Company registration number 11362137 (England and Wales)
JUPITER LIFESTYLE MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
JUPITER LIFESTYLE MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
JUPITER LIFESTYLE MANAGEMENT LIMITED
BALANCE SHEET
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
70,304
33,229
Current assets
Debtors
4
1,813,501
1,228,310
Cash at bank and in hand
8,837
752,066
1,822,338
1,980,376
Creditors: amounts falling due within one year
5
(1,906,639)
(1,893,614)
Net current (liabilities)/assets
(84,301)
86,762
Net (liabilities)/assets
(13,997)
119,991
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(14,097)
119,891
Total equity
(13,997)
119,991
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 April 2024
M Monajem Isfahani
Director
Company registration number 11362137 (England and Wales)
JUPITER LIFESTYLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2023
Page 2
1
Accounting policies
Company information
Jupiter Lifestyle Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17a Curzon Street, Second Floor, London, W1J 5HS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The Directors have reviewed the Company's likely future funding requirements in the light of post year-end trading and forecasts for future trading, and believe that the Company will have sufficient working capital for its present needs. Accordingly these financial statements have been prepared on an on going basis.true
1.3
Turnover
Turnover represents the fair value of services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on services provided and expenses incurred, but excludes VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
Over 3 years at 33% on a straight line basis
Motor vehicles
Over 5 years at 20% on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
JUPITER LIFESTYLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans and other debtors receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors and other current creditors payable on demand are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
JUPITER LIFESTYLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
19
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
63,329
Additions
63,367
At 31 March 2023
126,696
Depreciation and impairment
At 1 April 2022
30,100
Depreciation charged in the year
26,292
At 31 March 2023
56,392
Carrying amount
At 31 March 2023
70,304
At 31 March 2022
33,229
JUPITER LIFESTYLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
Page 5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
35,730
36,740
Corporation tax recoverable
28,550
Other debtors
1,195,124
708,813
1,259,404
745,553
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
554,097
482,757
Total debtors
1,813,501
1,228,310
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
835
Trade creditors
844,254
644,849
Corporation tax
29,598
29,598
Other taxation and social security
63,567
207,414
Other creditors
968,385
1,011,753
1,906,639
1,893,614
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
JUPITER LIFESTYLE MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 March 2023
Page 6
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
376,375
521,400
8
Directors' transactions
As at 31 March 2023 the director owed £9,376 to the company. This amount is repaid by 31 December 2023.