Company registration number SC091183 (Scotland)
JIM KERR MANAGEMENT CONSULTANCY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
JIM KERR MANAGEMENT CONSULTANCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
JIM KERR MANAGEMENT CONSULTANCY LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
594
1,115
Investment properties
5
1,331,456
Investments
6
141,585
132,656
142,179
1,465,227
Current assets
Debtors
8
4,231,836
4,103,193
Cash at bank and in hand
353,193
916,521
4,585,029
5,019,714
Creditors: amounts falling due within one year
9
(1,769,484)
(2,873,067)
Net current assets
2,815,545
2,146,647
Total assets less current liabilities
2,957,724
3,611,874
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,957,624
3,611,774
Total equity
2,957,724
3,611,874
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 30 June 2023 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.
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.
The financial statements were approved and signed by the director and authorised for issue on 8 May 2024
Mr I Grenfell
Director
Company Registration No. SC091183
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Jim Kerr Management Consultancy Limited is a private company limited by shares incorporated in Scotland. The registered office is 7 Belford Gardens, Edinburgh, EH4 3EP.
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 amount receivable for royalties from the exploitation of musical rights 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:
Plant and machinery
25% straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments.
Fair value measurement of financial instruments
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss and subsidiary company shares are carried at cost.
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
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.
Classification of financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
24,671
Additions
791
At 30 June 2023
25,462
Depreciation and impairment
At 1 July 2022
23,556
Depreciation charged in the year
1,312
At 30 June 2023
24,868
Carrying amount
At 30 June 2023
594
At 30 June 2022
1,115
5
Investment property
2023
£
Fair value
At 1 July 2022
1,331,456
Disposals
(1,331,456)
At 30 June 2023
6
Fixed asset investments
2023
2022
£
£
Investments
141,585
132,656
JIM KERR MANAGEMENT CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
6
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2022
132,656
Valuation changes
8,929
At 30 June 2023
141,585
Carrying amount
At 30 June 2023
141,585
At 30 June 2022
132,656
7
Financial instruments
2023
2022
£
£
25,514
25,514
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,722
770
Corporation tax recoverable
1,154
680
Other debtors
4,227,960
4,101,743
4,231,836
4,103,193
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
223,810
Trade creditors
116,069
125,363
Corporation tax
13,621
604,288
Other taxation and social security
5
Other creditors
1,639,789
1,919,606
1,769,484
2,873,067