ACCOUNTS - Final Accounts

JAMES STIRLING LIMITED - Company Information

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Registered number: 09688357

JAMES STIRLING LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2020

JAMES STIRLING LIMITED

REGISTERED NUMBER: 09688357

BALANCE SHEET

AS AT 31 JULY 2020

	2020	2020	2019	2019
Note	£	£	£	£

Fixed assets
Tangible assets	4		355		529
			355		529
Current assets
Debtors: amounts falling due within one year	5	98,023		70,378
Cash at bank and in hand	6	11,418		2,566
		109,441		72,944
Creditors: amounts falling due within one year	7	(109,532)		(73,355)
Net current liabilities			(91)		(411)
Total assets less current liabilities			264		118

Net assets			264		118

Capital and reserves
Called up share capital	2	2
Profit and loss account	262	116
Total equity	264	118

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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JAMES STIRLING LIMITED

REGISTERED NUMBER: 09688357

BALANCE SHEET (CONTINUED)

AS AT 31 JULY 2020

J E Stirling

Director

Date: 11 June 2021

The notes on pages 3 to 6 form part of these financial statements.

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JAMES STIRLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

1.	General information

James Stirling Limited is a private company limited by shares. The Company is incorporated in England and its registered office is Aston House, London, N3 1LF. The registered number is 09688357.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.4

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

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JAMES STIRLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Computer equipment

33%

reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.8

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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JAMES STIRLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

2.Accounting policies (continued)

2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 August 2019	3,040
	At 31 July 2020	3,040
	Depreciation
	At 1 August 2019	2,511
	Charge for the year on owned assets	174
	At 31 July 2020	2,685
	Net book value
	At 31 July 2020	355
	At 31 July 2019	529

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JAMES STIRLING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

Debtors

					2020	2019
					£	£


Trade debtors	-	2,400
Other debtors	98,023	67,978
	98,023	70,378

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	11,418	2,566
Less: bank overdrafts	(11,648)	(16,753)
	(230)	(14,187)

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank overdrafts	11,648	16,753
Corporation tax	61,835	49,400
Other taxation and social security	11,983	5,857
Other creditors	22,512	580
Accruals and deferred income	1,554	765
	109,532	73,355

8.	Related party transactions
	Within other debtors is a balance of £98,023 (2019: £67,978), due from the director, J Stirling. This balance is unsecured, attracts interest at 2.5% and repayable on demand.

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