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REGISTERED NUMBER: 07462410 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Just Taps Plus (UK) Limited

Just Taps Plus (UK) Limited (Registered number: 07462410)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


Just Taps Plus (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs Naraine Seth
Mr Kuldip Seth





REGISTERED OFFICE: Innovia House Marish Wharf
St. Marys Road
Middlegreen
Langley
SL3 6DA





REGISTERED NUMBER: 07462410 (England and Wales)





AUDITORS: Prestons
Chartered Accountants
Statutory Auditors
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

Just Taps Plus (UK) Limited (Registered number: 07462410)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale plumbing merchants.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs Naraine Seth
Mr Kuldip Seth

DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Prestons, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Just Taps Plus (UK) Limited (Registered number: 07462410)

Report of the Directors
for the Year Ended 31 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs Naraine Seth - Director


28 March 2025

Report of the Independent Auditors to the Members of
Just Taps Plus (UK) Limited

Qualified opinion
We have audited the financial statements of Just Taps Plus (UK) Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
The company's opening stock value as at 1 January 2023 was £2,525,078, but this opening balance was not subject to audit in the prior year. We were unable to obtain sufficient appropriate audit evidence regarding the opening stock value through alternate audit procedures. Consequently, we could not determine whether adjustments might have been necessary in respect of the company's profit/loss for the current year and the comparatives in respect of opening stock, closing stock, and retained earnings.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (FRC) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Other matter
The comparative figures for the year to 31 December 2022 in the accounts are unaudited. This has been disclosed in the notes to the accounts.

Key audit matters
Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Just Taps Plus (UK) Limited


Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the value of opening stock of £2,525,078 as at 1 January 2023. We have concluded that where the other information refers to the inventory balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Report of the Director.

Arising solely from the limitation on the scope of our work relating to inventory, referred to above; we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Just Taps Plus (UK) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with law and regulations. We design procedures in line with our responsibilities. Outlined above, to detect material misstatements in respect of irregularities, including fraud

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Anwer Patel BA (Hons) FCA,BFP (Senior Statutory Auditor)
for and on behalf of Prestons
Chartered Accountants
Statutory Auditors
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

28 March 2025

Just Taps Plus (UK) Limited (Registered number: 07462410)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 3 12,680,611 11,273,524

Cost of sales 5,419,772 6,104,481
GROSS PROFIT 7,260,839 5,169,043

Administrative expenses 1,999,370 1,416,383
5,261,469 3,752,660

Other operating income 25,000 790
OPERATING PROFIT 5 5,286,469 3,753,450

Interest receivable and similar income 6 37,059 -
5,323,528 3,753,450

Interest payable and similar expenses 7 - 14,949
PROFIT BEFORE TAXATION 5,323,528 3,738,501

Tax on profit 8 1,260,633 706,145
PROFIT FOR THE FINANCIAL
YEAR

4,062,895

3,032,356

Just Taps Plus (UK) Limited (Registered number: 07462410)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 127,611 85,907

CURRENT ASSETS
Stocks 10 2,727,593 2,525,078
Debtors 11 9,493,293 7,189,405
Cash at bank and in hand 2,125,757 276,597
14,346,643 9,991,080
CREDITORS
Amounts falling due within one year 12 1,756,307 1,125,053
NET CURRENT ASSETS 12,590,336 8,866,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,717,947

8,951,934

PROVISIONS FOR LIABILITIES 13 10,951 7,833
NET ASSETS 12,706,996 8,944,101

CAPITAL AND RESERVES
Called up share capital 14 100 100
Retained earnings 15 12,706,896 8,944,001
SHAREHOLDERS' FUNDS 12,706,996 8,944,101

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





Mrs Naraine Seth - Director


Just Taps Plus (UK) Limited (Registered number: 07462410)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 6,211,645 6,211,745

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 3,032,356 3,032,356
Balance at 31 December 2022 100 8,944,001 8,944,101

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 4,062,895 4,062,895
Balance at 31 December 2023 100 12,706,896 12,706,996

Just Taps Plus (UK) Limited (Registered number: 07462410)

Statement of Cash Flows
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,768,270 1,714,078
Interest paid - (14,949 )
Tax paid (722,827 ) (998,544 )
Net cash from operating activities 1,045,443 700,585

Cash flows from investing activities
Purchase of tangible fixed assets (98,384 ) (19,470 )
Interest received 37,059 -
Net cash from investing activities (61,325 ) (19,470 )

Cash flows from financing activities
Loan repayments in year - (250,000 )
Amount withdrawn by directors 1,165,042 (2,365,049 )
Equity dividends paid (300,000 ) (300,000 )
Net cash from financing activities 865,042 (2,915,049 )

Increase/(decrease) in cash and cash equivalents 1,849,160 (2,233,934 )
Cash and cash equivalents at
beginning of year

2

276,597

2,510,531

Cash and cash equivalents at end of
year

2

2,125,757

276,597

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Statement of Cash Flows
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 5,323,528 3,738,501
Depreciation charges 31,904 21,476
Loss on disposal of fixed assets 24,780 32,987
other (5 ) 791
Government grants - (790 )
Finance costs - 14,949
Finance income (37,059 ) -
5,343,148 3,807,914
Increase in stocks (202,515 ) (1,023,060 )
Increase in trade and other debtors (3,468,930 ) (1,079,472 )
Increase in trade and other creditors 96,567 8,696
Cash generated from operations 1,768,270 1,714,078

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,125,757 276,597
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 276,597 2,510,531


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 276,597 1,849,160 2,125,757
276,597 1,849,160 2,125,757
Total 276,597 1,849,160 2,125,757

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Just Taps Plus (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 07462410 and its registered office is Innovia House Marish Wharf, St. Marys Road, Middlegreen, Langley, England, SL3 6DA.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The comparative information for the year to 31 December 2022 is unaudited.

Turnover
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when goods are delivered, and legal title has passed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, freight, irrecoverable taxes and other directly attributable costs which are incurred by the entity in bringing the stock to its present location and condition. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Debtors and creditors receivable/payable within one year:
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings:
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Strategic report exemption
The company has taken advantage of the exemption available under Section 414A(2) of the Companies Act 2006, which allows subsidiary companies to be exempt from pre-paring a Strategic Report. The company is included in the consolidated financial state-ments of its parent, JTP Sub Limited, which are available at the registered office Innovia House, St. Mary's Road, Marish Wharf, Middlegreen, Langley, SL3 6DA.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Sale of goods 12,680,611 11,273,524
12,680,611 11,273,524

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 841,018 711,622
Social security costs 76,955 61,912
Other pension costs 14,712 12,363
932,685 785,897

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administration 7 7
Selling and distribution 27 19
34 26

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

31.12.23 31.12.22
£    £   
Directors' remuneration 20,400 20,400

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 31,900 21,477

6. INTEREST RECEIVABLE AND SIMILAR INCOME

Interest received £37,059 (2022-Nil)

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Other interest - 14,949

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 1,257,514 722,827

Deferred tax 3,119 (16,682 )
Tax on profit 1,260,633 706,145

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 5,323,528 3,738,501
Profit multiplied by the standard rate of corporation tax in the UK
of 23.520% (2022 - 19%)

1,252,094

710,315

Effects of:
Expenses not deductible for tax purposes 1,820 3,625
Depreciation in excess of capital allowances 3,600 8,886
Deferred tax 3,119 (16,681 )
Total tax charge 1,260,633 706,145

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 - 8,000 126,451
Additions 39,795 - 36,487
Disposals (24,780 ) - -
At 31 December 2023 15,015 8,000 162,938
DEPRECIATION
At 1 January 2023 - 3,904 82,731
Charge for year 3,003 820 16,041
At 31 December 2023 3,003 4,724 98,772
NET BOOK VALUE
At 31 December 2023 12,012 3,276 64,166
At 31 December 2022 - 4,096 43,720

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 61,416 11,510 207,377
Additions 22,102 - 98,384
Disposals - - (24,780 )
At 31 December 2023 83,518 11,510 280,981
DEPRECIATION
At 1 January 2023 26,915 7,920 121,470
Charge for year 11,320 716 31,900
At 31 December 2023 38,235 8,636 153,370
NET BOOK VALUE
At 31 December 2023 45,283 2,874 127,611
At 31 December 2022 34,501 3,590 85,907

10. STOCKS
31.12.23 31.12.22
£    £   
Stocks 2,727,593 2,525,078

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,992,046 1,730,219
Other debtors 7,501,247 5,459,186
9,493,293 7,189,405

Included above are amount due from directors of £ 1,196,512 (2022- £2,361,554)

Directors Term of Loan Balance Balance
at 31 12 2023 at 31 12 2022

Mr K & Mrs N Seth Unsecured,
repayable on demand £1,196,512 £2,361,554

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 109,126 170,361
Taxation and social security 1,600,302 935,960
Other creditors 46,879 18,732
1,756,307 1,125,053

13. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 10,951 7,833

Deferred
tax
£   
Balance at 1 January 2023 7,833
Provided during year 3,118
Balance at 31 December 2023 10,951

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £ 1 100 100

15. RESERVES
Retained
earnings
£   

At 1 January 2023 8,944,001
Profit for the year 4,062,895
Dividends (300,000 )
At 31 December 2023 12,706,896

Just Taps Plus (UK) Limited (Registered number: 07462410)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 3,135,000 -

The above amount represents rent payable of £660,000 per annum for 57 months (2022 - Nil).

17. OTHER FINANCIAL COMMITMENTS

There is a fixed and floating charge over the assets of the company, in respect of a loan given to JTP Sub Ltd. A company owned by the same shareholders as Just Taps Plus (UK) Limited.

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Mr Kuldip Seth and Mrs Naraine Seth
Balance outstanding at start of year 2,361,554 (3,495 )
Amounts advanced 477,467 2,747,751
Amounts repaid (1,642,509 ) (382,702 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,196,512 2,361,554

19. RELATED PARTY DISCLOSURES

Directors do not receive rent from the company for using their own premises. (2022-Nil)

The company also pays rent to JTP Sub Ltd, it's parent company.

20. ULTIMATE CONTROLLING PARTY

Mr K Seth and Mrs N Seth who control 100% shares of JTP Sub Limited are the ultimate controlling party.