1 April 2023 false No description of principal activity Taxfiler 2024.6 04382256 business:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04382256 2023-03-31 04382256 2023-04-01 2024-03-31 04382256 business:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04382256 business:FilletedAccounts 2023-04-01 2024-03-31 04382256 2024-03-31 04382256 2023-03-31 04382256 core:WithinOneYear 2024-03-31 04382256 core:WithinOneYear 2023-03-31 04382256 core:AfterOneYear 2024-03-31 04382256 core:AfterOneYear 2023-03-31 04382256 core:ShareCapital core:PreviouslyStatedAmount 2024-03-31 04382256 core:ShareCapital core:PreviouslyStatedAmount 2023-03-31 04382256 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2024-03-31 04382256 core:RetainedEarningsAccumulatedLosses core:PreviouslyStatedAmount 2023-03-31 04382256 core:PreviouslyStatedAmount 2024-03-31 04382256 core:PreviouslyStatedAmount 2023-03-31 04382256 business:SmallEntities 2023-04-01 2024-03-31 04382256 business:Director1 2023-04-01 2024-03-31 04382256 countries:EnglandWales 2023-04-01 2024-03-31 04382256 business:RegisteredOffice 2023-04-01 2024-03-31 04382256 core:Goodwill 2023-03-31 04382256 core:Goodwill 2024-03-31 04382256 core:LandBuildings 2023-03-31 04382256 core:FurnitureFittings 2023-03-31 04382256 core:LandBuildings 2023-04-01 2024-03-31 04382256 core:FurnitureFittings 2023-04-01 2024-03-31 04382256 core:LandBuildings 2024-03-31 04382256 core:FurnitureFittings 2024-03-31 04382256 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Company Registration No. 04382256 (England and Wales)
Jacksons Accountants (Midlands) Limited Unaudited accounts for the year ended 31 March 2024
Jacksons Accountants (Midlands) Limited Unaudited accounts Contents
Page
Statement of financial position
3
Notes to the accounts
4
- 2 -
Jacksons Accountants (Midlands) Limited Statement of financial position as at 31 March 2024
2024
2023
Notes
£
£
Fixed assets
Tangible assets
5
103,354
115,281
Current assets
Inventories
194,693
85,000
Debtors
6
276,879
324,672
Cash at bank and in hand
312,518
189,519
784,090
599,191
Creditors: amounts falling due within one year
7
(618,320)
(493,633)
Net current assets
165,770
105,558
Total assets less current liabilities
269,124
220,839
Creditors: amounts falling due after more than one year
8
(13,333)
(23,336)
Provisions for liabilities
Deferred tax
(8,642)
(6,650)
Net assets
247,149
190,853
Capital and reserves
Called up share capital
100
100
Profit and loss account
247,049
190,753
Shareholders' funds
247,149
190,853
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 October 2025 and were signed on its behalf by
Mr David McDonald and Mr Guy Weir Director Company Registration No. 04382256
- 3 -
Jacksons Accountants (Midlands) Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Jacksons Accountants (Midlands) Limited is a private company, limited by shares, registered in England and Wales, registration number 04382256. The registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible fixed assets and depreciation
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. 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: Leasehold improvements - straight line over 25 years Fixtures, fittings and equipment - 15% per annum reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Goodwill is written off evenly over its estimated useful life of 10 years.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Inventories
Inventories represents work in progress. Work in progress is valued at the fair value of the right to consideration.
- 4 -
Jacksons Accountants (Midlands) Limited Notes to the Accounts for the year ended 31 March 2024
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue in respect of the supply of services represents the value of services provided under contracts, to the extent that there is a right to consideration, is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
- 5 -
Jacksons Accountants (Midlands) Limited Notes to the Accounts for the year ended 31 March 2024
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023
1,000,000
At 31 March 2024
1,000,000
Amortisation
At 1 April 2023
1,000,000
At 31 March 2024
1,000,000
Net book value
At 31 March 2024
-
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 April 2023
191,089
121,850
312,939
Additions
-
1,817
1,817
At 31 March 2024
191,089
123,667
314,756
Depreciation
At 1 April 2023
114,659
82,999
197,658
Charge for the year
7,644
6,100
13,744
At 31 March 2024
122,303
89,099
211,402
Net book value
At 31 March 2024
68,786
34,568
103,354
At 31 March 2023
76,430
38,851
115,281
6
Debtors
2024
2023
£
£
Amounts falling due within one year
Trade debtors
264,937
314,251
Other debtors
11,942
10,421
276,879
324,672
- 6 -
Jacksons Accountants (Midlands) Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
24,743
15,517
Other creditors
574,088
457,688
Accruals
9,489
10,428
618,320
493,633
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
13,333
23,336
9
Transactions with related parties
David McDonald, David Mayer and Guy Weir are related parties by virtue of their directorships of the company. The directors have provided personal guarantees to Lloyds Bank plc.
10
Average number of employees
During the year the average number of employees was 31 (2023: 31).
- 7 -