Company registration number 08780072 (England and Wales)
JP TUTORING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
JP TUTORING LIMITED
CONTENTS
Page
Director's report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Statement of changes in equity
6
Notes to the financial statements
7 - 10
JP TUTORING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
The director presents her annual report and financial statements for the year ended 30 November 2023.
Principal activities
The principal activity of the company continued to be that of educational services.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Ms J Powell
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ms J Powell
Director
6 August 2024
JP TUTORING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JP TUTORING LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JP Tutoring Limited for the year ended 30 November 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of JP Tutoring Limited, as a body, in accordance with the terms of our engagement letter dated 29 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of JP Tutoring Limited and state those matters that we have agreed to state to the board of directors of JP Tutoring Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JP Tutoring Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that JP Tutoring Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JP Tutoring Limited. You consider that JP Tutoring Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JP Tutoring Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peplows Limited
6 August 2024
Chartered Accountants
Moorgate House
King Street
Newton Abbot
Devon
TQ12 2LG
JP TUTORING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
2023
2022
Notes
£
£
Turnover
92,730
84,979
Cost of sales
(13,057)
(8,748)
Gross profit
79,673
76,231
Distribution costs
(15,147)
(7,348)
Administrative expenses
(18,474)
(16,984)
Operating profit
46,052
51,899
Interest receivable and similar income
1,376
Profit before taxation
47,428
51,899
Tax on profit
3
(11,096)
(9,720)
Profit for the financial year
36,332
42,179
The profit and loss account has been prepared on the basis that all operations are continuing operations.
JP TUTORING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,837
7,746
Current assets
Debtors
5
74,306
10,533
Cash at bank and in hand
46,555
77,716
120,861
88,249
Creditors: amounts falling due within one year
6
(11,631)
(11,286)
Net current assets
109,230
76,963
Total assets less current liabilities
119,067
84,709
Provisions for liabilities
(3,498)
(1,472)
Net assets
115,569
83,237
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
115,559
83,227
Total equity
115,569
83,237
JP TUTORING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 5 -
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 6 August 2024
Ms J Powell
Director
Company registration number 08780072 (England and Wales)
JP TUTORING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
10
51,048
51,058
Year ended 30 November 2022:
Profit and total comprehensive income
-
42,179
42,179
Dividends
-
(10,000)
(10,000)
Balance at 30 November 2022
10
83,227
83,237
Year ended 30 November 2023:
Profit and total comprehensive income
-
36,332
36,332
Dividends
-
(4,000)
(4,000)
Balance at 30 November 2023
10
115,559
115,569
JP TUTORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
1
Accounting policies
Company information
JP Tutoring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Branstead, Higher Erith Road, Torquay, Devon, TQ1 2NQ.
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
Turnover
Turnover 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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets 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:
Computers
25% reducing balance
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
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.
JP TUTORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.5
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 balance sheet 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.
1.6
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.
1.7
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 profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
JP TUTORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
9,070
9,522
Deferred tax
Origination and reversal of timing differences
2,026
198
Total tax charge
11,096
9,720
4
Tangible fixed assets
Computers
£
Cost
At 1 December 2022
24,622
Additions
4,027
At 30 November 2023
28,649
Depreciation and impairment
At 1 December 2022
16,876
Depreciation charged in the year
1,936
At 30 November 2023
18,812
Carrying amount
At 30 November 2023
9,837
At 30 November 2022
7,746
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
74,306
10,533
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
9,779
9,522
Accruals and deferred income
1,852
1,764
11,631
11,286
JP TUTORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors Loan account
2.25
7,308
66,000
1,376
(4,312)
70,372
7,308
66,000
1,376
(4,312)
70,372
No interest has been charged on this balance and there are no fixed dates for repayment.