Company registration number 05933292 (England and Wales)
JJNP CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
JJNP CONSULTING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
JJNP CONSULTING LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
351,928
337,514
Current assets
Trade and other receivables
4
1,357,794
1,359,489
Cash and cash equivalents
118,510
257,979
1,476,304
1,617,468
Current liabilities
5
(522,565)
(341,717)
Net current assets
953,739
1,275,751
Total assets less current liabilities
1,305,667
1,613,265
Non-current liabilities
6
(20,000)
(166,028)
Provisions for liabilities
(64,944)
(47,647)
Net assets
1,220,723
1,399,590
Equity
Called up share capital
7
100
100
Retained earnings
1,220,623
1,399,490
Total equity
1,220,723
1,399,590
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Mr N A Poulton
Mrs J V Poulton
Director
Director
Company Registration No. 05933292
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
JJNP Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Merchant Exchange, Waters Green, Macclesfield, Cheshire, SK11 6JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
0% straight line
Plant and equipment
10% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
2023
2022
Number
Number
Total
3
3
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2022
146,541
353,559
500,100
Additions
59,820
59,820
Disposals
(94,466)
(94,466)
At 31 October 2023
146,541
318,913
465,454
Depreciation and impairment
At 1 November 2022
162,586
162,586
Depreciation charged in the year
40,408
40,408
Eliminated in respect of disposals
(89,468)
(89,468)
At 31 October 2023
113,526
113,526
Carrying amount
At 31 October 2023
146,541
205,387
351,928
At 31 October 2022
146,541
190,973
337,514
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Other receivables
1,357,794
1,359,489
5
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Other taxation and social security
98,678
132,965
Other payables
413,887
198,752
522,565
341,717
Other payables includes a hire purchase liability in respect of tangible assets held by the company.
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
6
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
20,000
30,000
Other payables
136,028
20,000
166,028
Other payables includes a hire purchase liability in respect of tangible assets held by the company.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued
100 ordinary shares of £1 each
100
100
100
100
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
JJNP Consulting Ltd has made an interest free loan to JLAM Poulton Ltd which is a company controlled by the directors of JJNP Consulting Ltd. There has been no movement in the loan during the year ended 31 October 2023 and the amount outstanding remains at £495,897. This amount is repayable on demand.
JJNP Consulting Ltd has made an interest free loan to Property Nomads which is a company controlled by the sister of N Poulton, a director of JJNP Consulting Ltd. There has been no movement in the loan during the year ended 31 October 2023 and the amount outstanding remains at £29,000. This amount is repayable on demand.
JJNP Consulting Ltd received a further interest free loan of £101,126 during the year ended 31 October 2023 from Nigel Poulton Ltd, which is a company controlled by the directors of JJNP Consulting Ltd, leaving an amount outstanding of £272,764 (31 October 2022 - £171,638). This amount is repayable on demand.
JJNP CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
9
Directors' transactions
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loan
-
625,832
511,203
(512,029)
625,006
625,832
511,203
(512,029)
625,006