JP Timber Frames Ltd Filleted accounts for Companies House (small and micro)

JP TIMBER FRAMES LTD - Company Information

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COMPANY REGISTRATION NUMBER: NI613705

JP Timber Frames Ltd

Filleted Unaudited Abridged Financial Statements

31 July 2022

JP Timber Frames Ltd

Abridged Financial Statements

Year ended 31 July 2022

Contents	Page

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

JP Timber Frames Ltd

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of JP Timber Frames Ltd

Year ended 31 July 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of JP Timber Frames Ltd for the year ended 31 July 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the Board of Directors of JP Timber Frames Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of JP Timber Frames Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JP Timber Frames Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that JP Timber Frames Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JP Timber Frames Ltd. You consider that JP Timber Frames Ltd 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 abridged financial statements of JP Timber Frames Ltd. 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 abridged financial statements.

CLAREMOUNT Chartered accountants

1b Brookmount Crescent Omagh Co Tyrone BT78 5HG

28 April 2023

JP Timber Frames Ltd

Abridged Statement of Financial Position

31 July 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	2,000	3,000
Tangible assets	6	135,797	68,546
		---------	--------
		137,797	71,546

Current assets

Stocks	490,855	84,132
Debtors	49,293	79,952
Cash at bank and in hand	21,876	195,634
	---------	---------
	562,024	359,718

Creditors: amounts falling due within one year	494,265		330,851
	---------		---------
Net current assets		67,759	28,867
		---------	---------
Total assets less current liabilities		205,556	100,413

Creditors: amounts falling due after more than one year		11,111	–

Provisions

Taxation including deferred tax	25,802	12,611
	---------	---------
Net assets	168,643	87,802
	---------	---------

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		168,543	87,702
		---------	--------
Shareholders funds		168,643	87,802
		---------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 2022 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

JP Timber Frames Ltd

Abridged Statement of Financial Position (continued)

31 July 2022

All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 July 2022 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 28 April 2023 , and are signed on behalf of the board by:

Mr S O'Neill	Mrs H O'Neill
Director	Director

Company registration number: NI613705

JP Timber Frames Ltd

Notes to the Abridged Financial Statements

Year ended 31 July 2022

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 48 Altinure Road, Derry, Co Derry, BT47 4DE, N Ireland.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% reducing balance
Office equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).

5. Intangible assets

	£
Cost
At 1 August 2021 and 31 July 2022	10,000
	--------
Amortisation
At 1 August 2021	7,000
Charge for the year	1,000
	--------
At 31 July 2022	8,000
	--------
Carrying amount
At 31 July 2022	2,000
	--------
At 31 July 2021	3,000
	--------

6. Tangible assets

	£
Cost
At 1 August 2021	124,102
Additions	111,359
Disposals	( 15,399)
	---------
At 31 July 2022	220,062
	---------
Depreciation
At 1 August 2021	55,556
Charge for the year	33,949
Disposals	( 5,240)
	---------
At 31 July 2022	84,265
	---------
Carrying amount
At 31 July 2022	135,797
	---------
At 31 July 2021	68,546
	---------

7. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Directors' advances, credits and guarantees

At the year end the company had a loan amounting to £3,182 owing from members of key management personnel. (£1,034 was owed by the company at 01.08.21) This loan has been repaid within 9 months of the year end.

9. Related party transactions

The company was under the control of Mr S O'Neill and Mrs H O'Neill , directors and shareholders, throughout the current year.