JP Construction & Development Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07306181 (England and Wales)

JP CONSTRUCTION

& DEVELOPMENT LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 DECEMBER 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

R D Hughes

C J Perrett

Mrs H L Hughes

D A Gammon

SECRETARY:

R D Hughes

REGISTERED OFFICE:

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

REGISTERED NUMBER:

07306181 (England and Wales)

ACCOUNTANTS:

Gerald Thomas

Chartered Accountants

3 New Mill Court

Swansea Enterprise Park

Swansea

SA7 9FG

FIXED ASSETS

Tangible assets

4

401

3,359

CURRENT ASSETS

Stocks

5

54,883

81,043

Debtors

6

141,450

165,146

Cash at bank

97,819

85,629

294,152

331,818

CREDITORS

Amounts falling due within one year

7

200,606

292,321

NET CURRENT ASSETS

93,546

39,497

TOTAL ASSETS LESS CURRENT LIABILITIES

93,947

42,856

CREDITORS

Amounts falling due after more than one year

8

40,000

-

NET ASSETS

53,947

42,856

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

53,847

42,756

SHAREHOLDERS' FUNDS

53,947

42,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2021 and were signed on its behalf by:

R D Hughes - Director

1.	STATUTORY INFORMATION

JP Construction & Development Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the pound sterling (£) and have been rounded to the nearest pound.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Impairment of assets

Assets 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 income statement.

Stock provisions

Stock holdings are assessed for indicators of obsolescence at each balance sheet date. If there is objective evidence of obsolescence, a provision is recognised in the income statement.

Provisions and contingencies

Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.

Turnover and revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue in respect of construction contracts is recognised using the percentage of completion method, with the percentage complete being determined by comparing the percentage of costs incurred to date with the estimated total costs of the contract. Losses on these contracts if any are recognised in the period when such losses become probable and can be reasonably estimated.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Tangible fixed assets are measured at cost less depreciation.

Government grants

Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants towards revenue expenditure are released to the income statement as the related expenditure is incurred.

Stock and work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other creditors, 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.

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

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and likely future cashflows including payments to creditors.

The company has both net current assets and net assets at the balance sheet date. The company has made a profit in the year ended 31 December 2020.

In considering the Coronavirus pandemic 2019 (COVID-19), the directors understand the situation is still evolving and the full impact on the business is unclear. The directors have taken steps to mitigate the risk to the business and although there is uncertainty as lockdown restrictions are lifted, the directors are confident that all reasonable measures which can be taken, have been, to safeguard the business, its staff and customers.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 29 December 2019

30,005

61,585

6,077

97,667

Additions

-

54,145

-

54,145

Disposals

-

(115,730

)

-

(115,730

)

At 28 December 2020

30,005

-

6,077

36,082

DEPRECIATION

At 29 December 2019

30,000

59,019

5,289

94,308

Charge for year

-

12,718

392

13,110

Eliminated on disposal

-

(71,737

)

-

(71,737

)

At 28 December 2020

30,000

-

5,681

35,681

NET BOOK VALUE

At 28 December 2020

5

-

396

401

At 28 December 2019

5

2,566

788

3,359

The net book value of tangible fixed assets includes £NIL (2019 - £ 2,566 ) in respect of assets held under hire purchase contracts.

5.

STOCKS

2020

2019

£

£

Stocks

5,000

5,000

Work-in-progress

49,883

76,043

54,883

81,043

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

40,599

79,810

Other debtors

100,851

85,336

141,450

165,146

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

10,000

-

Hire purchase contracts

-

23,002

Trade creditors

33,776

59,118

Taxation and social security

16,302

22,490

Other creditors

140,528

187,711

200,606

292,321

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

40,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

-

23,002

Obligations under hire purchase contracts were secured on the assets to which they relate.

10.	TRANSACTIONS WITH DIRECTORS

At the balance sheet date, the company owed £124,280 (2019:- £176,464) to the company's directors. The loans are repayable on demand and no interest has been charged on these amounts during the current or prior period.