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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Joint Perforating Company Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 04101240
JOINT PERFORATING COMPANY LIMITED
FILLETED ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 September 2023
JOINT PERFORATING COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
YEAR ENDED 30 SEPTEMBER 2023
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the abridged financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these abridged financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the abridged financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the abridged financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
JOINT PERFORATING COMPANY LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
282,617
315,566
Current assets
Stocks
204,896
244,185
Debtors
1,515,310
1,020,540
Cash at bank and in hand
219,079
183,998
--------------
--------------
1,939,285
1,448,723
Creditors: amounts falling due within one year
1,799,029
1,240,407
--------------
--------------
Net current assets
140,256
208,316
------------
------------
Total assets less current liabilities
422,873
523,882
Provisions
Taxation including deferred tax
54,208
55,094
------------
------------
Net assets
368,665
468,788
------------
------------
Capital and reserves
Called up share capital
15,061
15,061
Other reserves
39
39
Profit and loss account
353,565
453,688
------------
------------
Shareholder funds
368,665
468,788
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
JOINT PERFORATING COMPANY LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 14 February 2024 , and are signed on behalf of the board by:
C T Morris
Director
Company registration number: 04101240
JOINT PERFORATING COMPANY LIMITED
NOTES TO THE ABRIDGED 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 12 Buntsford Park Road, Bromsgrove, Worcestershire, B60 3DX.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Government grants
Government grants on capital expenditure are offset against the cost of the relevant assets capitalised.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of UKF Stainless Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 & Machinery
-
10% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and net realisable value. Raw materials are recorded at cost. Finished goods and Work in progress is recorded at a percentage of selling price, to account for costs of sales.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position 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.
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 abridged 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 or 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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its 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.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 24 ).
5. Tangible Assets
£
Cost
At 1 October 2022
880,910
Additions
212
------------
At 30 September 2023
881,122
------------
Depreciation
At 1 October 2022
565,344
Charge for the year
33,161
------------
At 30 September 2023
598,505
------------
Carrying amount
At 30 September 2023
282,617
------------
At 30 September 2022
315,566
------------
6. Summary Audit Opinion
The auditor's report dated 14 February 2024 was unqualified .
The senior statutory auditor was D J Hanby , for and on behalf of Langard Lifford Hall Limited .
7. Related Party Transactions
The company was under the control of P Morris, C T Morris & A J Hudson during the current year by way of their directorships and shareholdings. P Morris has resigned after the year end on 05 October 2023. P Morris is also a director of Engmal Stainless Limited. During the year, the company sold goods to Engmal Stainless Limited of £11,400 (2022: £4,800), included within trade debtors at 30 September 2023 was a balance of £3,600 (2022: £1,440) owed by Engmal Stainless Limited.
8. Controlling Party
The company's ultimate parent undertaking at the balance sheet date was UKF Stainless Holdings Limited , a company registered in England. The company's immediate parent undertaking at the balance sheet date was UKF Stainless Limited, a company registered in England, whose registered office is 12 Buntsford Park Road, Bromsgrove, Worcestershire, B60 3DX The parent undertaking which produces consolidated financial statements and of which the company is a member, is UKF Stainless Holdings Limited. Group financial statements for the company are available from Companies House, Crown Way, Cardiff, CF14 3UZ.