Company No:
Contents
DIRECTORS | Miss S E Davidson |
Mr S M Davidson | |
Miss R M Davidson | |
Mrs M F Taylorson | |
REGISTERED OFFICE | Springfield House |
45 Welsh Back | |
Bristol | |
BS1 4AG | |
United Kingdom | |
COMPANY NUMBER | 10537350(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
10 Temple Back | |
Bristol | |
BS1 6FL |
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
Investment property | 4 |
|
|
|
1,907,736 | 1,969,239 | |||
Current assets | ||||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
33,347 | 26,853 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current liabilities | (11,958) | (11,166) | ||
Total assets less current liabilities | 1,895,778 | 1,958,073 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (
|
(
|
Directors’ responsibilities:
The financial statements of Jumby Limited (registered number:
Mr S M Davidson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Jumby Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Springfield House, 45 Welsh Back, Bristol, BS1 4AG, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Jumby Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Fixtures and fittings - 25% reducing balance
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by external valuers and the directors and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Statement of Income and Retained Earnings, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Statement of Financial Position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Fixtures and fittings | Total | ||
£ | £ | ||
Cost/Valuation | |||
At 01 January 2020 |
|
|
|
At 31 December 2020 |
|
|
|
Accumulated depreciation | |||
At 01 January 2020 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2020 |
|
|
|
Net book value | |||
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 January 2020 |
|
Fair value movement | (60,000) |
As at 31 December 2020 |
|
Valuation
The fair value of the investment properties at 31 December 2020 has been arrived at on the basis of valuations carried out by Jennings Chartered Surveyors (external valuers) and the directors on an open market value for existing use basis.
2020 | 2019 | ||
£ | £ | ||
Trade debtors |
|
|
2020 | 2019 | ||
£ | £ | ||
Bank loans and overdrafts (secured) |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
|
|
2020 | 2019 | ||
£ | £ | ||
Bank loans (secured) |
|
|
|
Amounts owed to directors |
|
|
|
Other creditors |
|
|
|
1,914,568 | 1,987,960 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2020 | 2019 | ||
£ | £ | ||
Bank loans (secured / repayable by instalments) |
|
|
2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's directors
2020 | 2019 | ||
£ | £ | ||
Amounts due to the Directors | 1,700,818 | 1,762,018 |
The loans are interest free with no fixed date for repayment and are included in creditors due after more than one year.