COMPANY REGISTRATION NUMBER:
NI061927
|
Filleted Unaudited Financial Statements |
|
|
Statement of Financial Position |
|
31 October 2024
Fixed assets
Current assets
|
Debtors |
5 |
– |
577,396 |
|
Cash at bank and in hand |
10,959 |
74,078 |
|
-------- |
--------- |
|
10,959 |
651,474 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
1,104 |
6,025 |
|
-------- |
--------- |
|
Net current assets |
9,855 |
645,449 |
|
------- |
--------- |
|
Total assets less current liabilities |
9,856 |
645,450 |
|
------- |
--------- |
|
Net assets |
9,856 |
645,450 |
|
------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
7 |
93,334 |
93,334 |
|
Capital redemption reserve |
6,667 |
6,667 |
|
Profit and loss account |
(
90,145) |
545,449 |
|
-------- |
--------- |
|
Shareholders funds |
9,856 |
645,450 |
|
-------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
|
Statement of Financial Position (continued) |
|
31 October 2024
These financial statements were approved by the
board of directors
and authorised for issue on
27 June 2025
, and are signed on behalf of the board by:
|
Andrew Middleton |
|
Director |
|
Company registration number:
NI061927
|
Notes to the Financial Statements |
|
Year ended 31 October 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Thomastown Lodge, 16a Mountain Road, Portaferry, County Down, BT22 1PL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4.
Investments
|
Shares in group undertakings |
|
£ |
|
Cost |
|
|
At 1 November 2023 and 31 October 2024 |
100,001 |
|
--------- |
|
Impairment |
|
|
At 1 November 2023 and 31 October 2024 |
100,000 |
|
--------- |
|
|
|
Carrying amount |
|
|
At 31 October 2024 |
1 |
|
--------- |
|
At 31 October 2023 |
1 |
|
--------- |
|
|
Subsidiaries, associates and other investments
Interests in group undertakings and their principal activities are abalysed as follows: Details of subsidiaries: Country of Proportion Subsidiary Business incorporation held J1M Ltd Dormant Company Northern Ireland 100% The financial performance and net asset value at the end of the financial year for each of the group undertakings listed above was: Profit / (loss) Net assets/ Subsidiary Period end after taxation (liabilities) £ £ J1M Ltd 31 October 2024 - - J1M Ltd 31 October 2023 - -
5.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Other debtors |
– |
577,396 |
|
---- |
--------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Corporation tax |
– |
4,921 |
|
Other creditors |
1,104 |
1,104 |
|
------- |
------- |
|
1,104 |
6,025 |
|
------- |
------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
|
Ordinary "A" shares of £ 1 each |
46,667 |
46,667 |
46,667 |
46,667 |
|
Ordinary "B" shares of £ 1 each |
46,667 |
46,667 |
46,667 |
46,667 |
|
-------- |
-------- |
-------- |
-------- |
|
93,334 |
93,334 |
93,334 |
93,334 |
|
-------- |
-------- |
-------- |
-------- |
|
|
|
|
|
8.
Related party transactions
The company was under the control of Mr and Mrs Middleton throughout the current period. At balance sheet date £Nil (2023: £Nil) was owed to the company by J1M Ltd.