Jordan Hayes Limited - Period Ending 2020-01-31

Jordan Hayes Limited - Period Ending 2020-01-31


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Registration number: 03903042

Jordan Hayes Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 January 2020

 

Jordan Hayes Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Filleted Financial Statements

3 to 6

 

Jordan Hayes Limited

Company Information

Director

S J Hayes

Company secretary

M R Hayes

Registered office

45 City Road
Chester
Cheshire
CH1 3AE

Accountants

Shaw Austin Limited
Chartered Accountants
45 City Road
Chester
Cheshire
CH1 3AE

 

Jordan Hayes Limited

(Registration number: 03903042)
Filleted Balance Sheet as at 31 January 2020

Note

2020
 £

2019
 £

Fixed assets

 

Tangible assets

4

2,399

2,696

Current assets

 

Debtors

5

3,919

91,911

Cash at bank and in hand

 

189,450

127,872

 

193,369

219,783

Creditors: Amounts falling due within one year

6

(100,998)

(129,749)

Net current assets

 

92,371

90,034

Net assets

 

94,770

92,730

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

94,768

92,728

Total equity

 

94,770

92,730

For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 November 2020

.........................................
S J Hayes
Director

 
 

Jordan Hayes Limited

Notes to the Filleted Financial Statements for the Year Ended 31 January 2020

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
45 City Road
Chester
Cheshire
CH1 3AE
United Kingdom

The principal place of business is:
79 Woodlands Drive
Hoole
Chester
CH2 3QJ

These financial statements were authorised for issue by the director on 13 November 2020.

2

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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

The presentational currency is £ Sterling and all amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 income 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.

 

Jordan Hayes Limited

Notes to the Filleted Financial Statements for the Year Ended 31 January 2020

Tangible assets

Tangible assets are stated in the statement of financial position 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

Office equipment

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Jordan Hayes Limited

Notes to the Filleted Financial Statements for the Year Ended 31 January 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2019 - 2).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2019

8,475

8,475

Additions

1,846

1,846

Disposals

(3,252)

(3,252)

At 31 January 2020

7,069

7,069

Depreciation

At 1 February 2019

5,779

5,779

Charge for the year

1,767

1,767

Eliminated on disposal

(2,876)

(2,876)

At 31 January 2020

4,670

4,670

Carrying amount

At 31 January 2020

2,399

2,399

At 31 January 2019

2,696

2,696

5

Debtors

2020
£

2019
£

Trade debtors

2,610

90,000

Other debtors

1,309

1,911

Total current trade and other debtors

3,919

91,911

 

Jordan Hayes Limited

Notes to the Filleted Financial Statements for the Year Ended 31 January 2020

6

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Loans and borrowings

7

52,115

46,446

Trade creditors

 

1,045

38,517

Taxation and social security

 

26,710

13,174

Corporation tax liability

 

19,673

30,399

Other creditors

 

1,455

1,213

 

100,998

129,749

7

Loans and borrowings

Note

2020
£

2019
£

Current loans and borrowings

Loans from related parties

8

52,115

46,446

8

Related party transactions

Loans from related parties

2020

Director
£

At start of period

46,446

Advanced

5,669

At end of period

52,115

2019

Director
£

At start of period

61,165

Repaid

(14,719)

At end of period

46,446

Terms of loans from related parties

The director makes an interest free loan available to the company throughout the period, repayable on demand.