JG Macclesfield Holdings Ltd - Period Ending 2022-06-30
JG Macclesfield Holdings Ltd - Period Ending 2022-06-30
Registration number:
for the Period from 1 November 2021 to
JG Macclesfield Holdings Ltd
(Registration number: 10873469)
Balance Sheet as at 30 June 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
92 |
115 |
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Capital redemption reserve |
51 |
28 |
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Profit and loss account |
259,528 |
330,413 |
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Shareholders' funds |
259,671 |
330,556 |
For the financial period ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
General information |
The company is a private company limited by share capital, incorporated in England and 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Judgements and estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
Key sources of estimation uncertainty
Amounts recoverable on contracts - the process of assessing amounts recoverable on contracts and work in progress requires various estimates and judgements to be made. Fee earners are required to record time spent on client assignments and this is used as the basis for the amounts recoverable on contracts and work in progress estimates. A year end report of time on all assignments is circulated to fee earners to identify likely irrecoverable amounts. Matters that have been carried out on a contingent basis (where the contingent event is yet to occur) are removed from the amounts recoverable on contracts valuation and are included as work in progress, as detailed below. The carrying amount is £280,891 (2021 - £381,022).
Bad debt provision - due to the nature of the business, there are high levels of trade debtors at the year end,
and therefore a risk that some of these balances may be irrecoverable. A bad debt review is carried out, where
debts are assessed and provided against when the recoverability of these balances is considered to be
uncertain. The carrying amount is £Nil (2021 - £3,240).
Revenue recognition
Fees receivable represent the fair value of services provided during the year on client assignments. Fair value reflects the amounts expected to be recoverable from clients based on time spent, skills provided and expenses incurred, and excludes VAT.
Income in respect of contingent fee assignments is recognised in the period when the contingent event occurs and collectability of the fee is assured.
Unbilled income on individual client assignments is included as amounts recoverable on contracts within debtors.
Disbursements
Disbursements are not included in income or expenses, but are netted against each other.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
Corporation tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 corporation 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.
Cash and cash equivalents
Cash and cash equivalents comprise of 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Fixtures and fittings |
25% reducing balance |
Computer equipment |
33% of cost per annum |
JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% of cost per annum |
Trade debtors
Trade debtors are amounts due from services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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 profit and loss account 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
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Cost |
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At 1 November 2021 and at 30 June 2022 |
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Disposals |
( |
Amortisation |
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At 1 November 2021 |
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Amortisation charge |
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Amortisation eliminated on disposals |
( |
At 30 June 2022 |
- |
Carrying amount |
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At 30 June 2022 |
- |
At 31 October 2021 |
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Tangible assets |
Fixtures and fittings |
Computer equipment |
Total |
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Cost |
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At 1 November 2021 |
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Disposals |
- |
( |
( |
At 30 June 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 June 2022 |
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Carrying amount |
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At 30 June 2022 |
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At 31 October 2021 |
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On 1 July 2022, all of the fixed assets were transferred to Anthony Collins Solicitiors LLP as part of a sale of the company's trade and assets.
JG Macclesfield Holdings Ltd
Notes to the Unaudited Financial Statements for the Period from 1 November 2021 to 30 June 2022
Debtors |
30 June 2022 |
31 October 2021 |
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Trade debtors |
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Amounts recoverable on contracts |
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Prepayments |
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Creditors |
30 June 2022 |
31 October 2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
107,707 |
82,743 |
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30 June 2022 |
31 October 2021 |
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Due after one year |
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Loans and borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £Nil (2021 - £