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COMPANY REGISTRATION NUMBER: 07953721
JPI ROAD PLANING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
JPI ROAD PLANING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
JPI ROAD PLANING LIMITED
BALANCE SHEET
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,471,144
1,252,507
Current assets
Stocks
7
20,700
20,700
Debtors
8
399,719
268,081
Cash at bank and in hand
272,320
335,830
------------
------------
692,739
624,611
Creditors: amounts falling due within one year
9
( 497,847)
( 466,684)
------------
------------
Net current assets
194,892
157,927
------------
------------
Total assets less current liabilities
1,666,036
1,410,434
Provisions
( 337,935)
( 283,276)
------------
------------
Net assets
1,328,101
1,127,158
------------
------------
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
34,804
34,804
Profit and loss account
1,293,197
1,092,254
------------
------------
Shareholders funds
1,328,101
1,127,158
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
J P Ives Director
Company registration number: 07953721
JPI ROAD PLANING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lindley Moor Garage, Lindley Moor Road, Huddersfield, HD3 3TB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initally recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2022 and 30 September 2023
100,000
------------
Amortisation
At 1 October 2022 and 30 September 2023
100,000
------------
Carrying amount
At 30 September 2023
------------
At 30 September 2022
------------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 October 2022
119,404
1,771,291
597,137
2,487,832
Additions
378,447
140,703
519,150
Disposals
( 32,070)
( 44,697)
( 76,767)
------------
------------
------------
------------
At 30 September 2023
119,404
2,117,668
693,143
2,930,215
------------
------------
------------
------------
Depreciation
At 1 October 2022
780,840
454,485
1,235,325
Charge for the year
201,690
69,621
271,311
Disposals
( 7,748)
( 39,817)
( 47,565)
------------
------------
------------
------------
At 30 September 2023
974,782
484,289
1,459,071
------------
------------
------------
------------
Carrying amount
At 30 September 2023
119,404
1,142,886
208,854
1,471,144
------------
------------
------------
------------
At 30 September 2022
119,404
990,451
142,652
1,252,507
------------
------------
------------
------------
The property is maintained in good condition and all repairs are expensed. No depreciation charge is made as it would be immaterial.
7. Stocks
2023
2022
£
£
Raw and consumables
20,700
20,700
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
372,012
245,835
Prepayments and accrued income
27,707
22,246
------------
------------
399,719
268,081
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
83,549
35,021
Accruals and deferred income
2,730
2,850
Corporation tax
21,334
22,563
Social security and other taxes
26,678
35,525
Directors' loan account
363,556
370,725
------------
------------
497,847
466,684
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
337,935
283,276
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
12. Related party transactions
The directors' loan account as shown at note 11 above of £363,556 (2022: £370,725) is unsecured, repayable on demand and currently interest free. The company is controlled by J P Ives .