Jordan Inc Limited - Period Ending 2022-07-31
Jordan Inc Limited - Period Ending 2022-07-31
Registrar
Registration number:
for the Year Ended
Jordan Inc Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Jordan Inc Limited
Company Information
Directors |
MJM Kirkham |
Registered office |
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Bankers |
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Accountants |
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Jordan Inc Limited
(Registration number: 05139422)
Balance Sheet as at 31 July 2022
Note |
2022 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investment property |
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Other financial assets |
345 |
245 |
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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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( |
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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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( |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Jordan Inc Limited
(Registration number: 05139422)
Balance Sheet as at 31 July 2022 (continued)
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Rivermead North, Bishop Hall Lane, Chelmsford, Essex, CM1 1PD.
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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Prior period errors
Borrowing costs included in the value of investment property relating to a dispute that has now been agreed were not provided for and have now been confirmed. This has resulted in an increase to the investment property balance and non-current loans and borrowing balances as detailed below.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Investment property cost brought forward | - | 719,870 | - |
Investment property additions | - | 56,385 | - |
Investment property cost carried forward | - | - | 719,870 |
Non-current loans and borrowings | - | 776,854 | 719,870 |
Administrative costs totalling £108,576 recognised in the July 2021 accounts relate to a group company and were not expenditure of the company. The expenditure has been moved to amounts owed by group undertakings.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Administrative expenses | - | (108,576) | - |
Amounts owed by group undertakings | (108,576) | (108,576) | - |
Retained earnings | (108,576) | - | - |
Revenue recognition
Turnover comprises the fair value of the consideration receivable for the provision of rental of investment properties in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income 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.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Stocks
Stocks 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, stocks are assessed for impairment. If stocks 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.
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.
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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
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.
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2021 |
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At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the year |
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At 31 July 2022 |
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Carrying amount |
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At 31 July 2022 |
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At 31 July 2021 |
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Investment properties |
2022 |
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At 1 August (as restated) |
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Additions |
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At 31 July |
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The Director considers that the carrying value of the investment properties are not materially different to the current market value.
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
Debtors |
Note |
2022 |
(As restated) |
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Amounts owed by group undertakings |
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Other debtors |
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Directors loan |
584,636 |
377,508 |
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Debtors include amounts owed by group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Amounts owed to group undertakings |
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Other creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £59,206 (2021 - £35,124).
Creditors falling due within one year include amounts owed to group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.
Creditors: amounts falling due after more than one year
Note |
2022 |
(As restated) |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £22,020,229 (2021 - £11,852,775).
Jordan Inc Limited
Notes to the Financial Statements for the Year Ended 31 July 2022 (continued)
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
- |
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2022 |
(As restated) |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Related party transactions |
Transactions with the director |
2022 |
At 1 August 2021 |
Advances to director |
Repayments by director |
At 31 July 2022 |
MJM Kirkham |
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Directors loan account |
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( |
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2021 |
At 1 October 2020 |
Advances to director |
Repayments by director |
At 31 July 2021 |
MJM Kirkham |
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Directors loan account |
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( |
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The directors loan account is unsecured, repayable on demand and is charged interest at the HMRC official rate of interest.