Company registration number 10850812 (England and Wales)
JPL SPORTS TOURS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
JPL SPORTS TOURS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
JPL SPORTS TOURS LTD
COMPANY INFORMATION
- 1 -
Director
Mr R Martin
Company number
10850812
Registered office
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
Accountants
TC Group
First Floor, Premier House
127 Duckmoor Road
Ashton Gate
Bristol
United Kingdom
BS3 2BJ
JPL SPORTS TOURS LTD
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
242,988
476,399
Cash at bank and in hand
186,503
108,066
429,491
584,465
Creditors: amounts falling due within one year
4
(410,255)
(596,032)
Net current assets/(liabilities)
19,236
(11,567)
Creditors: amounts falling due after more than one year
5
(9,890)
(20,028)
Net assets/(liabilities)
9,346
(31,595)
Capital and reserves
Called up share capital
70
70
Capital redemption reserve
30
30
Profit and loss reserves
9,246
(31,695)
Total equity
9,346
(31,595)
JPL SPORTS TOURS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 3 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 27 February 2025
Mr R Martin
Director
Company registration number 10850812 (England and Wales)
JPL SPORTS TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
JPL Sports Tours Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Premier House, 127 Duckmoor Road, Ashton Gate, Bristol, United Kingdom, BS3 2BJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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.
JPL SPORTS TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow related companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
JPL SPORTS TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
124,881
253,383
Unpaid share capital
70
70
Other debtors
43,426
47,735
Prepayments and accrued income
74,611
175,211
242,988
476,399
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,700
9,994
Trade creditors
50
Corporation tax
1,170
Deferred income
389,135
555,023
Other creditors
8,000
29,675
Accruals and deferred income
1,250
1,290
410,255
596,032
The company entered into a Bounceback loan at the end of May 2020 for £50,000 which is guaranteed by the UK government. This is repayable over 5 years and attracts an interest rate of 2.5% per annum. In the first twelve months the government provide the company with a grant to cover the interest accrued in this period.
JPL SPORTS TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,890
20,028
6
Exceptional Items
Costs of sales included an exceptional debit of £12,710 (2023: £2,750) relating to non-refundable tour deposits. The company decided to refund the monies which is against their standard policy as the cancellation of the tours was outside of everyone's control and created by the Coronavirus pandemic.
JPL SPORTS TOURS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
7
Related party transactions
The company was charged management fees of £nil (2023: £nil) from Junior Premier League Ltd.
The fee levels charged were at arms length. At the year end £8,000 (2023: £22,943) was owed to Junior Premier League Ltd which is under common control. £14,943 has been written off.
The company was charged management fees of £nil from Regional Talent Centres Ltd. At the year end £nil (2023: £6,732) was owed to Regional Talent Centers Ltd which is under common control. £6,732.61 has been written off.
The company charged management fees of £41,378 (2023: £36,821) to Junior Premier League South. At the year end £43,424 (2023: £37,735) was owed by Junior Premier League South which is regarded as a related party due to the close working relationship between two companies which are managed on a day to day basis by the directors.