JRNY Magazine Limited - Period Ending 2022-08-31

JRNY Magazine Limited

(Registration number: 13573410)
Balance Sheet as at 31 August 2022

	Note	2022 £
Current assets
Stock	5	1,723
Debtors	6	1,918
Cash at bank and in hand		685
		4,326
Creditors: Amounts falling due within one year	7	(17,917)
Net liabilities		(13,591)
Capital and reserves
Called up share capital	8	100
Retained earnings		(13,691)
Shareholders' deficit		(13,591)

JRNY Magazine Limited

(Registration number: 13573410)
Balance Sheet as at 31 August 2022

For the financial period ending 31 August 2022 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 May 2023 and signed on its behalf by:
 

......................................... K Dadfar Director

......................................... J G H Banks Director

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Period from 18 August 2021 to 31 August 2022

1	General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Principal activity

The principal activity of the Company is to produce and sell travel magazines.

2	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.

Going concern

The company made a loss in the year and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern. The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Period from 18 August 2021 to 31 August 2022

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of sales/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.

Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stock are assessed for impairment. If stock are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in 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.

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Period from 18 August 2021 to 31 August 2022

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

3	Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Period from 18 August 2021 to 31 August 2022

4	Staff numbers

The average number of persons employed by the Company (including directors) during the period, was 2.

5

Stock

	2022 £
Stock	1,723

6

Debtors

	2022 £
Prepayments	1,648
Other debtors	270
	1,918

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £
Due within one year
Amounts owed by related parties	10	15,315
Other creditors		2,602
		17,917

JRNY Magazine Limited

Notes to the Unaudited Financial Statements for the Period from 18 August 2021 to 31 August 2022

8	Share capital

Allotted, called up and fully paid shares

	2022
	No.	£
Ordinary shares of £1 each	100	100

9

Dividends

There were no dividends paid or proposed in the current period.

10	Related party transactions

Transactions with directors:

K Dadfar:
During the period, K Dadfar loaned the company £5,163 and the company made repayments of £311. At the end of the period, the amount owed to K Dadfar was £4,852.

J Banks:
During the period, J Banks loaned the company £5,063 and the company made a repayment of £50. At the end of the period, the amount owed to J Banks was £5,013.

Transactions with other related parties

That Wild Idea:
During the period 'That Wild Idea', an unincorporated entity controlled by K Dadfar and J Banks, loaned the company £5,450 and this amount remained outstanding at the end of the period.