Registered number
04158340
JPSP Limited
Unaudited Filleted Accounts
31 May 2023
JPSP Limited
Registered number: 04158340
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,317 5,223
Current assets
Debtors 4 102,342 148,161
Cash at bank and in hand 241,761 373,139
344,103 521,300
Creditors: amounts falling due within one year 5 (196,980) (388,847)
Net current assets 147,123 132,453
Net assets 151,440 137,676
Capital and reserves
Called up share capital 100 100
Profit and loss account 151,340 137,576
Shareholders' funds 151,440 137,676
The director is 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 director acknowledges his 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.
JP Pearson
Director
Approved by the board on 22 February 2024
JPSP Limited
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.
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:
Computer & office equipment 25% on written down value
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Computer & office equipment
£
Cost
At 1 June 2022 14,474
Additions 533
At 31 May 2023 15,007
Depreciation
At 1 June 2022 9,251
Charge for the year 1,439
At 31 May 2023 10,690
Net book value
At 31 May 2023 4,317
At 31 May 2022 5,223
4 Debtors 2023 2022
£ £
Trade debtors 17,285 67,504
Director's loan account 58,417 58,459
Other debtors 26,640 22,198
102,342 148,161
Amounts due after more than one year included above 58,417 58,459
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,145 68,911
Taxation and social security costs 80,105 152,533
Other creditors 115,730 167,403
196,980 388,847
6 Controlling party
JP Pearson by virtue of his ownership of 100% of the issued share capital.
7 Other information
JPSP Limited is a private company limited by shares and incorporated in England. Its registered office is:
6 Thwaites Avenue
Ilkley
West Yorkshire
LS29 8EH
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