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Financial Statements for the Year Ended 30 June 2022 |
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Old Mill Jackson Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2022 |
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for |
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Old Mill Jackson Limited |
Old Mill Jackson Limited (Registered number: 05869107) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Old Mill Jackson Limited |
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Company Information |
for the Year Ended 30 June 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
5 Barnfield Crescent |
Exeter |
Devon |
EX1 1QT |
Old Mill Jackson Limited (Registered number: 05869107) |
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Balance Sheet |
30 June 2022 |
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30.6.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Old Mill Jackson Limited (Registered number: 05869107) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
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1. | STATUTORY INFORMATION |
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Old Mill Jackson Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Changes in accounting policies |
The company has reanalysed the headings under which expenditure is analysed in the Statement of Income and Retained Earnings. This has resulted in a reanalysis of expenditure on the comparative figures as follows: Administrative Expenses (reduction of £545,335), Interest Payable (increase of £11,051), Cost of Sales (increase of £534,284). There has been no change to the figure for "Profit Before Taxation". |
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The directors consider this change in policy to present a truer and fairer view within the financial statements. |
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Turnover |
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. |
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Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
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Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life. |
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All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
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The estimated useful live range as follows: |
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Goodwill - 8 years & 10 years |
Old Mill Jackson Limited (Registered number: 05869107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Leasehold improvements | - |
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Fixtures, fittings & equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Assets held under finance leases are depreciated in the same way as owned assets. |
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At each balance sheet date, the company reviews the carrying value of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
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(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. |
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Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Old Mill Jackson Limited (Registered number: 05869107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
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Government grants |
Government grants in respect of Profit and Loss Account expenditure are credited to the Profit and Loss account in the same period as the expenditure. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 July 2021 |
and 30 June 2022 |
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AMORTISATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Leasehold | fittings |
improvements | & equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2021 |
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Additions |
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Disposals |
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At 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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Eliminated on disposal |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Old Mill Jackson Limited (Registered number: 05869107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Amounts recoverable on contract |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Hire purchase contracts (see note 9) |
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Payments on account |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Hire purchase contracts (see note 9) |
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Other creditors |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
30.6.22 | 30.6.21 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating | leases |
30.6.22 | 30.6.21 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Old Mill Jackson Limited (Registered number: 05869107) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.22 | 30.6.21 |
£ | £ |
Hire purchase contracts | 92,947 | 177,737 |
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Hire purchase contracts are secured against the specific assets purchased under those agreements. |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | CAPITAL COMMITMENTS |
30.6.22 | 30.6.21 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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13. | OTHER FINANCIAL COMMITMENTS |
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The Company has an unlimited inter-company guarantee with other related parties in respect of a group banking arrangement. |
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14. | TRANSACTIONS WITH DIRECTORS |
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Old Mill Jackson Limited was a guarantor for a number of directors who took out personal loans. The maximum potential liability for Old Mill Jackson Limited at any point in the year in respect of these loans was £6,172,544 (2021: £6,172,544). On the 25 October 2021, the personal loans were repaid and Old Mill Jackson Limited no longer acts as a guarantor. |
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15. | PARENT COMPANY |
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Old Mill Topco Limited |
Maltravers House |
Petters Way |
Yeovil |
Somerset |
BA20 1SH |
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The financial statements of Old Mill Jackson Limited are incorporated into the consolidated accounts of the parent company. |