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COMPANY REGISTRATION NUMBER: 07489584
JAPCO DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
JAPCO DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
9,453
12,523
CURRENT ASSETS
Debtors
6
7,250
7,250
Cash at bank and in hand
766
8,382
-------
--------
8,016
15,632
CREDITORS: amounts falling due within one year
7
23,192
17,425
--------
--------
NET CURRENT LIABILITIES
15,176
1,793
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 5,723)
10,730
CREDITORS: amounts falling due after more than one year
8
7,600
11,400
PROVISIONS
1,651
--------
--------
NET LIABILITIES
( 13,323)
( 2,321)
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
4
4
Profit and loss account
( 13,327)
( 2,325)
--------
-------
SHAREHOLDERS DEFICIT
( 13,323)
( 2,321)
--------
-------
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.
For the year ending 31 January 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 .
JAPCO DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mr G E Payne Director
Company registration number: 07489584
JAPCO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the directors and creditors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
15% reducing balance
Motor vehicle
-
25% reducing balance
Office equipment
-
33 1/3% straight line
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 February 2023
13,431
12,300
3,637
29,368
Disposals
( 1,500)
( 1,500)
--------
--------
-------
--------
At 31 January 2024
11,931
12,300
3,637
27,868
--------
--------
-------
--------
Depreciation
At 1 February 2023
4,990
8,218
3,637
16,845
Charge for the year
1,128
1,021
2,149
Disposals
( 579)
( 579)
--------
--------
-------
--------
At 31 January 2024
5,539
9,239
3,637
18,415
--------
--------
-------
--------
Carrying amount
At 31 January 2024
6,392
3,061
9,453
--------
--------
-------
--------
At 31 January 2023
8,441
4,082
12,523
--------
--------
-------
--------
6. DEBTORS
2024
2023
£
£
Other debtors
7,250
7,250
-------
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,800
3,801
Other creditors
19,392
13,624
--------
--------
23,192
17,425
--------
--------
The amounts shown as secured creditors are secured by legal charges over the land at Finedon Road, Burton Latimer.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,600
11,400
-------
--------
9. RELATED PARTY TRANSACTIONS
During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 January 2024 the amount due from the company was £17,873 (2023 - £12,117).
10. GOING CONCERN
The directors have considered the period to 31 October 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will be either be able to satisfy its liabilities as these become payable, or alternatively will be sold as a going concern.