James Sellicks Oakham Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08835889 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

JAMES SELLICKS OAKHAM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J R Sellicks

REGISTERED OFFICE:

56 Granby Street

Leicester

LE1 1DH

REGISTERED NUMBER:

08835889 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Tangible assets

4

40,347

39,254

CURRENT ASSETS

Debtors

5

63,776

25,995

Cash at bank and in hand

318,131

107,209

381,907

133,204

CREDITORS

Amounts falling due within one year

6

(368,797

)

(122,952

)

NET CURRENT ASSETS

13,110

10,252

TOTAL ASSETS LESS CURRENT LIABILITIES

53,457

49,506

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

53,357

49,406

SHAREHOLDERS' FUNDS

53,457

49,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 5 November 2021 and were signed by:

Mr J R Sellicks - Director

1.	STATUTORY INFORMATION

James Sellicks Oakham Limited is a limited company, registered in England and Wales. Its registered office address is 56 Granby Street, Leicester, LE1 1DH and the registered number is 08835889.

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.

Going concern

The director considers that the company has sufficient resources for the foreseeable future. The uncertainty facing the company is the Covid pandemic and the volatility in the economy as a result.The director has considered the effect this may have on the company post year end and it is not possible to reliably determine what impact this will have in the longer term on the company. The director has assessed the above and considers the company to be a going concern.

Government grants

The company has received funding in the form of local government additional restrictions Covid support grants and Coronavirus Job Retention Scheme (CJRS). The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Turnover

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

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.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings

25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Operating leases

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Short

leasehold

Fixtures

land &

and

buildings

fittings

Totals

£

£

£

COST

At 1 April 2020

30,354

12,790

43,144

Additions

5,497

1,640

7,137

At 31 March 2021

35,851

14,430

50,281

DEPRECIATION

At 1 April 2020

1,460

2,430

3,890

Charge for year

3,373

2,671

6,044

At 31 March 2021

4,833

5,101

9,934

NET BOOK VALUE

At 31 March 2021

31,018

9,329

40,347

At 31 March 2020

28,894

10,360

39,254

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

37,980

8,850

Other debtors

5,371

5,420

Directors' current accounts

-

150

VAT

10,111

3,747

Prepayments and accrued income

10,314

7,828

63,776

25,995

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,037

5,097

Amounts owed to participating interests

309,085

100,303

Corporation tax

613

1,200

Social security and other taxes

4,293

2,512

Other creditors

771

465

Accruals and deferred income

51,998

13,375

368,797

122,952

7.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases amounting to £86,667 (2020 - £106,667).