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Company registration number: 14059594
JMMT Holdings Limited
Unaudited filleted financial statements
31 October 2022
JMMT Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
JMMT Holdings Limited
Directors and other information
Directors Mr David Jones
Mr Rhydian Jones
Mr Matthew Thomas
Mr Eirian Thomas
Mr Howell Morse
Company number 14059594
Registered office 103-104 Walter Road
Swansea
SA1 5QF
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Bankers Barclays
JMMT Holdings Limited
Statement of financial position
31 October 2022
31/10/22
Note £ £
Fixed assets
Investments 4 2,032,500
_______
2,032,500
Current assets
Debtors 5 386,298
Cash at bank and in hand 4,402
_______
390,700
Creditors: amounts falling due
within one year 6 ( 2,367,572)
_______
Net current liabilities ( 1,976,872)
_______
Total assets less current liabilities 55,628
Creditors: amounts falling due
after more than one year 7 ( 46,941)
_______
Net assets 8,687
_______
Capital and reserves
Called up share capital 500
Profit and loss account 8,187
_______
Shareholders funds 8,687
_______
For the period ending 31 October 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 financial statements for the period 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 financial statements.
These 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 October 2023 , and are signed on behalf of the board by:
Mr David Jones Mr Rhydian Jones
Director Director
Company registration number: 14059594
JMMT Holdings Limited
Notes to the financial statements
Period ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 103-104 Walter Road, Swansea, SA1 5QF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 21 April 2022 - -
Additions 2,032,500 2,032,500
_______ _______
At 31 October 2022 2,032,500 2,032,500
_______ _______
Impairment
At 21 April 2022 and 31 October 2022 - -
_______ _______
Carrying amount
At 31 October 2022 2,032,500 2,032,500
_______ _______
5. Debtors
31/10/22
£
Trade debtors 65,410
Other debtors 320,888
_______
386,298
_______
6. Creditors: amounts falling due within one year
31/10/22
£
Bank loans and overdrafts 50,000
Trade creditors 345,392
Amounts owed to group undertakings and undertakings in which the company has a participating interest 494,729
Social security and other taxes 1,921
Other creditors 1,475,530
_______
2,367,572
_______
7. Creditors: amounts falling due after more than one year
31/10/22
£
Bank loans and overdrafts 46,941
_______
8. Related party transactions
Exemption under section 33.1A has been claimed to not disclose transactions for 100% group companies.Included in creditors is the sum of £1,429,815 which is owed to the directors. This amount is subject to interest of 4.25% and repayable on demand.