

The ultimate controlling party is I J C Quick.