JJC Consultants (London) Ltd - Period Ending 2021-04-30
JJC Consultants (London) Ltd - Period Ending 2021-04-30
Registration number:
JJC Consultants (London) Ltd
Filleted
for the Year Ended 30 April 2021
JJC Consultants (London) Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
JJC Consultants (London) Ltd
Company Information
Director |
Mr J J Collins |
Registered office |
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Bankers |
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Accountants |
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JJC Consultants (London) Ltd
(Registration number: 11298024)
Statement of Financial Position as at 30 April 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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- |
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Provisions for liabilities |
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- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
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 Income Statement has been taken.
Approved and authorised by the
JJC Consultants (London) Ltd
(Registration number: 11298024)
Statement of Financial Position as at 30 April 2021 (continued)
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JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
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 |
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Office Equipment |
20% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 Income Statement 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
Exceptional item |
A bad debt provision of £2,000,000 has been made against accrued consultancy fees. The income was contingent on the performance of a company engaged in residential property development. Currently, potential buyers of these properties have been unable to obtain mortgages at levels sufficient to meet the developer's initial asking price. Consequently, the development company has been required to revise its income/profitability projections. Therefore, in the circumstances, the director is of the opinion JJC Consultants (London) Ltd will not receive the income.
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 April 2021 |
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Depreciation |
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Charge for the year |
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At 30 April 2021 |
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Carrying amount |
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At 30 April 2021 |
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JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
Investments |
2021 |
2020 |
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Investments in subsidiaries |
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Subsidiaries |
2020 |
Cost or valuation |
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At 1 May 2020 |
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Provision |
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Carrying amount |
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At 30 April 2021 |
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At 30 April 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
- |
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Directors loan accounts |
1,756,621 |
737,195 |
Amounts owed by group undertakings |
- |
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Other debtors |
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JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Other creditors |
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Corporation tax liability |
57,035 |
61,611 |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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- |
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
JJC Consultants (London) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021 (continued)
Related party transactions |
Transactions with directors |
2021 |
At 1 May 2020 |
Advances to directors |
Repayments by director |
At 30 April 2021 |
Mr J J Collins |
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Directors loan account |
737,195 |
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( |
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2020 |
At 1 May 2019 |
Advances to directors |
Repayments by director |
At 30 April 2020 |
Mr J J Collins |
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Directors loan account |
427,694 |
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( |
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