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J P Supplies (Crawley) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04121955
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,484 194,243
Investment Properties 5 180,000 -
211,484 194,243
CURRENT ASSETS
Stocks 18,500 18,500
Debtors 6 160,526 100,499
Investments 7 306,831 338,047
Cash at bank and in hand 263,710 109,421
749,567 566,467
Creditors: Amounts Falling Due Within One Year 8 (310,298 ) (168,094 )
NET CURRENT ASSETS (LIABILITIES) 439,269 398,373
TOTAL ASSETS LESS CURRENT LIABILITIES 650,753 592,616
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,872 ) (1,379 )
NET ASSETS 642,881 591,237
CAPITAL AND RESERVES
Called up share capital 9 4 4
Fair Value Reserve (152,433 ) (152,433 )
Profit and Loss Account 795,310 743,666
SHAREHOLDERS' FUNDS 642,881 591,237
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P D Bubb
Director
28 March 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
J P Supplies (Crawley) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04121955 . The registered office is 2 Spindle Way, Crawley, West Sussex, RH10 1TG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 1% on cost
Leasehold 25% reducing balance
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Financial Instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares, which are measured at fair value, with changes recognised in profit or loss. 
Derivative financial instruments, where applicable, are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
The average number of employees, including directors, during the year was as follows: 5 (2022: 5)
5 5
4. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 217,343 5,973 33,194 65,701 322,211
Additions - - 33,329 - 33,329
Disposals - - (20,120 ) - (20,120 )
Transfers (217,343 ) - - - (217,343 )
As at 31 December 2023 - 5,973 46,403 65,701 118,077
Depreciation
As at 1 January 2023 34,429 4,910 27,476 61,153 127,968
...CONTINUED
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Provided during the period - 266 9,092 1,137 10,495
Disposals - - (17,441 ) - (17,441 )
Transfers (34,429 ) - - - (34,429 )
As at 31 December 2023 - 5,176 19,127 62,290 86,593
Net Book Value
As at 31 December 2023 - 797 27,276 3,411 31,484
As at 1 January 2023 182,914 1,063 5,718 4,548 194,243
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 -
Transfers 217,343
Fair value adjustments (37,343 )
As at 31 December 2023 180,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 217,343 -
Accumulated depreciation and impairment 34,430 -
Carrying amount 182,913 -
The director has valued the property at 31 December 2023 at £180,000. This will be reviewed, on an open market basis, every 12 months.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 157,907 98,816
Other debtors 2,619 1,683
160,526 100,499
7. Current Asset Investments
2023 2022
£ £
Listed investments 261,831 293,047
Other investments, held for sale 45,000 45,000
306,831 338,047
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 113,597 41,803
Other creditors 124,440 88,460
Taxation and social security 72,261 37,831
310,298 168,094
Included within Other creditors above are unsecured loans from the director(s) of £122,607 (2022 - £87,122 ). These loans are interest free and repayable on demand.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
10. Related Party Transactions
Paul BubbDirector of the companyThe director provides a rent free property to the company for office/commercial use.

Paul Bubb

Director of the company

The director provides a rent free property to the company for office/commercial use.

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