JPM CLASSICS LIMITED


Directors	J Moore
	R Wordsworth


Registered Address	New Barn Farm
	Laverton
	Bath
	BA2 7RE


Registered Number	08516338 (England and Wales)

Notes to the Financial Statements
for the period ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	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).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The company's statement of financial position at 31 December 2024 shows that liabilities exceed assets by £96,109 (2023 - £59,572). The negative reserves give rise to uncertainty in relation to the company's future activity, however the directors are committed to ensure that the company is able to meet its liabilities on a day to day basis. Therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Going concern

The company's statement of financial position at 31 December 2024 shows that liabilities exceed assets by £96,109 (2023 - £59,572). The negative reserves give rise to uncertainty in relation to the company's future activity, however the directors are committed to ensure that the company is able to meet its liabilities on a day to day basis. Therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Finance costs
	Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Amortisation
	Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Goodwill - 25% straight line

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	2
Plant and machinery	10	-
Vehicles	25	-
Office Equipment	25	-

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. 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. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. 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.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	2		2

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 31 December 23	1,500	1,500
At 31 December 24	1,500	1,500
Amortisation and impairment
At 31 December 23	1,500	1,500
At 31 December 24	1,500	1,500
Net book value
At 31 December 24	-	-
At 30 December 23	-	-

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Vehicles	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 31 December 23	12,521	52,039	4,000	8,403	76,963
Additions	4,277	369	-	999	5,645
Disposals	-	-	-	(1,625)	(1,625)
At 31 December 24	16,798	52,408	4,000	7,777	80,983
Depreciation and impairment
At 31 December 23	657	31,385	1,440	5,096	38,578
Charge for year	250	2,084	512	1,076	3,922
On disposals	-	-	-	(1,612)	(1,612)
At 31 December 24	907	33,469	1,952	4,560	40,888
Net book value
At 31 December 24	15,891	18,939	2,048	3,217	40,095
At 30 December 23	11,864	20,654	2,560	3,307	38,385

5.	Stocks

	2024	2023
	£	£
Finished goods	124,150	118,200
Total	124,150	118,200

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	-	6,765
Other debtors	609	3,907
Total	609	10,672

7.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	360	177
Bank borrowings and overdrafts	3,671	3,584
Amounts owed to related parties	231,923	207,691
Other creditors	4,331	8,078
Accrued liabilities and deferred income	18,758	2,585
Total	259,043	222,115

8.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	2,015	5,770
Total	2,015	5,770

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
J Moore	166,597	66,830	42,730	190,697
	166,597	66,830	42,730	190,697


	Loans from Key management are interest from and payable on demand

10.	Controlling party
	The company's immediate and ultimate parent is Moore (Holdings) Limited, incorporated in England and Wales. These financial statements are available upon request from New Barn Farm, Laverton, Bath, England, BA2 7RE. The ultimate controlling party is Mr J Moore.

11.	Change in reporting period and impact on comparability
	The reporting period has been extended to the 31 December (2023 - 30 December).

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	4		40,095		38,385
			40,095		38,385
Current assets
Stocks	5	124,150		118,200
Debtors	6	609		10,672
Cash at bank and on hand		95		1,056
		124,854		129,928
Creditors amounts falling due within one year	7	(259,043)		(222,115)
Net current assets (liabilities)			(134,189)		(92,187)
Total assets less current liabilities			(94,094)		(53,802)
Creditors amounts falling due after one year	8		(2,015)		(5,770)
Net assets			(96,109)		(59,572)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(96,110)		(59,573)
Shareholders' funds			(96,109)		(59,572)