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Company registration number: 4794338
Cap'n Jaspers Ltd
Unaudited filleted financial statements
30 June 2024
Cap'n Jaspers Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Cap'n Jaspers Ltd
Directors and other information
Directors Mrs G Curtin
Mr A Curtin
Secretary Mrs G Curtin
Company number 4794338
Registered office 18 Peverell Terrace
Plymouth
Devon
PL3 4JL
Accountants Franklins Accountants LLP
Astor House
2 Alexandra Road
Mutley Plain
Plymouth
PL4 7JR
Cap'n Jaspers Ltd
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 278,708 282,049
_______ _______
278,708 282,049
Current assets
Stocks 3,045 2,985
Debtors 8 17,955 10,285
Cash at bank and in hand 79,492 130,786
_______ _______
100,492 144,056
Creditors: amounts falling due
within one year 9 ( 63,439) ( 71,861)
_______ _______
Net current assets 37,053 72,195
_______ _______
Total assets less current liabilities 315,761 354,244
Provisions for liabilities ( 4,467) ( 5,302)
_______ _______
Net assets 311,294 348,942
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 311,194 348,842
_______ _______
Shareholders funds 311,294 348,942
_______ _______
For the 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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 October 2024 , and are signed on behalf of the board by:
Mrs G Curtin
Director
Company registration number: 4794338
Cap'n Jaspers Ltd
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Cap'n Jaspers, 18 Peverell Terrace, Plymouth, Devon, PL3 4JL.
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.
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 - 10 % 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 - 15 % 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 20 ).
5. Tax on loss/profit
Major components of tax income/expense
2024 2023
£ £
Current tax:
UK current tax expense 95 8,648
Adjustments in respect of previous periods ( 7,766) -
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 835) 1,008
_______ _______
Tax on loss/profit ( 8,506) 9,656
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 and 30 June 2024 161,843 161,843
_______ _______
Amortisation
At 1 July 2023 and 30 June 2024 161,843 161,843
_______ _______
Carrying amount
At 30 June 2024 - -
_______ _______
At 30 June 2023 - -
_______ _______
7. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 and 30 June 2024 260,841 89,838 11,045 361,724
_______ _______ _______ _______
Depreciation
At 1 July 2023 - 70,230 9,445 79,675
Charge for the year - 2,941 400 3,341
_______ _______ _______ _______
At 30 June 2024 - 73,171 9,845 83,016
_______ _______ _______ _______
Carrying amount
At 30 June 2024 260,841 16,667 1,200 278,708
_______ _______ _______ _______
At 30 June 2023 260,841 19,608 1,600 282,049
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Other debtors 17,955 10,285
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 14,738 13,402
Corporation tax - 8,648
Social security and other taxes 33,143 29,106
Other creditors 15,558 20,705
_______ _______
63,439 71,861
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 5 years 405,000 445,500
_______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs G Curtin ( 8,935) 4,327 ( 2,186) ( 6,794)
Mr A Curtin ( 8,935) 4,241 ( 2,100) ( 6,794)
_______ _______ _______ _______
( 17,870) 8,568 ( 4,286) ( 13,588)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs G Curtin ( 90,734) 104,749 ( 22,950) ( 8,935)
Mr A Curtin ( 90,734) 103,849 ( 22,050) ( 8,935)
_______ _______ _______ _______
( 181,468) 208,598 ( 45,000) ( 17,870)
_______ _______ _______ _______
The directors have loaned the company £13,589.15 at the year end date, the loan is interest free and repayable in less than one year.
12. Controlling party
The company is controlled by Mr A and Mrs G Curtin (directors and shareholders)