JRP Construction (Norfolk) Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10695917 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

JRP Construction (Norfolk) Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

32,845

26,888

Current assets

Stocks

37,000

40,448

Debtors

5

5,981

4,791

Cash at bank

-

25,646

42,981

70,885

Creditors

Amounts falling due within one year

6

(43,084

)

(59,105

)

Net current (liabilities)/assets

(103

)

11,780

Total assets less current liabilities

32,742

38,668

Creditors

Amounts falling due after more than one year

7

(26,284

)

(31,108

)

Provisions for liabilities

(6,143

)

(4,979

)

Net assets

315

2,581

Capital and reserves

Called up share capital

100

100

Retained earnings

215

2,481

315

2,581

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 April 2023 and were signed by:

Mr J R Page - Director

1.	Statement of compliance

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.

2.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements.

Turnover

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

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.

Plant and machinery

-

25% p.a. reducing balance basis

Motor vehicles

-

25% p.a. reducing balance basis

Computer equipment

-

25% p.a. reducing balance basis

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

3.	Employees and directors

The average number of employees during the year was 3 (2021 - 4 ) .

4.	Tangible fixed assets

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

Cost

At 1 January 2022

5,253

47,183

1,340

53,776

Additions

1,845

18,995

326

21,166

Disposals

-

(16,490

)

-

(16,490

)

At 31 December 2022

7,098

49,688

1,666

58,452

Depreciation

At 1 January 2022

3,008

23,573

307

26,888

Charge for year

905

3,725

285

4,915

Eliminated on disposal

-

(6,196

)

-

(6,196

)

At 31 December 2022

3,913

21,102

592

25,607

Net book value

At 31 December 2022

3,185

28,586

1,074

32,845

At 31 December 2021

2,245

23,610

1,033

26,888

5.

Debtors: amounts falling due within one year

31.12.22

31.12.21

£

£

Other debtors

5,981

4,791

6.

Creditors: amounts falling due within one year

31.12.22

31.12.21

£

£

Bank loans and overdrafts

14,337

7,637

Hire purchase contracts

1,498

436

Trade creditors

3,495

7,125

Taxation and social security

21,029

40,614

Other creditors

2,725

3,293

43,084

59,105

7.

Creditors: amounts falling due after more than one year

31.12.22

31.12.21

£

£

Bank loans

23,278

31,108

Hire purchase contracts

3,006

-

26,284

31,108

8.	Secured debts

Within creditors due in less than one year £1,498 (2021: £436) is secured against the company.

Within creditors due in more than one year £3,006 (2021: £0) is secured against the company.