Jigsol Business Solutions Limited Filleted accounts for Companies House (small and micro)

JIGSOL BUSINESS SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06342554

Jigsol Business Solutions Limited

Filleted Unaudited Financial Statements

30 December 2021

Jigsol Business Solutions Limited

Statement of Financial Position

30 December 2021

	30 Dec 21		31 Dec 20
Note	£	£	£

Fixed assets

Tangible assets	6	29,779	33,778
Investments	7	80,737	22,510
		---------	--------
		110,516	56,288

Current assets

Debtors	8	603,474	635,198
Cash at bank and in hand		1,680	–
		---------	---------
		605,154	635,198

Creditors: amounts falling due within one year	9	542,153		538,311
		---------		---------
Net current assets			63,001	96,887
			---------	---------
Total assets less current liabilities			173,517	153,175

Creditors: amounts falling due after more than one year	10		81,342	55,802

Provisions

Taxation including deferred tax	4,687	5,233
	---------	---------
Net assets	87,488	92,140
	---------	---------

Capital and reserves

Called up share capital	140	140
Profit and loss account	87,348	92,000
	--------	--------
Shareholders funds	87,488	92,140
	--------	--------

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 Section 1A of 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.

For the period ending 30 December 2021 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 period 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 .

Jigsol Business Solutions Limited

Statement of Financial Position (continued)

30 December 2021

These financial statements were approved by the board of directors and authorised for issue on 28 October 2022 , and are signed on behalf of the board by:

Mr S M Levy	Mr J B Coleman
Director	Director

Company registration number: 06342554

Jigsol Business Solutions Limited

Notes to the Financial Statements

Period from 1 January 2021 to 30 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Athene House, Suite J, 86 The Broadway, Mill Hill, London, NW7 3TD, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

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.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 8 (2020: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 30 December 2021	500,000
	---------
Amortisation
At 1 January 2021 and 30 December 2021	500,000
	---------
Carrying amount
At 30 December 2021	–
	---------
At 31 December 2020	–
	---------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2021	30,583	33,219	63,802
Additions	–	6,911	6,911
	--------	--------	--------
At 30 December 2021	30,583	40,130	70,713
	--------	--------	--------
Depreciation
At 1 January 2021	7,646	22,378	30,024
Charge for the period	5,734	5,176	10,910
	--------	--------	--------
At 30 December 2021	13,380	27,554	40,934
	--------	--------	--------
Carrying amount
At 30 December 2021	17,203	12,576	29,779
	--------	--------	--------
At 31 December 2020	22,937	10,841	33,778
	--------	--------	--------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021	22,510
Additions	58,227
	--------
At 30 December 2021	80,737
	--------
Impairment
At 1 January 2021 and 30 December 2021	–
	--------

Carrying amount
At 30 December 2021	80,737
	--------
At 31 December 2020	22,510
	--------

8. Debtors

	30 Dec 21	31 Dec 20
	£	£
Trade debtors	316,360	223,410
Other debtors	287,114	411,788
	---------	---------
	603,474	635,198
	---------	---------

9. Creditors: amounts falling due within one year

	30 Dec 21	31 Dec 20
	£	£
Bank loans and overdrafts	69,909	21,722
Trade creditors	65,179	35,334
Corporation tax	11,688	8,743
Social security and other taxes	155,356	147,697
Other creditors	240,021	324,815
	---------	---------
	542,153	538,311
	---------	---------

10. Creditors: amounts falling due after more than one year

	30 Dec 21	31 Dec 20
	£	£
Bank loans and overdrafts	64,329	33,831
Other creditors	17,013	21,971
	--------	--------
	81,342	55,802
	--------	--------

11. Related party transactions

The company directors and shareholders are the ultimate controlling party during the current and previous year. During the accounting period the company incurred expenditure of £98,394 (2020 - £67,143) with Jigsol Limited, a company in which Mr S M Levy is a director and shareholder. At the year end the company owed Jigsol Limited £20,058 (2020- £17,156). During the accounting period the company incurred expenditure of £15,600 (2020 - £15,600) with CostBoss Limited, a company in which Mr S M Levy and Mr J Coleman are directors and shareholders. At the year end the company owed CostBoss Limited £Nil (2020-£Nil). The company had received a loan of £70,532 (2020 £141,917) from Jigsol Limited. The loan is interest free and repayable on demand. Mr S M Levy is director and shareholder of both companies. During the accounting period the company paid dividends of £72,000 (2020 £63,40) to the directors.