J P Airconditioning Ltd
Registered number: 11971867
Statement of Financial Position
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,306 6,438
Current assets
Debtors 4 60,509 55,363
Cash at bank and in hand 57,022 90,852
117,531 146,215
Creditors: amounts falling due within one year 5 (42,004) (64,034)
Net current assets 75,527 82,181
Total assets less current liabilities 84,833 88,619
Provisions for liabilities (1,979) (1,223)
Net assets 82,854 87,396
Capital and reserves
Called up share capital 100 100
Profit and loss account 82,754 87,296
Shareholders' funds 82,854 87,396
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Plummer
Director
Approved by the board on 6 August 2024
J P Airconditioning Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 from the 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 12,147
Additions 8,443
Disposals (8,150)
At 30 April 2024 12,440
Depreciation
At 1 May 2023 5,709
Charge for the year 991
On disposals (3,566)
At 30 April 2024 3,134
Net book value
At 30 April 2024 9,306
At 30 April 2023 6,438
4 Debtors 2024 2023
£ £
Trade debtors 40,556 38,083
Prepayments 573 223
Other debtors 19,380 17,057
60,509 55,363
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 18,207 20,272
Accruals 1,618 9,707
Corporation tax 15,219 21,027
Other creditors 6,960 13,028
42,004 64,034
6 Other information
J P Airconditioning Ltd is a private company limited by shares and incorporated in England. Its registered office is:
15 Ash Tree Close
Farnborough
Hampshire
GU14 0QP
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