Company Registration No. 07980906 (England and Wales)
James Andrew Residential Limited
Unaudited financial statements
For the year ended 30 September 2022
Pages for filing with registrar
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,721
72,225
Investments
4
10
10
51,731
72,235
Current assets
Debtors
5
682,219
709,121
Cash at bank and in hand
569,422
398,969
1,251,641
1,108,090
Creditors: amounts falling due within one year
6
(843,393)
(868,018)
Net current assets
408,248
240,072
Total assets less current liabilities
459,979
312,307
Creditors: amounts falling due after more than one year
7
(32,500)
(42,500)
Provisions for liabilities
(5,164)
(4,326)
Net assets
422,315
265,481
Capital and reserves
Called up share capital
8
12,000
12,000
Profit and loss reserves
410,315
253,481
Total equity
422,315
265,481
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year 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.
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2023 and are signed on its behalf by:
H M Soning FRICS
Director
Company Registration No. 07980906
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information
James Andrew Residential Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fairchild House, Redbourne Avenue, London, N3 2BP.
1.1
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 amounts 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.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
1.3
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:
Leasehold improvements
Over length of lease (15 months)
Fixtures, fittings & equipment
25% straight line
1.4
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.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax, adjusted for over or under provision in the prior year.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
113
103
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2021
60,309
94,246
154,555
Additions
27,635
27,635
At 30 September 2022
60,309
121,881
182,190
Depreciation and impairment
At 1 October 2021
19,189
63,141
82,330
Depreciation charged in the year
32,896
15,243
48,139
At 30 September 2022
52,085
78,384
130,469
Carrying amount
At 30 September 2022
8,224
43,497
51,721
At 30 September 2021
41,120
31,105
72,225
4
Fixed asset investments
2022
2021
£
£
Investments
10
10
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
223,185
365,754
Amounts owed by group undertakings
8,582
7,386
Other debtors
450,452
335,981
682,219
709,121
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
39,599
143,080
Corporation tax
43,697
35,991
Other taxation and social security
447,333
446,528
Bank loans
10,000
7,500
Other creditors
302,764
234,919
843,393
868,018
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
32,500
42,500
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
12,000 Ordinary shares of £1 each
12,000
12,000
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
8,250
41,250
JAMES ANDREW RESIDENTIAL LIMITED
James Andrew Residential Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
10
Related party transactions
Transactions with related parties
Included in trade creditors are amounts of £1,667 (2021: £19,169) owed to James Andrew Robinson Somerston Warner Limited. During the year, management charges of £Nil (2021: £30,558) were payable to James Andrew Robinson Somerston Warner Limited.
Included in debtors is an amount of £42,500 (2021: £50,000) due from James Andrew International Limited.
The above companies are related parties as they are under common directorships and, or, common ownership with regard to some of the directors of the company.
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.