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Registration number: 02566035

Jespa Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Jespa Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Jespa Limited

Company Information

Directors

Mr SP Abbott

Mr J Evans

Registered office

Victoria Business Park
Copse Road
Fleetwood
Lancashire
FY7 6RP

Accountants

Crossley & Davis Chartered Accountants
Ground Floor Seneca House
Links Point
Amy Johnson Way
Blackpool
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Jespa Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Jespa Limited for the year ended 30 June 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Jespa Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Jespa Limited and state those matters that we have agreed to state to the Board of Directors of Jespa Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Jespa Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Jespa Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Jespa Limited. You consider that Jespa Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Jespa Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor Seneca House
Links Point
Amy Johnson Way
Blackpool
FY4 2FF

17 April 2025

 

Jespa Limited

(Registration number: 02566035)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

580,282

581,217

Current assets

 

Stocks

5

2,113,627

2,163,708

Debtors

6

292,827

246,563

Cash at bank and in hand

 

1,663,580

1,631,457

 

4,070,034

4,041,728

Creditors: Amounts falling due within one year

7

(320,343)

(379,806)

Net current assets

 

3,749,691

3,661,922

Total assets less current liabilities

 

4,329,973

4,243,139

Provisions for liabilities

(5,802)

(3,118)

Net assets

 

4,324,171

4,240,021

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

4,323,171

4,239,021

Shareholders' funds

 

4,324,171

4,240,021

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Jespa Limited

(Registration number: 02566035)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 

.........................................
Mr SP Abbott
Director

 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria Business Park
Copse Road
Fleetwood
Lancashire
FY7 6RP

These financial statements were authorised for issue by the Board on 17 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2% straight line

Plant and Machinery

15% reducing balance

Improvements to property

10% straight line

Motor Vehicles

25% reducing balance

Computer Equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2023 - 28).

 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

638,940

18,285

312,125

969,350

Additions

-

-

13,220

13,220

At 30 June 2024

638,940

18,285

325,345

982,570

Depreciation

At 1 July 2023

93,259

8,537

286,337

388,133

Charge for the year

6,119

2,437

5,599

14,155

At 30 June 2024

99,378

10,974

291,936

402,288

Carrying amount

At 30 June 2024

539,562

7,311

33,409

580,282

At 30 June 2023

545,681

9,748

25,788

581,217

Included within the net book value of land and buildings above is £539,563 (2023 - £545,681) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

2,107,127

2,157,208

Other inventories

6,500

6,500

2,113,627

2,163,708

6

Debtors

 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Current

2024
£

2023
£

Trade debtors

31,732

52,017

Prepayments

31,316

21,795

Other debtors

229,779

172,751

 

292,827

246,563

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

145,797

210,567

Taxation and social security

91,716

141,202

Accruals and deferred income

28,260

26,651

Other creditors

54,570

1,386

320,343

379,806

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       
 

Jespa Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

71,941

71,941

Advanced

7,579

7,579

Repaid

(71,941)

(71,941)

At end of period

7,579

7,579

2023

Key management
£

Total
£

At start of period

(57,909)

(57,909)

Advanced

129,850

129,850

At end of period

71,941

71,941

Terms of loans to related parties

Interest has been charged at the official rate of interest on any loan balance that exceeded £10,000 throughout the year. The loans are unsecured and repayable on demand.