Registration number:
J P T Engineering Ltd
for the Year Ended 31 October 2021
J P T Engineering Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
J P T Engineering Ltd
Company Information
Director |
Mr Jonathan Paul Thomas Reynolds |
Registered office |
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Accountants |
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J P T Engineering Ltd
Director's Report for the Year Ended 31 October 2021
The director presents his report and the financial statements for the year ended 31 October 2021.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is Boat and ship repairs
Going concern
The financial statements have been prepared on a going concern basis.
Small companies provision statement
This report has 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.
Approved by the
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Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J P T Engineering Ltd
for the Year Ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J P T Engineering Ltd for the year ended 31 October 2021 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants (ACCA), we are subject to its ethical and other professional requirements which are disclosed and available at the following website https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
This report is made solely to the Board of Directors of J P T Engineering 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 accounts of J P T Engineering Ltd and state those matters that we have agreed to state to the Board of Directors of J P T Engineering Ltd, as a body, in this report in accordance with the requirements of the ACCA as detailed at the following website http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J P T Engineering Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that J P T Engineering Ltd 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 J P T Engineering Ltd. You consider that J P T Engineering 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 accounts of J P T Engineering 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 accounts.
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Chartered Certified Accountants
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW
J P T Engineering Ltd
(Registration number: 10453191)
Balance Sheet as at 31 October 2021
Note |
2021 |
2020 |
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Current assets |
|||
Debtors |
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
|||
Called up share capital |
100 |
100 |
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Retained earnings |
(7,654) |
(8,968) |
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Shareholders' deficit |
(7,554) |
(8,868) |
For the financial year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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J P T Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
The principal place of business is:
20 Milton Crescent
Milford Haven
SA73 2QR
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
J P T Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Tax
The tax expense for the period comprises current 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.
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.
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
J P T Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Debtors |
Current |
2021 |
2020 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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trade creditors |
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Other creditors |
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Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Related party transactions |
J P T Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021
Transactions with the director |
2021 |
At 1 November 2020 |
Repayments by director |
At 31 October 2021 |
Mr Jonathan Paul Thomas Reynolds |
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Interest free loan with no fixed repayment terms |
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( |
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2020 |
At 1 November 2019 |
Advances to director |
Repayments by director |
At 31 October 2020 |
Mr Jonathan Paul Thomas Reynolds |
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Interest free loan with no fixed repayment terms |
( |
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( |
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J P T Engineering Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2021
2021 |
2020 |
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Turnover (analysed below) |
9,090 |
43,669 |
Gross profit (%) |
100% |
100% |
Administrative expenses |
||
Employment costs (analysed below) |
(246) |
(3,245) |
Establishment costs (analysed below) |
(386) |
(1,169) |
General administrative expenses (analysed below) |
(6,752) |
(16,250) |
Finance charges (analysed below) |
(84) |
(77) |
(7,468) |
(20,741) |
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Operating profit |
1,622 |
22,928 |
Profit before tax |
1,622 |
22,928 |
J P T Engineering Ltd
Detailed Profit and Loss Account for the Year Ended 31 October 2021
2021 |
2020 |
Turnover |
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Sale of goods, UK |
9,184 |
43,444 |
Loan interest |
(94) |
225 |
9,090 |
43,669 |
Employment costs |
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Directors remuneration |
- |
(3,245) |
Staff training |
(246) |
- |
(246) |
(3,245) |
Establishment costs |
||
Insurance |
(246) |
(385) |
Use of home as office |
(120) |
(240) |
Repairs and renewals |
- |
(349) |
General maintenance |
(20) |
(195) |
(386) |
(1,169) |
General administrative expenses |
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Telephone and fax |
(90) |
(502) |
Printing, postage and stationery |
- |
(558) |
Cleaning |
(52) |
(80) |
Motor expenses |
(3,987) |
(4,202) |
Parking charges |
- |
(519) |
Travel and subsistence |
(1,527) |
(9,327) |
Accountancy fees |
(750) |
(695) |
Legal and professional fees |
(346) |
(142) |
Loan interest |
- |
(225) |
(6,752) |
(16,250) |
Finance charges |
||
Bank charges |
(84) |
(77) |