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Registration number: 10165658

JJP Contractors Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2023

 

JJP Contractors Limited

(Registration number: 10165658)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

115,914

154,417

Current assets

 

Stocks

5

-

147,083

Debtors

6

480,555

261,371

Cash at bank and in hand

 

410,485

488,697

 

891,040

897,151

Prepayments and accrued income

 

24,664

22,170

Creditors: Amounts falling due within one year

7.1

(194,229)

(285,884)

Net current assets

 

721,475

633,437

Total assets less current liabilities

 

837,389

787,854

Creditors: Amounts falling due after more than one year

(36,117)

(50,098)

Provisions for liabilities

(23,161)

(29,339)

Accruals and deferred income

 

(686)

(685)

Net assets

 

777,425

707,732

Capital and reserves

 

Called up share capital

8

42

42

Capital redemption reserve

18

18

Retained earnings

777,365

707,672

Shareholders' funds

 

777,425

707,732

 

JJP Contractors Limited

(Registration number: 10165658)
Abridged Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 accounts for the year 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 October 2023 and signed on its behalf by:
 

.........................................
K Spillane
Company secretary and director

.........................................
J O'Donnell
Director

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
26 Brookhus Farm Road
Sutton Coldfield
West Midlands
B76 1QP
England

These financial statements were authorised for issue by the Board on 10 October 2023.

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 abridged 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 abridged 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.

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Asset class

Depreciation method and rate

Office equipment

33 1/3% reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

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.

Trade 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

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. 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.

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.

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2022

10,769

150,066

89,127

249,962

Additions

475

-

-

475

At 31 May 2023

11,244

150,066

89,127

250,437

Depreciation

At 1 June 2022

6,293

66,970

22,282

95,545

Charge for the year

1,492

20,774

16,712

38,978

At 31 May 2023

7,785

87,744

38,994

134,523

Carrying amount

At 31 May 2023

3,459

62,322

50,133

115,914

At 31 May 2022

4,476

83,096

66,845

154,417

5

Stocks

2023
£

2022
£

Work in progress

-

147,083

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Creditors

Creditors: amounts falling due within one year

Creditors include Loans and borrowings of £35,128 (2022: £44,816); Trade creditors of £92,268 (2022: £213,233); Taxation and social security £52,245 (2022 £13,247) and Other creditors of £607 (2022: £607).

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 (2022 - £0) each

24

24

-

-

Ordinary B Shares of £1 (2022 - £0) each

18

18

-

-

Ordinary Shares of £0 (2022 - £1) each

-

-

42

42

 

42

42

42

42

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £1,125.00 (2022 - £Nil) per each Ordinary A Shares

 

27,000

 

-

Interim dividend of £1,708.33 (2022 - £Nil) per each Ordinary B Shares

 

30,750

 

-

Interim dividend of £458.33 (2022 - £1,511.90) per each Ordinary Shares

 

19,250

 

63,500

   

77,000

 

63,500

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £83,431 (2022 - £107,412). The company has a bank loan, with a government-backed guarantee, under the Coronavirus Bounce Back Loan Scheme. The company also has a Hire Purchase agreement, which is secured over the asset that it was used to purchase.

 

JJP Contractors Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

11

Related party transactions

Transactions with directors

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

86,000

78,550

Contributions paid to money purchase schemes

80,000

80,000

166,000

158,550