James Rhodes Ltd - Accounts to registrar (filleted) - small 18.2

JAMES RHODES LTD

Financial Statements

for the Year Ended 28 February 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

J E Rhodes

D J Blais

Registered office:

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Registered number:

07152408 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

New Derwent House

69-73 Theobalds Road

London

WC1X 8TA

Fixed assets

Tangible assets

4

101,919

79,242

Current assets

Debtors

5

9,413

7,394

Cash at bank

44,491

274,832

53,904

282,226

Creditors

Amounts falling due within one year

6

24,164

17,173

Net current assets

29,740

265,053

Total assets less current liabilities

131,659

344,295

Capital and reserves

Called up share capital

7

100

100

Retained earnings

131,559

344,195

Shareholders' funds

131,659

344,295

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2021 and were signed on its behalf by:

D J Blais - Director

1.	Statutory information

James Rhodes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents fees receivable.

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on cost

Computer equipment

-

25% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a

party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial

recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the

substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern

Following the emergence and spread of the coronavirus (COVID-19) as well as its financial effects on

businesses worldwide the directors have considered its effects on the business of the company and believe

there are sufficient funds available for the business to continue as a going concern.

3.	Employees and directors

The average number of employees during the year was 2 (2020 - 2 ) .

4.	Tangible fixed assets

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 29 February 2020

103,624

55,386

159,010

Additions

33,914

34,280

68,194

At 28 February 2021

137,538

89,666

227,204

Depreciation

At 29 February 2020

36,848

42,920

79,768

Charge for year

32,079

13,438

45,517

At 28 February 2021

68,927

56,358

125,285

Net book value

At 28 February 2021

68,611

33,308

101,919

At 28 February 2020

66,776

12,466

79,242

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

9,413

3,525

Other debtors

-

3,869

9,413

7,394

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

2,408

11,088

Taxation and social security

1,941

-

Other creditors

19,815

6,085

24,164

17,173

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary shares

£1

100

100

8.	Related party disclosures

At 28 February 2021 £6,079 was owed to the director (2020: £526). This amount is included in other

creditors.