Company registration number 13288874 (England and Wales)
JONATHAN WALLIS CS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
JONATHAN WALLIS CS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
JONATHAN WALLIS CS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
Notes
£
£
Fixed assets
Intangible assets
4
9,600
Tangible assets
5
3,668
13,268
Current assets
Debtors
6
40,074
Cash at bank and in hand
7,995
48,069
Creditors: amounts falling due within one year
Taxation and social security
25,262
Other creditors
7
34,775
60,037
Net current liabilities
(11,968)
Total assets less current liabilities
1,300
Provisions for liabilities
(645)
Net assets
655
Capital and reserves
Called up share capital
8
100
Profit and loss reserves
555
Total equity
655
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial Period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JONATHAN WALLIS CS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 June 2022
Mr J Wallis
Director
Company Registration No. 13288874
JONATHAN WALLIS CS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 24 March 2021
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
53,055
53,055
Issue of share capital
8
100
-
100
Dividends
-
(52,500)
(52,500)
Balance at 31 March 2022
100
555
655
JONATHAN WALLIS CS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Jonathan Wallis CS Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
3 Castle Court, Startforth, Barnard Castle, Co Durham, DL12 9DU.
1.1
Reporting period
The company was incorporated on the 24th March 2021 and began trading on the 1st April 2021. The accounts are for a period longer than a year due to this. No comparable figures are available due to it being the entity's first period of trading.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is not expected to exceed five years.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and Fittings
15% reducing balance
Office Equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
JONATHAN WALLIS CS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Impairment of fixed assets
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.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JONATHAN WALLIS CS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
Number
Total
2
4
Intangible fixed assets
Goodwill
£
Cost
At 24 March 2021
Additions
12,000
At 31 March 2022
12,000
Amortisation and impairment
At 24 March 2021
Amortisation charged for the Period
2,400
At 31 March 2022
2,400
Carrying amount
At 31 March 2022
9,600
JONATHAN WALLIS CS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 7 -
5
Tangible fixed assets
Fixtures and Fittings
Office Equipment
Total
£
£
£
Cost
At 24 March 2021
Additions
1,630
2,686
4,316
At 31 March 2022
1,630
2,686
4,316
Depreciation and impairment
At 24 March 2021
Depreciation charged in the Period
245
403
648
At 31 March 2022
245
403
648
Carrying amount
At 31 March 2022
1,385
2,283
3,668
6
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
38,425
Other debtors
1,649
40,074
7
Other creditors falling due within one year
2022
£
Other creditors
33,485
Accruals and deferred income
1,290
34,775
8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
100 of £1 each
100
100
During the period the company issued 100 ordinary shares of £1 at par.
JONATHAN WALLIS CS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 8 -
9
Transfer of business
On the
1st
April 2021 the director transferred the trade, assets and liabilities of his sole trader business into the company. The total value of the net assets transferred was £17,351.