FINANCIAL PERIOD DATA REFRESH REQUIRED
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Registration number:
J R Webb Antiques Limited
for the Year Ended 30 September 2024
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J R Webb Antiques Limited
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J R Webb Antiques Limited for the year ended 30 September 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of J R Webb Antiques Limited, 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 J R Webb Antiques Limited and state those matters that we have agreed to state to the Board of Directors of J R Webb Antiques Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-
activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J R Webb Antiques Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that J R Webb Antiques Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J R Webb Antiques Limited. You consider that J R Webb Antiques Limited 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 J R Webb Antiques Limited. 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.
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Chartered Certified Accountant
Aberdeen
AB15 4AE
J R Webb Antiques Limited
(Registration number: SC236432)
Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
4 |
4 |
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Retained earnings |
246,318 |
216,606 |
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Shareholders' funds |
246,322 |
216,610 |
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
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• |
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.
Approved and authorised by the
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J R Webb Antiques Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
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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.
Going concern
The financial statements have been prepared on a going concern basis.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are 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. |
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 R Webb Antiques Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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 or valuation of assets less their residual values over their useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
25% 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
J R Webb Antiques Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Debtors |
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Current |
2024 |
2023 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
J R Webb Antiques Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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4 |
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4 |
J R Webb Antiques Limited
Detailed Profit and Loss Account for the Year Ended 30 September 2024
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2024 |
2023 |
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Turnover |
760,588 |
601,682 |
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Opening merchandise |
247,686 |
201,853 |
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Purchases |
690,641 |
471,509 |
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Closing merchandise |
(328,461) |
(247,686) |
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Commissions payable |
15,662 |
17,474 |
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Cost of sales |
625,528 |
443,150 |
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Gross profit |
135,060 |
158,532 |
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Gross profit (%) |
17.76% |
26.35% |
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Administrative expenses |
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Rent |
29,245 |
23,805 |
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Light, heat and power |
- |
358 |
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Insurance |
2,391 |
1,738 |
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Repairs and renewals |
6,656 |
840 |
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Computer software and maintenance costs |
172 |
360 |
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Printing, postage and stationery |
740 |
188 |
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Sundry expenses |
2,387 |
1,405 |
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Motor expenses |
42,204 |
14,203 |
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Travel and subsistence |
1,194 |
140 |
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Advertising |
245 |
1,946 |
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Accountancy fees |
4,169 |
4,600 |
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Legal and professional fees |
734 |
1,832 |
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Bank charges |
966 |
1,029 |
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Depreciation of plant and machinery (owned) |
4,137 |
1,175 |
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95,240 |
53,619 |
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Operating profit |
39,820 |
104,913 |
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Profit before tax |
39,820 |
104,913 |