J & P Supplies Limited 00438581 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is sale of pipework expansion products and the merchanting of tubes and fittings, tools and sundries Digita Accounts Production Advanced 6.30.9574.0 true true 00438581 2023-07-01 2024-06-30 00438581 2024-06-30 00438581 core:RetainedEarningsAccumulatedLosses 2024-06-30 00438581 core:ShareCapital 2024-06-30 00438581 core:SharePremium 2024-06-30 00438581 core:CurrentFinancialInstruments 2024-06-30 00438581 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00438581 bus:SmallEntities 2023-07-01 2024-06-30 00438581 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00438581 bus:FilletedAccounts 2023-07-01 2024-06-30 00438581 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 00438581 bus:RegisteredOffice 2023-07-01 2024-06-30 00438581 bus:Director3 2023-07-01 2024-06-30 00438581 bus:Director4 2023-07-01 2024-06-30 00438581 bus:Director8 2023-07-01 2024-06-30 00438581 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00438581 countries:EnglandWales 2023-07-01 2024-06-30 00438581 2022-07-01 2023-06-30 00438581 2023-06-30 00438581 core:RetainedEarningsAccumulatedLosses 2023-06-30 00438581 core:ShareCapital 2023-06-30 00438581 core:SharePremium 2023-06-30 00438581 core:CurrentFinancialInstruments 2023-06-30 00438581 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 00438581

J & P Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

J & P Supplies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

J & P Supplies Limited

Company Information

Directors

Mr M K Garrington

Ms S D Mellor

Mrs K Leckey

Registered office

Junction Road
Audnam
Stourbridge
West Midlands
DY8 4YH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

J & P Supplies Limited

(Registration number: 00438581)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

265,238

392,293

Debtors

5

540,566

475,563

Cash at bank and in hand

 

445,489

218,324

 

1,251,293

1,086,180

Creditors: Amounts falling due within one year

6

(1,200,483)

(1,035,266)

Net assets

 

50,810

50,914

Capital and reserves

 

Called up share capital

40,000

40,000

Share premium reserve

5,000

5,000

Retained earnings

5,810

5,914

Shareholders' funds

 

50,810

50,914

For the financial year ending 30 June 2024 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 2 October 2024 and signed on its behalf by:
 

.........................................
Ms S D Mellor
Director

   
     
 

J & P Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:
Junction Road
Audnam
Stourbridge
West Midlands
DY8 4YH

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared 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.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J & P Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Trade 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 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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J & P Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 13).

4

Stocks

2024
£

2023
£

Other inventories

265,238

392,293

5

Debtors

Current

2024
£

2023
£

Trade debtors

521,845

454,321

Prepayments

18,721

21,242

 

540,566

475,563

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

274,750

240,155

Amounts owed to group undertakings and undertakings in which the company has a participating interest

666,474

636,474

Taxation and social security

 

125,351

92,278

Accruals and deferred income

 

133,908

66,359

 

1,200,483

1,035,266

 

J & P Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £27,000 (2023 - £27,000). The company has made a guarantee dated 23 February 2016 to HM Customs & Excise for £27,000

Registration of a charge

John Hall and Company of Stourbridge Limited holds a legal mortgage over all property and a fixed and floating charge over all property and undertakings of J & P Supplies Limited under a charge dated 14 June 2022.