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Company registration number: NI001429
J.W. Martin, Limited
Unaudited filleted financial statements
30 April 2023
J.W. Martin, Limited
Contents
Directors and other information
Accountants' report
Balance sheet
Notes to the financial statements
J.W. Martin, Limited
Directors and other information
Directors Mr David Martin
Mr James Martin
Company number NI001429
Registered office Prince Regent Road
Castlereagh
Belfast
BT5 6QR
Accountants Jones Peters
Hughes House
6 Church Street
Banbridge
Co. Down
BT32 4AA
Bankers Danske Bank
Donegal Square West
Belfast
BT1 6JS
Solicitors John McKee & Sons
The Linenhall
32-38 Linenhall Street
Belfast
BT2 8BG
J.W. Martin, Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of J.W. Martin, Limited
Year ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.W. Martin, Limited for the year ended 30 April 2023 which comprise the profit and loss account and retained earnings, balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of J.W. Martin, Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J.W. Martin, Limited and state those matters that we have agreed to state to the board of directors of J.W. Martin, Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.W. Martin, Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J.W. Martin, Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.W. Martin, Limited. You consider that J.W. Martin, Limited 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 financial statements of J.W. Martin, Limited. 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 financial statements.
Jones Peters
Chartered Accountants
Hughes House
6 Church Street
Banbridge
Co. Down
BT32 4AA
8 September 2023
J.W. Martin, Limited
Balance sheet
30 April 2023
2023 2022
Restated
Note £ £ £ £
Fixed assets
Tangible assets 5 967,204 971,777
_______ _______
967,204 971,777
Current assets
Stocks 555,263 480,705
Debtors 6 440,575 436,186
Cash at bank and in hand 91 821
_______ _______
995,929 917,712
Creditors: amounts falling due
within one year 7 ( 979,982) ( 821,062)
_______ _______
Net current assets 15,947 96,650
_______ _______
Total assets less current liabilities 983,151 1,068,427
Creditors: amounts falling due
after more than one year 8 ( 42,180) ( 69,761)
_______ _______
Net assets 940,971 998,666
_______ _______
Capital and reserves
Called up share capital 1,260 1,260
Revaluation reserve 596,481 596,481
Profit and loss account 343,230 400,925
_______ _______
Shareholders funds 940,971 998,666
_______ _______
For the year ending 30 April 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 financial statements for the year 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 Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2023 , and are signed on behalf of the board by:
Mr David Martin Mr James Martin
Director Director
Company registration number: NI001429
J.W. Martin, Limited
Notes to the financial statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Prince Regent Road, Castlereagh, Belfast, BT5 6QR.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by management in preparing these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - 2 % straight line
Plant and machinery - 11 % straight line
Fittings fixtures and equipment - 4 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2022 1,021,750 306,999 24,599 14,130 1,367,478
Additions 11,724 - - - 11,724
_______ _______ _______ _______ _______
At 30 April 2023 1,033,474 306,999 24,599 14,130 1,379,202
_______ _______ _______ _______ _______
Depreciation
At 1 May 2022 95,887 261,227 24,457 14,130 395,701
Charge for the year 6,585 9,575 137 - 16,297
_______ _______ _______ _______ _______
At 30 April 2023 102,472 270,802 24,594 14,130 411,998
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2023 931,002 36,197 5 - 967,204
_______ _______ _______ _______ _______
At 30 April 2022 925,863 45,772 142 - 971,777
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 328,572 311,306
Other debtors 112,003 124,880
_______ _______
440,575 436,186
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
Restated
£ £
Bank loans and overdrafts 176,323 87,198
Trade creditors 485,547 320,131
Accruals and deferred income 8,314 115,333
Corporation tax 13,206 40,155
Social security and other taxes 16,354 8,994
Invoice discounting advances 279,823 247,913
Other creditors 415 1,338
_______ _______
979,982 821,062
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 42,180 69,761
_______ _______
9. Prior period adjustment
The following adjustment was made in respect of the year ended 30 April 2022:- Understated trade creditors £74,877
10. Controlling party
By virtue of his shareholding David Martin is deemed to be the controlling party of the company.