14 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05017249 2022-08-01 2023-07-31 05017249 2023-07-31 05017249 2022-07-31 05017249 2021-08-01 2022-07-31 05017249 2022-07-31 05017249 2021-07-31 05017249 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-08-01 2023-07-31 05017249 core:PlantMachinery 2022-08-01 2023-07-31 05017249 core:FurnitureFittings 2022-08-01 2023-07-31 05017249 core:MotorVehicles 2022-08-01 2023-07-31 05017249 bus:Director1 2022-08-01 2023-07-31 05017249 bus:Director2 2022-08-01 2023-07-31 05017249 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 05017249 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 05017249 core:PlantMachinery 2022-07-31 05017249 core:FurnitureFittings 2022-07-31 05017249 core:MotorVehicles 2022-07-31 05017249 core:PlantMachinery 2023-07-31 05017249 core:FurnitureFittings 2023-07-31 05017249 core:MotorVehicles 2023-07-31 05017249 core:WithinOneYear 2023-07-31 05017249 core:WithinOneYear 2022-07-31 05017249 core:AfterOneYear 2023-07-31 05017249 core:AfterOneYear 2022-07-31 05017249 core:ShareCapital 2023-07-31 05017249 core:ShareCapital 2022-07-31 05017249 core:RetainedEarningsAccumulatedLosses 2023-07-31 05017249 core:RetainedEarningsAccumulatedLosses 2022-07-31 05017249 core:BetweenOneFiveYears 2023-07-31 05017249 core:BetweenOneFiveYears 2022-07-31 05017249 core:MoreThanFiveYears 2023-07-31 05017249 core:MoreThanFiveYears 2022-07-31 05017249 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-31 05017249 core:PlantMachinery 2022-07-31 05017249 core:FurnitureFittings 2022-07-31 05017249 core:MotorVehicles 2022-07-31 05017249 bus:SmallEntities 2022-08-01 2023-07-31 05017249 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 05017249 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 05017249 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 05017249 bus:FullAccounts 2022-08-01 2023-07-31 05017249 core:ComputerSoftware 2022-08-01 2023-07-31 05017249 core:ComputerEquipment 2022-08-01 2023-07-31 05017249 core:ComputerSoftware 2022-07-31 05017249 core:ComputerSoftware 2023-07-31 05017249 core:ComputerEquipment 2022-07-31 05017249 core:ComputerEquipment 2023-07-31
COMPANY REGISTRATION NUMBER: 05017249
JPS (Surveyors) Limited
Filleted Unaudited Financial Statements
31 July 2023
JPS (Surveyors) Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
20,778
13,019
Tangible assets
6
89,039
82,720
---------
--------
109,817
95,739
Current assets
Debtors
7
209,221
202,031
Cash at bank and in hand
115,387
92,044
---------
---------
324,608
294,075
Creditors: amounts falling due within one year
8
260,874
222,592
---------
---------
Net current assets
63,734
71,483
---------
---------
Total assets less current liabilities
173,551
167,222
Creditors: amounts falling due after more than one year
9
26,595
69,019
Provisions
Taxation including deferred tax
22,048
14,973
---------
---------
Net assets
124,908
83,230
---------
---------
JPS (Surveyors) Limited
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
101
101
Profit and loss account
124,807
83,129
---------
--------
Shareholders funds
124,908
83,230
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr. M. Gabel
Mr. M. Isaacs
Director
Director
Company registration number: 05017249
JPS (Surveyors) Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Worth House, Unit 32 Stanley Road, Whitefield, Manchester, M45 8QX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for commissions and fees invoiced during the year, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents and licences
-
5% straight line
Computer software development
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
5. Intangible assets
Patents and licences
Computer software development
Total
£
£
£
Cost
At 1 August 2022
3,430
13,795
17,225
Additions
10,345
10,345
-------
--------
--------
At 31 July 2023
3,430
24,140
27,570
-------
--------
--------
Amortisation
At 1 August 2022
2,826
1,380
4,206
Charge for the year
172
2,414
2,586
-------
--------
--------
At 31 July 2023
2,998
3,794
6,792
-------
--------
--------
Carrying amount
At 31 July 2023
432
20,346
20,778
-------
--------
--------
At 31 July 2022
604
12,415
13,019
-------
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 August 2022
7,302
32,158
139,010
17,758
196,228
Additions
55,890
5,125
61,015
Disposals
( 54,790)
( 54,790)
-------
--------
---------
--------
---------
At 31 July 2023
7,302
32,158
140,110
22,883
202,453
-------
--------
---------
--------
---------
Depreciation
At 1 August 2022
4,954
28,030
70,086
10,438
113,508
Charge for the year
352
619
25,425
5,186
31,582
Disposals
( 31,676)
( 31,676)
-------
--------
---------
--------
---------
At 31 July 2023
5,306
28,649
63,835
15,624
113,414
-------
--------
---------
--------
---------
Carrying amount
At 31 July 2023
1,996
3,509
76,275
7,259
89,039
-------
--------
---------
--------
---------
At 31 July 2022
2,348
4,128
68,924
7,320
82,720
-------
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
139,315
139,373
Amounts owed by group undertakings and undertakings in which the company has a participating interest
13,862
16,341
Other debtors
56,044
46,317
---------
---------
209,221
202,031
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,728
10,016
Trade creditors
33,689
40,991
Corporation tax
90,085
82,846
Social security and other taxes
113,342
62,179
Other creditors
14,030
26,560
---------
---------
260,874
222,592
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,595
35,889
Other creditors
33,130
--------
--------
26,595
69,019
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
72,000
78,336
Later than 1 year and not later than 5 years
288,000
299,088
Later than 5 years
726,000
804,000
------------
------------
1,086,000
1,181,424
------------
------------
11. Directors' advances, credits and guarantees
Included in creditors are directors loan accounts of £44 (2022: £1,461).
12. Related party transactions
During the year the company paid £72,000 (2022 £72,000) rent to its directors Mr. M. Gabel and Mr. M. Isaacs for the properties occupied by the company. As a subsidiary undertaking of Worth Group Limited, the company has taken advantage of the exemption in section 33 of FRS102, from disclosing transactions with other members of the group headed by Worth Group Limited. During the year a director of the company was paid dividends of £25,250 (2022 £21,000).
13. Controlling party
The company was controlled throughout the current and previous year by its directors Mr. M. Isaacs and Mr. M. Gabel by virtue of their share capital in the ultimate parent undertaking. The ultimate parent company is Worth Group Limited, a company registered in England and Wales.