Registered number
00376971
Joseph & Pearce Limited
Filleted Accounts
31 December 2023
Joseph & Pearce Limited
Registered number: 00376971
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,626 5,952
Current assets
Stocks 1,668,881 1,432,791
Debtors 4 482,328 618,430
Cash at bank and in hand 74,487 118,401
2,225,696 2,169,622
Creditors: amounts falling due within one year 5 (839,029) (773,368)
Net current assets 1,386,667 1,396,254
Total assets less current liabilities 1,396,293 1,402,206
Creditors: amounts falling due after more than one year 6 (205,364) (244,444)
Provisions for liabilities (9,506) (8,290)
Net assets 1,181,423 1,149,472
Capital and reserves
Called up share capital 65,935 65,935
Share premium 1,747 1,747
Profit and loss account 1,113,741 1,081,790
Shareholders' funds 1,181,423 1,149,472
The directors are 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 directors acknowledge their 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 and delivered 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.
B L C Joseph
Director
Approved by the board on 31 July 2024
Joseph & Pearce Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 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 over 5 years and 8 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (which is usually the invoice 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 58,390
Additions 6,372
Disposals (26,649)
At 31 December 2023 38,113
Depreciation
At 1 January 2023 52,438
Charge for the year 2,698
On disposals (26,649)
At 31 December 2023 28,487
Net book value
At 31 December 2023 9,626
At 31 December 2022 5,952
4 Debtors 2023 2022
£ £
Trade debtors 429,667 579,942
Other debtors 52,661 38,488
482,328 618,430
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 39,081 39,081
Trade creditors 121,043 110,795
Taxation and social security costs 23,801 28,311
Invoice discounting advances 290,136 157,577
Other creditors 364,968 437,604
839,029 773,368
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 55,364 94,444
Other creditors 150,000 150,000
205,364 244,444
Invoice discounting advances are secured on the trade debtors on which the advances are made.
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 94,444 183,525
The loans are secured by floating charges on all the assets and undertaking of the company
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 94,318 130,624
9 Other information
Joseph & Pearce Limited is a private company limited by shares and incorporated in England. Its registered office is:
6th Floor
63/66 Hatton Garden
London
EC1N 8LE
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