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REGISTERED NUMBER: 04355077 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

J & P ASSOCIATES LIMITED

J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & P ASSOCIATES LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTOR: P R J Murray





SECRETARY: J S K Murray





REGISTERED OFFICE: Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ





REGISTERED NUMBER: 04355077 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE7 4UZ

J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 194,286 198,031
Investment property 5 548,707 548,707
742,993 746,738

CURRENT ASSETS
Debtors 6 561,254 680,023
Cash at bank 200,438 165,093
761,692 845,116
CREDITORS
Amounts falling due within one year 7 (113,411 ) (121,403 )
NET CURRENT ASSETS 648,281 723,713
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,391,274

1,470,451

CREDITORS
Amounts falling due after more than one
year

8

(64,767

)

(73,500

)
NET ASSETS 1,326,507 1,396,951

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,325,507 1,395,951
1,326,507 1,396,951

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 November 2023 and were signed by:





P R J Murray - Director


J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

J & P Assocaites Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for debt collection net of VAT.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.

Freehold land & buildings - 2% straight line on buildings
Plant & machinery - 25% straight line
Fixtures & fittings - 20% straight line

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Freehold Fixtures
land & Plant and and
buildings machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 241,340 34,976 40,602 316,918
DEPRECIATION
At 1 April 2022 46,059 34,626 38,202 118,887
Charge for year 2,828 117 800 3,745
At 31 March 2023 48,887 34,743 39,002 122,632
NET BOOK VALUE
At 31 March 2023 192,453 233 1,600 194,286
At 31 March 2022 195,281 350 2,400 198,031

J & P ASSOCIATES LIMITED (REGISTERED NUMBER: 04355077)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 548,707
NET BOOK VALUE
At 31 March 2023 548,707
At 31 March 2022 548,707

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 60,191 5,918
Other debtors 500,329 500,229
Directors' current accounts - 173,043
Prepayments and accrued income 734 833
561,254 680,023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,035 9,235
Trade creditors 1,656 5,804
Tax 81,212 88,955
Social security and other taxes 1,861 1,827
Pension control account - 332
VAT 15,892 13,500
Accruals and deferred income 3,755 1,750
113,411 121,403

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 64,767 73,500

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
P R J Murray
Balance outstanding at start of year 173,043 (490 )
Amounts advanced 157,397 325,099
Amounts repaid (330,440 ) (151,566 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 173,043