Registered number
07525162
P Joseph Ltd
Report and Unaudited Accounts
31 March 2024
Collins
Chartered Accountants
West Midlands
P Joseph Ltd
Registered number: 07525162
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 13,341 19,175
Current assets
Stocks 38,767 13,000
Debtors 4 100,625 46,759
Cash at bank and in hand 9,422 112,594
148,814 172,353
Creditors: amounts falling due within one year 5 (156,778) (48,475)
Net current (liabilities)/assets (7,964) 123,878
Total assets less current liabilities 5,377 143,053
Creditors: amounts falling due after more than one year 6 - (4,360)
Provisions for liabilities (3,336) (3,644)
Net assets 2,041 135,049
Capital and reserves
Called up share capital 53,000 53,000
Profit and loss account (50,959) 82,049
Shareholders' funds 2,041 135,049
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Joseph
Director
Approved by the board on 16 November 2024
P Joseph Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 15% Reducing balance
Computer equipment 25% Straight line
Stocks
Stocks are measured 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 carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Office equipment Computer equipment Total
£ £ £
Cost
At 1 April 2023 11,331 56,692 68,023
At 31 March 2024 11,331 56,692 68,023
Depreciation
At 1 April 2023 5,437 43,411 48,848
Charge for the year 867 4,967 5,834
At 31 March 2024 6,304 48,378 54,682
Net book value
At 31 March 2024 5,027 8,314 13,341
At 31 March 2023 5,894 13,281 19,175
4 Debtors 2024 2023
£ £
Trade debtors 95,463 26,379
Corporation tax debtor - 15,878
Prepayments and accrued income 5,162 4,502
100,625 46,759
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 2,613 4,361
Trade creditors 2,436 468
Other taxes and social security costs 41,666 16,526
Directors loans 39,753 22,407
Accruals and deferred income 5,310 4,713
Other creditors 65,000 -
156,778 48,475
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 4,360
7 Other information
P Joseph Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Lighthouse Studio
C003 Shacklewell Lane
London
E8 2EB
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