Registered number
09166010
JP Heating & Bathrooms Ltd
Unaudited Filleted Accounts
31 December 2023
JP Heating & Bathrooms Ltd
Registered number: 09166010
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 20,147 28,982
Current assets
Stocks 183,489 146,834
Debtors 4 296,196 258,663
Cash at bank and in hand 101,069 18,025
580,754 423,522
Creditors: amounts falling due within one year 5 (272,492) (215,153)
Net current assets 308,262 208,369
Total assets less current liabilities 328,409 237,351
Creditors: amounts falling due after more than one year 6 - (12,964)
Provisions for liabilities (4,585) (5,431)
Net assets 323,824 218,956
Capital and reserves
Called up share capital 200 200
Profit and loss account 323,624 218,756
Shareholders' funds 323,824 218,956
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.
Mr J Pavey
Director
Approved by the board on 24 March 2024
JP Heating & Bathrooms Ltd
Notes to the Accounts
for the year ended 31 December 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). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Motor vehicles 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses
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. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 5,770 15,142 39,270 60,182
At 31 December 2023 5,770 15,142 39,270 60,182
Depreciation
At 1 January 2023 3,136 11,970 16,094 31,200
Charge for the year 395 792 7,648 8,835
At 31 December 2023 3,531 12,762 23,742 40,035
Net book value
At 31 December 2023 2,239 2,380 15,528 20,147
At 31 December 2022 2,634 3,172 23,176 28,982
4 Debtors 2023 2022
£ £
Trade debtors 283,306 252,428
Other debtors 12,890 6,235
296,196 258,663
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 12,963 13,363
Trade creditors 199,018 180,711
Taxation and social security costs 57,793 17,244
Other creditors 2,718 3,835
272,492 215,153
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 12,964
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 19,667 37,884
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Director
Interest free and repayable on demand - 8,872 (2,058) 6,814
- 8,872 (2,058) 6,814
9 Other information
JP Heating & Bathrooms Ltd is a private company limited by shares and incorporated in England. Its registered office is:
98 Maudlin Drive
Teignmouth
Devon
TQ14 8SE
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