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Registered Number: SC415208
Scotland

 

 

 

JEPUSON UK LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director Pei Ferguson
Registered Number SC415208
Registered Office 2a Newbridge Industrial Estate
Newbridge
Edinburgh
EH28 8PJ
Accountants M & S Accountancy & Taxation Limited
Unit 26
Dunfermline Business Centre
Izatt Avenue
Dunfermline
KY11 3BZ
1
 

 
Notes

 
2024
£

  2023
£
(as restated)
Fixed assets      
Tangible fixed assets 4 52,264    6,681 
52,264    6,681 
Current assets      
Stocks 5 364,560    225,078 
Debtors 6 1,749,658    622,685 
Cash at bank and in hand 165,440    652,718 
2,279,658    1,500,481 
Creditors: amount falling due within one year 7 (1,340,169)   (934,753)
Net current assets 939,489    565,728 
 
Total assets less current liabilities 991,753    572,409 
Net assets 991,753    572,409 
 

Capital and reserves
     
Called up share capital 8 5,000    5,000 
Profit and loss account 986,753    567,409 
Shareholders' funds 991,753    572,409 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 31 January 2025 and were signed by:


-------------------------------
Pei Ferguson
Director
2
General Information
Jepuson UK LTD is a private company, limited by shares, registered in Scotland, registration number SC415208, registration address 2a Newbridge Industrial Estate, Newbridge, Edinburgh, EH28 8PJ.


1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of VAT and trade discounts. Turnover is recognised on the accruals basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 4 Years Straight Line
Fixtures and Fittings 4 Years Straight Line
Computer Equipment 3 Years Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 6).
3.

Financial Commitments, Guarantees and Contingencies

At the reporting end date the company had outstanding commitments for future minimum lease payments.

Description   2024
£
  2023
£
Operating Lease Commitment 46,500  64,500 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 February 2023 5,599    8,749    10,590    24,938 
Additions 61,601      5,972    67,573 
Disposals      
At 31 January 2024 67,200    8,749    16,562    92,511 
Depreciation
At 01 February 2023 5,599    6,394    6,264    18,257 
Charge for year 15,400    1,920    4,670    21,990 
On disposals      
At 31 January 2024 20,999    8,314    10,934    40,247 
Net book values
Closing balance as at 31 January 2024 46,201    435    5,628    52,264 
Opening balance as at 01 February 2023   2,355    4,326    6,681 


5.

Stocks

2024
£
  2023
£
Finished Goods 364,560    225,078 
364,560    225,078 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 12,081    118,525 
Provision for Doubtful Debts (9,559)  
Other Debtors 430,309    495,402 
Directors Loan Account 1,316,827    8,758 
1,749,658    622,685 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 630,844    322,424 
Corporation Tax 167,443   
PAYE & Social Security 4,884   
Accrued Expenses 9,452    3 
Other Creditors 381,000    490,900 
VAT 146,546    121,426 
1,340,169    934,753 

8.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
5,000 Ordinary shares of £1.00 each 5,000    5,000 
5,000    5,000 

9.

Director’s loan

Key Management Personnel

Particulars   2024
£
  2023
£
P Ferguson 1,316,827  8,758 

Interest at 2.25% has been charged on the loan. Advances during the period totalled £1,454,493, and repayments totalling £155,417. The loan is unsecured and repayable on demand.
10.

Prior Period Adjustment

The 2023 Balance Sheet has been restated to incorporate the impact of an ommission of share capital. The change has resulted in an increase in the net assets of the business of £5,000.

Summary of the prior year accounting impact   £
£
Increase in debtors - other debtors 5,000 
Increase in share capital - ordinary shares 5,000 

3