Registered number
12588963
John Paul Furniture Ltd
Filleted Accounts
for the year ended
31 May 2023
John Paul Furniture Ltd
Registered number: 12588963
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 54,136 41,614
Current assets
Stocks 105,519 86,559
Debtors 4 144,861 126,187
Cash at bank and in hand 133,731 145,486
384,111 358,232
Creditors: amounts falling due within one year 5 (112,545) (131,089)
Net current assets 271,566 227,143
Total assets less current liabilities 325,702 268,757
Creditors: amounts falling due after more than one year 6 (69,800) (89,800)
Net assets 255,902 178,957
Capital and reserves
Called up share capital 200 200
Profit and loss account 255,702 178,757
Shareholders' funds 255,902 178,957
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Boldick
Director
Approved by the board on 2 November 2023
John Paul Furniture Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Computer equipment 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Computer equipment Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 1,133 49,248 5,100 55,481
Additions - 20,382 - 20,382
At 31 May 2023 1,133 69,630 5,100 75,863
Depreciation
At 1 June 2022 337 11,697 1,833 13,867
Charge for the year 264 6,779 817 7,860
At 31 May 2023 601 18,476 2,650 21,727
Net book value
At 31 May 2023 532 51,154 2,450 54,136
At 31 May 2022 796 37,551 3,267 41,614
4 Debtors 2023 2022
£ £
Trade debtors 133,735 106,087
Other debtors 11,126 20,100
144,861 126,187
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 40,671 43,262
Taxation and social security costs 67,819 65,348
Other creditors 4,055 22,479
112,545 131,089
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 69,800 89,800
7 Other information
John Paul Furniture Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Units 7 & 8 Meadow Lane Business Park
Meadow Lane
Long Eaton
Nottingham
NG10 2GD
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