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Registration number: 09630147

JTA Building & Plastering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

JTA Building & Plastering Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

JTA Building & Plastering Limited

(Registration number: 09630147)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

19,676

17,906

Current assets

 

Stocks

5

-

3,520

Debtors

6

43,116

22,049

Cash at bank and in hand

 

2,740

1,009

 

45,856

26,578

Creditors: Amounts falling due within one year

7

(24,100)

(14,877)

Net current assets

 

21,756

11,701

Total assets less current liabilities

 

41,432

29,607

Creditors: Amounts falling due after more than one year

7

(19,654)

(26,544)

Provisions for liabilities

(3,767)

(3,402)

Net assets/(liabilities)

 

18,011

(339)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

17,911

(439)

Shareholders' funds/(deficit)

 

18,011

(339)

 

JTA Building & Plastering Limited

(Registration number: 09630147)
Statement of Financial Position as at 30 June 2023 (continued)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges 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.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 1 March 2024
 

.........................................
J Acton
Director

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
2 Cherry Close
Cheriton Fitzpaine
Crediton
Devon
EX17 4HY

Principal activity

The principal activity of the company is general building.

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 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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current tax 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 statement of financial position 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:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

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 and loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

28,483

26,238

54,721

Additions

5,962

-

5,962

Disposals

-

(1,500)

(1,500)

At 30 June 2023

34,445

24,738

59,183

Depreciation

At 1 July 2022

15,180

21,635

36,815

Charge for the year

2,890

1,101

3,991

Eliminated on disposal

-

(1,299)

(1,299)

At 30 June 2023

18,070

21,437

39,507

Carrying amount

At 30 June 2023

16,375

3,301

19,676

At 30 June 2022

13,303

4,603

17,906

5

Stocks

2023
£

2022
£

Work in progress

-

3,520

6

Debtors

Current

2023
£

2022
£

Prepayments

186

180

Other debtors

42,930

21,869

 

43,116

22,049

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

7,025

8,200

Trade creditors

 

2,746

1,048

Taxation and social security

 

12,708

4,280

Accruals and deferred income

 

1,275

1,216

Other creditors

 

346

133

 

24,100

14,877

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

19,654

26,544

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,654

26,544

 

JTA Building & Plastering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

9

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,313

8,200

Bank overdrafts

712

-

7,025

8,200

10

Related party transactions

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Unsecured loan, interest charged at the average official rate, repayable on demand

19,422

43,517

(22,458)

40,481

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Unsecured loan, interest charged at the average official rate, repayable on demand

26,602

30,704

(37,884)

19,422