Registered number:
07038818
JOE PUBLIC LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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JOE PUBLIC LIMITED
REGISTERED NUMBER:
07038818
BALANCE SHEET
AS AT
28 FEBRUARY 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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JOE PUBLIC LIMITED
REGISTERED NUMBER:
07038818
BALANCE SHEET
(CONTINUED)
AS AT
28 FEBRUARY 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
10 October 2017
.
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
Joe Public Limited is a private company limited by shares and incorporated in England. The address of the registered office is 124 Finchley Road, London, NW3 5JS.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The comparatives shown are for the 11 months ended 29 February 2016.
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue comprises fees charged for marketing consultancy and rental income and is recognised in the statement of income and retained earnings in the period in which the services are provided.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Page 3
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
2.
Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the lease term.
Interest income is recognised in the statement of income and retained earnings in the period in which the interest is earned.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was
21
(2016 -
14
)
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Page 4
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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Investments in subsidiary companies
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Page 5
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
5.
Fixed asset investments (continued)
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The following were subsidiary undertakings of the Company:
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The aggregate of the share capital and reserves as at 28 February 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
29 February
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Profit/(loss)
29 February
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Amounts owed by group undertakings
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Page 6
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Shares classified as equity
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Allotted, called up and fully paid
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4
A Ordinary
shares of £
1
each
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500
B Ordinary
shares of £
1
each
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On 11 March 2016, 450 B Ordinary shares of £1 each were issued at a premium of £999 per share.
On 25 November 2016, 50 B Ordinary shares of £1 each were issues at a premium of £999 per share.
The A Ordinary shares confer upon the holders thereof the right (pro rata to the number of shares held by each shareholder) to cast an aggregate of 60% of the votes capable being cast on all matters decided by vote at general meetings and 60% in value of all dividends, distributions and return of capital by the company. The B Ordinary shares confer upon the holders thereof the right (pro rata to the number of shares held by each shareholder) to cast an aggregate of 40% of the votes capable being cast on all matters decided by vote at general meetings and 40% in value of all dividends, distributions and return of capital by the company.
Other reserves
Other reserves at 29 February 2016 represent amounts received totalling £120,000 from subscribers for B Ordinary shares of £1 each in the capital of the company less associated share issue costs. The shares were issued and allotted on 11 March 2016.
Page 7
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JOE PUBLIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2017
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Related party transactions
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At the balance sheet date, creditors include £1,180 (2016: £1,180) owed to L Shires and £24,420 (2016: £24,420) owed to M McCabe, the directors of the company.
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The company is under the control of the directors M McCabe and L Shires by virtue of their shareholdings.
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 8
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