JPSP Limited |
Notes to the Accounts |
for the year ended 31 May 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Computer & office equipment |
25% on written down value |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Leased assets |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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3 |
Tangible fixed assets |
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Computer & office equipment |
£ |
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Cost |
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At 1 June 2022 |
14,474 |
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Additions |
533 |
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At 31 May 2023 |
15,007 |
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Depreciation |
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At 1 June 2022 |
9,251 |
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Charge for the year |
1,439 |
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At 31 May 2023 |
10,690 |
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Net book value |
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At 31 May 2023 |
4,317 |
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At 31 May 2022 |
5,223 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
17,285 |
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67,504 |
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Director's loan account |
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58,417 |
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58,459 |
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Other debtors |
26,640 |
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22,198 |
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102,342 |
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148,161 |
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Amounts due after more than one year included above |
58,417 |
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58,459 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
1,145 |
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68,911 |
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Taxation and social security costs |
80,105 |
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152,533 |
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Other creditors |
115,730 |
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167,403 |
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196,980 |
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388,847 |
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6 |
Controlling party |
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JP Pearson by virtue of his ownership of 100% of the issued share capital. |
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7 |
Other information |
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JPSP Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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6 Thwaites Avenue |
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Ilkley |
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West Yorkshire |
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LS29 8EH |