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Company No: 07214489 (England and Wales)

JPRS (SOUTH WEST) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

JPRS (SOUTH WEST) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

JPRS (SOUTH WEST) LIMITED

BALANCE SHEET

As at 31 October 2024
JPRS (SOUTH WEST) LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,564 5,129
Tangible assets 4 70,154 92,955
Investments 5 50,169 31,660
122,887 129,744
Current assets
Debtors 6 38,167 50,771
Cash at bank and in hand 146,456 125,045
184,623 175,816
Creditors: amounts falling due within one year 7 ( 117,049) ( 85,579)
Net current assets 67,574 90,237
Total assets less current liabilities 190,461 219,981
Creditors: amounts falling due after more than one year 8 ( 57,541) ( 74,908)
Provision for liabilities ( 19,148) ( 23,242)
Net assets 113,772 121,831
Capital and reserves
Called-up share capital 9 255 255
Capital redemption reserve 90 90
Profit and loss account 113,427 121,486
Total shareholders' funds 113,772 121,831

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of JPRS (South West) Limited (registered number: 07214489) were approved and authorised for issue by the Board of Directors on 04 December 2024. They were signed on its behalf by:

Mr R D Loughton
Director
JPRS (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
JPRS (SOUTH WEST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JPRS (South West) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Town Hall House, Bovey Tracey, Newton Abbot, TQ13 9EQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 94,645 94,645
At 31 October 2024 94,645 94,645
Accumulated amortisation
At 01 November 2023 89,516 89,516
Charge for the financial year 2,565 2,565
At 31 October 2024 92,081 92,081
Net book value
At 31 October 2024 2,564 2,564
At 31 October 2023 5,129 5,129

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 November 2023 119,164 45,776 164,940
Additions 0 2,177 2,177
At 31 October 2024 119,164 47,953 167,117
Accumulated depreciation
At 01 November 2023 37,455 34,530 71,985
Charge for the financial year 20,428 4,550 24,978
At 31 October 2024 57,883 39,080 96,963
Net book value
At 31 October 2024 61,281 8,873 70,154
At 31 October 2023 81,709 11,246 92,955

5. Fixed asset investments

Listed investments Other investments Total
£ £ £
Cost or valuation before impairment
At 01 November 2023 17,448 14,212 31,660
Additions 12,071 0 12,071
Movement in fair value 5,943 495 6,438
At 31 October 2024 35,462 14,707 50,169
Carrying value at 31 October 2024 35,462 14,707 50,169
Carrying value at 31 October 2023 17,448 14,212 31,660

6. Debtors

2024 2023
£ £
Trade debtors 14,793 28,444
Amounts owed by directors 3,176 0
Prepayments 14,198 17,327
Other debtors 6,000 5,000
38,167 50,771

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 0 8,798
Amounts owed to directors 151 168
Accruals 3,949 3,000
Taxation and social security 94,738 56,152
Obligations under finance leases and hire purchase contracts (secured) 17,367 17,367
Other creditors 844 94
117,049 85,579

Hire purchase liabilities are secured on the individual assets taken out on hire purchase.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 57,541 74,908

Hire purchase liabilities are secured on the individual assets taken out on hire purchase.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
80 Ordinary shares of £ 1.00 each 80 80
25 Ordinary A shares of £ 1.00 each 25 25
25 Ordinary C shares of £ 1.00 each 25 25
25 Ordinary J shares of £ 1.00 each 25 25
25 Ordinary L shares of £ 1.00 each 25 25
25 Ordinary R shares of £ 1.00 each 25 25
25 Ordinary S shares of £ 1.00 each 25 25
25 Ordinary W shares of £ 1.00 each 25 25
255 255

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed from the directors 3,176 0

The Company paid rent during the year to the Loughtons SSAS of £12,600 (2023 - £12,600).

11. Reserves

Included within the profit and loss account balance carried forward are non-distributable reserves of £4,829 (£Nil). These reserves represent the cumulative unrealised gains on the company's investments, net of the provision of deferred taxation thereon.