Registered number: 06894187
JPS INSTALLS LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023
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JPS INSTALLS LIMITED
REGISTERED NUMBER: 06894187
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISION FOR LIABILITIES
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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JPS INSTALLS LIMITED
REGISTERED NUMBER: 06894187
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
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JPS INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
JPS Installs Limited (the "Company") is a private company limited by shares and incorporated in England & Wales. Its registered office is Moorfield Road, Duxford, Cambridge, CB22 4PS.
The parent undertaking of the smallest and largest group to consolidate the results of the Company is Welch's Group Holdings Limited, a private company limited by shares and incorporated in England & Wales. The registered office of Welch's Group Holdings Limited is Moorfield Road, Duxford, Cambridge, CB22 4PS.
The Company's functional and presentational currency is Sterling.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Whilst the impact of COVID-19 and the war in Europe have fallen away, the UK economy remains in a fragile state. Global supply issues keep re-surfacing and the prices of many goods and services remain elevated. The directors continually monitor this situation, assessing the impact that a period of interrupted trading would bring, planning measures to reduce the Company's cost base if there was a significant reduction in revenues and sourcing alternative suppliers where needed. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.
Turnover comprises revenue recognised by the Company in respect of the distribution and installation of office furniture during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised as the fair value of the consideration received or receivable and is recognised once the goods or services have been supplied.
Interest income is recognised in profit or loss using the effective interest method.
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DEFINED CONTRIBUTION PENSION SCHEME
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The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds..
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JPS INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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JPS INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (CONTINUED)
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including the Directors, during the year was 7 (2022 - 6).
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Charge for the year on owned assets
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JPS INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Prepayments and accrued income
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Included within other creditors are amounts due to the defined contribution pension scheme of £1,028 (2022 - £849).
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(Credit)/charge to profit or loss
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JPS INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7.DEFERRED TAXATION (CONTINUED)
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The deferred tax liability comprises of:
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Accelerated capital allowances
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ALLOTTED, CALLED UP AND FULLY PAID
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10,000 (2022 - 10,000) Ordinary shares of £1 each
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The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 3 May 2024 by Adam Smith (Senior Statutory Auditor) on behalf of Peters Elworthy & Moore.
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