Company registration number 06961895 (England and Wales)
JIMMY BIRCHMORE EVENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
JIMMY BIRCHMORE EVENTS LTD
BALANCE SHEET
AS AT 31 JULY 2022
31 July 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
89,754
80,467
Current assets
Debtors
4
176,080
98,175
Cash at bank and in hand
355,928
503,737
532,008
601,912
Creditors: amounts falling due within one year
5
(205,108)
(286,037)
Net current assets
326,900
315,875
Total assets less current liabilities
416,654
396,342
Creditors: amounts falling due after more than one year
6
(136,667)
(173,333)
Provisions for liabilities
Deferred tax liability
16,841
6,377
(16,841)
(6,377)
Net assets
263,146
216,632
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
263,046
216,532
Total equity
263,146
216,632
JIMMY BIRCHMORE EVENTS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2022
31 July 2022
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 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 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.
The financial statements were approved and signed by the director and authorised for issue on 11 October 2022
Mr C Birchmore
Director
Company Registration No. 06961895
JIMMY BIRCHMORE EVENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Jimmy Birchmore Events Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The
registered office is 13-15 High Street, Witney, Oxon, OX28 6HW.
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 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
and
is shown net of VAT
.
Revenue from contracts for the provision of
events management
services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
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:
Plant and machinery
25% reducing balance
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% 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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
JIMMY BIRCHMORE EVENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including
creditors and bank loans
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.6
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.
1.7
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
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.
JIMMY BIRCHMORE EVENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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 lease
s
asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
8
7
JIMMY BIRCHMORE EVENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021
252,609
Additions
36,222
Disposals
(9,711)
At 31 July 2022
279,120
Depreciation and impairment
At 1 August 2021
172,142
Depreciation charged in the year
24,564
Eliminated in respect of disposals
(7,340)
At 31 July 2022
189,366
Carrying amount
At 31 July 2022
89,754
At 31 July 2021
80,467
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
144,512
57,913
Other debtors
31,568
40,262
176,080
98,175
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
40,000
26,667
Trade creditors
19,734
25,822
Taxation and social security
57,580
32,879
Other creditors
87,794
200,669
205,108
286,037
As at the year end, £40,000 (2021 - £26,667) included within bank loans is a Coronavirus Business Interruption Loan which is secured by the UK government.
JIMMY BIRCHMORE EVENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
136,667
173,333
As at the year end, £136,667 (2021 - £173,333) included within bank loans is a Coronavirus Business Interruption Loan which is secured by the UK government.
7
Government grants
The company has taken advantage of government grants that were made available by the UK government in response to the global Covid-19 pandemic. During the year, a total of £4,962 (2021 - £67,545) has been received in government grants through the Coronavirus Job Retention Scheme (CJRS). These amounts are recognised within other operating income.
Last year, the company also took a Coronavirus Business Interruption Loan, as disclosed in notes 5 and 6 to these accounts. The Business Interruption Payments (BIP) paid by the UK Government in relation to lenders' fees and interest amounted to £1,811 (2021 - £4,173) and is recognised in other operating income as a government grant with the equal and opposite cost reflected in loan interest and fees.
Last year, the company also received a total of £12,924 in government grants through the Additional Restrictions Grant (ARG). No such grant was received in the current year.