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Registration number: 08516338

JPM Classics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 December 2023

 

JPM Classics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

JPM Classics Limited

(Registration number: 08516338)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

38,385

40,843

Current assets

 

Stocks

6

118,200

128,200

Debtors

7

6,958

17,352

Cash at bank and in hand

 

1,056

195

 

126,214

145,747

Creditors: Amounts falling due within one year

8

(222,115)

(110,402)

Net current (liabilities)/assets

 

(95,901)

35,345

Total assets less current liabilities

 

(57,516)

76,188

Creditors: Amounts falling due after more than one year

8

(5,770)

(127,594)

Provisions for liabilities

3,714

3,360

Net liabilities

 

(59,572)

(48,046)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(59,573)

(48,047)

Shareholders' deficit

 

(59,572)

(48,046)

 

JPM Classics Limited

(Registration number: 08516338)
Balance Sheet as at 30 December 2023

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

J Moore
Director

   
     
 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
New Barn Farm
Laverton
Bath
BA2 7RE
England

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's statement of financial position at 30 December 2023 shows that liabilities exceed assets by £59,572 (2022 - £48,046). The negative reserves give rise to uncertainty in relation to the company's future activity, however the directors are committed to ensure that the company is able to meet its liabilities on a day to day basis. Therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
the amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the company's activities.

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Leasehold land and buildings

2% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 December 2022

1,500

1,500

At 30 December 2023

1,500

1,500

Amortisation

At 31 December 2022

1,500

1,500

At 30 December 2023

1,500

1,500

Carrying amount

At 30 December 2023

-

-

5

Tangible assets

Leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 31 December 2022

10,692

52,039

8,402

4,000

75,133

Additions

1,829

-

-

-

1,829

At 30 December 2023

12,521

52,039

8,402

4,000

76,962

Depreciation

At 31 December 2022

407

29,090

3,993

800

34,290

Charge for the year

250

2,295

1,102

640

4,287

At 30 December 2023

657

31,385

5,095

1,440

38,577

Carrying amount

At 30 December 2023

11,864

20,654

3,307

2,560

38,385

At 30 December 2022

10,285

22,949

4,409

3,200

40,843

6

Stocks

2023
£

2022
£

Other inventories

118,200

128,200

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

6,765

-

Other debtors

193

1,602

Accrued income

-

15,750

6,958

17,352

8

Creditors

Due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

3,584

3,496

Trade creditors

 

177

613

Amounts owed to related parties

10

207,691

96,269

Other creditors

 

8,078

7,755

Accruals and deferred income

 

2,585

2,269

 

222,115

110,402

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

5,770

9,354

Amounts owed to related parties

10

-

118,240

 

5,770

127,594

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,770

9,354

Current loans and borrowings

2023
£

2022
£

Bank borrowings

3,584

3,496

10

Related party transactions

Loans to related parties

2022

Other related parties
£

Total
£

At start of period

2,600

2,600

Repaid

(2,600)

(2,600)

At end of period

-

-

Terms of loans to related parties

Loans to other related parties are interest free and repayable on demand.

Loans from related parties

2023

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

46,855

157,654

10,000

214,509

Advanced

11,089

55,539

-

66,628

Repaid

(16,850)

(46,596)

(10,000)

(73,446)

At end of period

41,094

166,597

-

207,691

2022

Parent
£

Key management
£

Other related parties
£

Total
£

At start of period

41,261

154,745

-

196,006

Advanced

35,673

48,875

10,000

94,548

Repaid

(30,079)

(45,966)

-

(76,045)

At end of period

46,855

157,654

10,000

214,509

 

JPM Classics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Terms of loans from related parties

Loans from parent are interest free and repayable on demand.

 Loans from key management are interest free and £166,597 (2022 - £39,414) is repayable on demand.
 
Loans from other related parties are interest free and repayable on demand.

11

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Moore (Holdings) Limited, incorporated in England and Wales.

  These financial statements are available upon request from New Barn Farm, Laverton, Bath, England, BA2 7RE

 The ultimate controlling party is Mr J Moore.