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Registration number: 07208828

JGMART Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

JGMART Ltd

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

JGMART Ltd

Company Information

Directors

Mr FS Guerrini-Maraldi

Mrs J Guerrini-Maraldi

Registered office

24 Howie Street
London
SW11 4AY

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

JGMART Ltd

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

JGMART Ltd

(Registration number: 07208828)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,301

34,169

Current assets

 

Stocks

5

198,481

177,378

Debtors

6

47,653

34,736

 

246,134

212,114

Creditors: Amounts falling due within one year

7

(521,352)

(433,469)

Net current liabilities

 

(275,218)

(221,355)

Net liabilities

 

(248,917)

(187,186)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(248,918)

(187,187)

Shareholders' deficit

 

(248,917)

(187,186)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

.........................................
Mrs J Guerrini-Maraldi
Director

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales and Wales .

The address of its registered office is:
24 Howie Street
London
SW11 4AY
England

2

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.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

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 value added tax.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight line

Leasehold improvements

10% Straight line

Fixtures and Fittings

25% Reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

82,261

9,112

91,373

Additions

-

1,124

1,124

At 31 March 2023

82,261

10,236

92,497

Depreciation

At 1 April 2022

48,890

8,314

57,204

Charge for the year

8,226

766

8,992

At 31 March 2023

57,116

9,080

66,196

Carrying amount

At 31 March 2023

25,145

1,156

26,301

At 31 March 2022

33,371

798

34,169

Included within the net book value of land and buildings above is £25,145 (2022 - £33,371) in respect of short leasehold improvements.
 

5

Stocks

2023
£

2022
£

Other inventories

198,481

177,378

6

Debtors

2023
£

2022
£

Trade debtors

-

200

Other debtors

47,653

34,536

47,653

34,736

Current

2023
£

2022
£

Trade debtors

-

200

Other debtors

47,653

34,536

 

47,653

34,736

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

65,971

48,859

Trade creditors

 

74

-

Taxation and social security

 

610

203

Accruals and deferred income

 

10,683

14,151

Other creditors

 

444,014

370,256

 

521,352

433,469

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

65,971

48,859

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of Nil per each NewRow_0

 

111

 

222

         

Reconciliation to Dividends categories

Difference to be corrected

 

111

 

222

 

JGMART Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £142,461 (2022 - £181,314. The future minimum lease periods under non-cancellable operating leases are:
for one year £38,853 and later than one year but not later than five years £103,608.
 

12

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mrs J Guerrini-Maraldi

Amount owed to the director

368,628

65,137

433,764

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mrs J Guerrini-Maraldi

Amount owed to the director

350,300

18,328

368,628