Year Ended
Registration number:
James Family Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
James Family Limited
Company Information
Director |
L.A. James |
Company secretary |
L.A. James |
Registered office |
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Accountants |
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James Family Limited
Balance Sheet
31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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Other financial assets |
95,475 |
95,475 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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James Family Limited
Balance Sheet
31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 04803546
James Family Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have considered the potential impact of the coronavirus pandemic on rental and other income streams and have reviewed the level of core overheads of the business, to determine if there is sufficient working capital to meet these requirements, along with scheduled borrowing repayments, for a period of at least twelve months from the date of approval of these financial statements. Following this review, based on the information available to date the directors are satisfied that the company has sufficient cash balances to meet these requirements and, accordingly, the directors continue to adopt the going concern basis of presentation.
Revenue recognition
Turnover represents the fair value of services povided under contracts with customers to the extent that there is a right to consideration.
Services are measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.
Invoices are not raised until a contract is complete so the value of incomplete services is included in Amounts recoverable on contracts in the balance sheet.
James Family Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance basis |
Investment property
James Family Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
James Family Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2021 |
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Depreciation |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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Investment properties |
2021 |
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At 1 April |
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Additions |
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At 31 March |
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The director doesn’t consider that there has been any significant change in valuation of the investment properties between date of purchase and the current balance sheet date.
There has been no valuation of investment property by an independent valuer.
James Family Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 April 2020 |
95,475 |
95,475 |
At 31 March 2021 |
95,475 |
95,475 |
Impairment |
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Carrying amount |
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At 31 March 2021 |
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95,475 |
Debtors |
2021 |
2020 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Corporation tax |
21,054 |
19,685 |
Other creditors |
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Accrued expenses |
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