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JRP Electrical (Derby) Limited
Unaudited filleted financial statements
31 December 2023
Company registration number: 08329858 (England and Wales)
JRP Electrical (Derby) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
JRP Electrical (Derby) Limited
Directors and other information
Directors J. R. Priestley
Company number 08329858
Registered office Jessop House
6 Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
Accountants Malcolm H Preece & Co
Chartered Certified Accountants
Jessop House
6 Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
JRP Electrical (Derby) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 10,750 11,825
Tangible assets 6 22,681 6,660
_______ _______
33,431 18,485
Current assets
Stocks 600 500
Debtors 7 44,899 10,519
Cash at bank and in hand 1,920 2,150
_______ _______
47,419 13,169
Creditors: amounts falling due
within one year 8 ( 58,913) ( 58,046)
_______ _______
Net current liabilities ( 11,494) ( 44,877)
_______ _______
Total assets less current liabilities 21,937 ( 26,392)
Creditors: amounts falling due
after more than one year 9 ( 17,435) -
Provisions for liabilities 10 ( 4,309) ( 1,265)
_______ _______
Net assets/(liabilities) 193 ( 27,657)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 93 ( 27,757)
_______ _______
Shareholders funds/(deficit) 193 ( 27,657)
_______ _______
For the year ending 31 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
J. R. Priestley
Director
Company registration number: 08329858
JRP Electrical (Derby) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Jessop House, 6 Outrams Wharf, Little Eaton, Derbyshire, DE21 5EL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 21,500 21,500
_______ _______
Amortisation
At 1 January 2023 9,675 9,675
Charge for the year 1,075 1,075
_______ _______
At 31 December 2023 10,750 10,750
_______ _______
Carrying amount
At 31 December 2023 10,750 10,750
_______ _______
At 31 December 2022 11,825 11,825
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 3,238 25,630 28,868
Additions 712 20,495 21,207
Disposals - ( 3,500) ( 3,500)
_______ _______ _______
At 31 December 2023 3,950 42,625 46,575
_______ _______ _______
Depreciation
At 1 January 2023 2,661 19,548 22,209
Charge for the year 164 1,521 1,685
_______ _______ _______
At 31 December 2023 2,825 21,069 23,894
_______ _______ _______
Carrying amount
At 31 December 2023 1,125 21,556 22,681
_______ _______ _______
At 31 December 2022 577 6,082 6,659
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 17,620 547
Other debtors 27,279 9,972
_______ _______
44,899 10,519
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 16,750 31,455
Trade creditors 10,581 7,324
Accruals and deferred income 1,825 1,252
Corporation tax 24,714 9,063
Social security and other taxes 2,501 6,088
Other creditors 2,542 2,864
_______ _______
58,913 58,046
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,435 -
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 January 2023 1,265 1,265
Additions 3,044 3,044
_______ _______
At 31 December 2023 4,309 4,309
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 4,309 1,265
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 4,309 1,265
_______ _______
12. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J. R. Priestley 9,972 69,079 ( 67,403) 11,648
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J. R. Priestley - 9,972 - 9,972
_______ _______ _______ _______
13. Controlling party
The company is controlled by the director.
JRP Electrical (Derby) Limited
The following pages do not form part of the statutory accounts.
JRP Electrical (Derby) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of JRP Electrical (Derby) Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Malcolm H Preece & Co
Chartered Certified Accountants
Jessop House
6 Outrams Wharf
Little Eaton
Derbyshire
DE21 5EL
24 September 2024