Registered number
SC462897
JOM Haulage Ltd.
Unaudited Filleted Accounts
30 December 2022
JOM Haulage Ltd.
Registered number: SC462897
Balance Sheet
as at 30 December 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 10,334 20,669
Tangible assets 4 53,336 68,888
63,670 89,557
Current assets
. 5 68,321 67,269
Cash at bank and in hand 58,837 95,634
127,158 162,903
Creditors: amounts falling due within one year 6 (90,907) (105,672)
Net current assets 36,251 57,231
Total assets less current liabilities 99,921 146,788
Creditors: amounts falling due after more than one year 7 (25,833) (41,458)
Net assets 74,088 105,330
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 73,088 104,330
Shareholder's funds 74,088 105,330
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J O McIntosh
Director
Approved by the board on 30 September 2023
JOM Haulage Ltd.
Notes to the Accounts
for the year ended 30 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 31 December 2021 103,356
At 30 December 2022 103,356
Amortisation
At 31 December 2021 82,687
Provided during the year 10,335
At 30 December 2022 93,022
Net book value
At 30 December 2022 10,334
At 30 December 2021 20,669
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 31 December 2021 6,740 2,825 194,966 204,531
At 30 December 2022 6,740 2,825 194,966 204,531
Depreciation
At 31 December 2021 - 2,636 133,007 135,643
Charge for the year - 62 15,490 15,552
At 30 December 2022 - 2,698 148,497 151,195
Net book value
At 30 December 2022 6,740 127 46,469 53,336
At 30 December 2021 6,740 189 61,959 68,888
5 Debtors 2022 2021
£ £
Trade debtors 33,065 52,078
Other debtors 35,256 15,191
68,321 67,269
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,625 6,750
Trade creditors 32,473 25,995
Taxation and social security costs 27,774 39,728
Other creditors 15,035 23,199
90,907 105,672
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 25,833 35,833
Obligations under finance lease and hire purchase contracts - 5,625
25,833 41,458
8 Other information
JOM Haulage Ltd. is a private company limited by shares and incorporated in Scotland. Its registered office is:
16a Ballifeary Road
Inverness
IV3 5PJ
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