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COMPANY REGISTRATION NUMBER: 03574531
Jeckells of Wroxham Limited
Unaudited financial statements
31 October 2024
Jeckells of Wroxham Limited
Financial statements
Year ended 31 October 2024
Contents
Page
Officers and professional advisers
1
Directors' report
2
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
3
Income statement
4
Statement of financial position
5
Notes to the financial statements
7
Jeckells of Wroxham Limited
Officers and professional advisers
The board of directors
C W Jeckells
F J Jeckells
S S Curtis
Company secretary
C W Jeckells
Registered office
Sixty Six
North Quay
Great Yarmouth
Norfolk
NR30 1HE
Accountants
Lovewell Blake LLP
Chartered accountants
Sixty Six
North Quay
Great Yarmouth
Norfolk
NR30 1HE
Jeckells of Wroxham Limited
Directors' report
Year ended 31 October 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2024 .
Directors
The directors who served the company during the year were as follows:
C W Jeckells
F J Jeckells
S S Curtis
(Appointed 27 September 2024)
Small company provisions
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
This report was approved by the board of directors on 17 February 2025 and signed on behalf of the board by:
C W Jeckells
Director
Registered office:
Sixty Six
North Quay
Great Yarmouth
Norfolk
NR30 1HE
Jeckells of Wroxham Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Jeckells of Wroxham Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jeckells of Wroxham Limited for the year ended 31 October 2024, which comprise the income statement, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Jeckells of Wroxham Limited, as a body, in accordance with the terms of our engagement letter dated 20 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Jeckells of Wroxham Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jeckells of Wroxham Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Jeckells of Wroxham Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Jeckells of Wroxham Limited. You consider that Jeckells of Wroxham 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 financial statements of Jeckells of Wroxham 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 financial statements.
Lovewell Blake LLP Chartered accountants
Sixty Six North Quay Great Yarmouth Norfolk NR30 1HE
Jeckells of Wroxham Limited
Income statement
Year ended 31 October 2024
2024
2023
Note
£
£
Turnover
841,528
764,244
Cost of sales
( 545,675)
( 534,346)
---------
---------
Gross profit
295,853
229,898
Distribution costs
( 70,388)
( 53,973)
Administrative expenses
( 127,875)
( 132,462)
---------
---------
Operating profit
97,590
43,463
Other interest receivable and similar income
8,648
4,391
Interest payable and similar expenses
( 3,094)
( 4,038)
---------
---------
Profit before taxation
103,144
43,816
Tax on profit
( 24,880)
( 9,450)
---------
-------
Profit for the financial year
78,264
34,366
---------
-------
All the activities of the company are from continuing operations.
Jeckells of Wroxham Limited
Statement of financial position
31 October 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
74,430
43,453
Current assets
Stocks
49,000
75,000
Debtors
6
22,681
33,313
Cash at bank and in hand
358,069
255,689
---------
---------
429,750
364,002
Creditors: Amounts falling due within one year
7
( 172,197)
( 110,427)
---------
---------
Net current assets
257,553
253,575
---------
---------
Total assets less current liabilities
331,983
297,028
Provisions
Taxation including deferred tax
( 597)
Other provisions
( 46,855)
( 68,761)
-------
-------
(47,452)
(68,761)
---------
---------
Net assets
284,531
228,267
---------
---------
Capital and reserves
Called up share capital
60,000
60,000
Profit and loss account
224,531
168,267
---------
---------
Shareholders funds
284,531
228,267
---------
---------
These financial statements have been prepared 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'.
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 .
Jeckells of Wroxham Limited
Statement of financial position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
C W Jeckells
Director
Company registration number: 03574531
Jeckells of Wroxham Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The company's principal place of business is Station Road, Wroxham, Norfolk, England, NR12 8UT.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - Annuity agreement with former director In 2014 the company granted an annuity to a former director in consideration of her lengthy and loyal service to the company. The total amount payable is discounted to the year end date. This is explained in more detail below.
Revenue recognition
Turnover represents the consideration received or receivable from the manufacture and sale of sails, stated net of discounts and of Value Added Tax.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
2.5% or 20% straight line
Sail plans
-
2% straight line
Motor vehicles
-
20% straight line
Office equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution pension plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of employees during the year was 15 (2023: 16 ).
5. Tangible assets
Plant & machinery
Sail plans
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 November 2023
202,737
35,392
10,265
76,766
325,160
Additions
20,334
17,435
1,676
39,445
Disposals
( 7,000)
( 7,000)
---------
-------
-------
-------
---------
At 31 October 2024
216,071
35,392
27,700
78,442
357,605
---------
-------
-------
-------
---------
Depreciation
At 1 November 2023
187,677
13,803
10,265
69,962
281,707
Charge for the year
4,322
708
581
2,857
8,468
Disposals
( 7,000)
( 7,000)
---------
-------
-------
-------
---------
At 31 October 2024
184,999
14,511
10,846
72,819
283,175
---------
-------
-------
-------
---------
Carrying amount
At 31 October 2024
31,072
20,881
16,854
5,623
74,430
---------
-------
-------
-------
---------
At 31 October 2023
15,060
21,589
6,804
43,453
---------
-------
-------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
20,896
22,366
Deferred tax asset
9,045
Prepayments and accrued income
1,670
1,902
Other debtors
115
-------
-------
22,681
33,313
-------
-------
The deferred tax asset falls due to be recovered in more than one year.
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Payments received on account
101,261
82,072
Trade creditors
9,439
5,738
Accruals and deferred income
11,380
Corporation tax
15,238
4,853
Social security and other taxes
6,558
5,356
Director loan accounts
27,380
11,866
Other creditors
941
542
---------
---------
172,197
110,427
---------
---------
8. Annuity agreement with former director
On 19 November 2014 S A Jeckells resigned as director of the company. In consideration of her lengthy and loyal service to the company an annuity was granted. The amount payable to S A Jeckells is a fixed fee of £1,666.66 per month (net of basic rate tax) for a fixed term to October 2026. The company therefore recognised a discounted provision of £213,248 during the year ended 31 October 2015 in respect of the anticipated future annuity payments likely to be payable under this agreement.
The discounting adjustment of £3,094 (2023 - £4,038) in relation to this provision has been included within interest payable and other similar items in the profit and loss account.