Jackson Ventures Limited 31/03/2020 iXBRL

Jackson Ventures Limited 31/03/2020 iXBRL

JACKSON VENTURES LIMITED - Company Information

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Company registration number: NI615719
Jackson Ventures Limited
Unaudited filleted financial statements
31 March 2020
Jackson Ventures Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Jackson Ventures Limited
Directors and other information
Directors Owen Jackson
Paula Jackson
Company number NI615719
Registered office Chamber of Commerce House
22 Great Victoria Street
Belfast
BT2 7BA
Accountants Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Jackson Ventures Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Jackson Ventures Limited
Year ended 31 March 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jackson Ventures Limited for the year ended 31 March 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Jackson Ventures Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jackson Ventures Limited and state those matters that we have agreed to state to the board of directors of Jackson Ventures Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jackson Ventures Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Jackson Ventures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Jackson Ventures Limited. You consider that Jackson Ventures Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Jackson Ventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hill Vellacott
Chartered accountants
22 Great Victoria Street
Belfast
BT2 7BA
18 February 2021
Jackson Ventures Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Investments 6 161,207 161,207
_______ _______
161,207 161,207
Current assets
Debtors 7 100 100
_______ _______
100 100
Creditors: amounts falling due
within one year 8 ( 158,601) ( 138,982)
_______ _______
Net current liabilities ( 158,501) ( 138,882)
_______ _______
Total assets less current liabilities 2,706 22,325
Creditors: amounts falling due
after more than one year 9 ( 2,857) ( 20,000)
_______ _______
Net (liabilities)/assets ( 151) 2,325
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 251) 2,225
_______ _______
Shareholders (deficit)/funds ( 151) 2,325
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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;
- The directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 February 2021 , and are signed on behalf of the board by:
Owen Jackson
Director
Company registration number: NI615719
Jackson Ventures Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Hill Vellacott, Chamber of Commerce House, 22 Great Victoria Street, Belfast, BT2 7BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2019 and 31 March 2020 161,207 161,207
_______ _______
Impairment
At 1 April 2019 and 31 March 2020 - -
_______ _______
Carrying amount
At 31 March 2020 161,207 161,207
_______ _______
At 31 March 2019 161,207 161,207
_______ _______
7. Debtors
2020 2019
£ £
Other debtors 100 100
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 17,143 17,143
Amounts owed to group undertakings and undertakings in which the company has a participating interest 74,281 54,912
Other creditors 67,177 66,927
_______ _______
158,601 138,982
_______ _______
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Bank loans and overdrafts 2,857 20,000
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Owen Jackson ( 23,992) - ( 23,992)
_______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Owen Jackson ( 22,564) ( 1,428) ( 23,992)
_______ _______ _______
11. Controlling party
The company is controlled by the directors.