Registered number
12480308
JPS KITCHEN LIMITED
Filleted Accounts
29 February 2024
JPS KITCHEN LIMITED
Registered number: 12480308
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,000 6,000
Tangible assets 4 71,063 58,133
74,063 64,133
Current assets
Debtors 5 71,927 41,758
Cash at bank and in hand 41,333 82,985
113,260 124,743
Creditors: amounts falling due within one year 6 (61,087) (64,159)
Net current assets 52,173 60,584
Total assets less current liabilities 126,236 124,717
Creditors: amounts falling due after more than one year 7 (20,715) (35,402)
Net assets 105,521 89,315
Capital and reserves
Called up share capital 100 100
Profit and loss account 105,421 89,215
Shareholders' funds 105,521 89,315
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.
Mr J. Pierce
Director
Approved by the board on 14 November 2024
JPS KITCHEN LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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 and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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 and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 0 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 15,000
At 29 February 2024 15,000
Amortisation
At 1 March 2023 9,000
Provided during the year 3,000
At 29 February 2024 12,000
Net book value
At 29 February 2024 3,000
At 28 February 2023 6,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 32,489 38,950 71,439
Additions 30,402 - 30,402
At 29 February 2024 62,891 38,950 101,841
Depreciation
At 1 March 2023 6,508 6,798 13,306
Charge for the year 8,023 9,449 17,472
At 29 February 2024 14,531 16,247 30,778
Net book value
At 29 February 2024 48,360 22,703 71,063
At 28 February 2023 25,981 32,152 58,133
5 Debtors 2024 2023
£ £
Trade debtors 60,286 41,758
Other debtors 11,641 -
71,927 41,758
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,233 10,227
Trade creditors 995 995
Taxation and social security costs 14,759 10,325
Other creditors 35,100 42,612
61,087 64,159
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,715 35,402
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 30,942 33,629
Loan balance relates to a Coronavirius Bounce Back Loan, repayable over 11 years. The first year is interest free, charged at 2.5% thereafter. This is a government secured loan.
9 Other information
JPS KITCHEN LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
The Library, Minerva Centre
Burnham Road
Mundon
Essex
CM9 6NP
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