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2023-04-30
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No description of principal activities is disclosed
2022-05-01
Sage Accounts Production 21.0 - FRS102_2021
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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
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Directors |
Mr David Martin |
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Mr James Martin |
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Company number |
NI001429 |
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Registered office |
Prince Regent Road |
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Castlereagh |
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Belfast |
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BT5 6QR |
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Accountants |
Jones Peters |
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Hughes House |
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6 Church Street |
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Banbridge |
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Co. Down |
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BT32 4AA |
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Bankers |
Danske Bank |
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Donegal Square West |
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Belfast |
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BT1 6JS |
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Solicitors |
John McKee & Sons |
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The Linenhall |
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32-38 Linenhall Street |
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Belfast |
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BT2 8BG |
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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
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2023 |
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2022 |
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Restated |
|
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|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
967,204 |
|
|
|
971,777 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
967,204 |
|
|
|
971,777 |
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|
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|
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|
|
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Current assets |
|
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|
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|
|
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Stocks |
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|
555,263 |
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|
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 |
|
|
|
|
|
|
|
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Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
42,180) |
|
|
|
(
69,761) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
940,971 |
|
|
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998,666 |
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|
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|
_______ |
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_______ |
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Capital and reserves |
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|
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Called up share capital |
|
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|
1,260 |
|
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|
1,260 |
Revaluation reserve |
|
|
|
|
596,481 |
|
|
|
596,481 |
Profit and loss account |
|
|
|
|
343,230 |
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400,925 |
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|
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_______ |
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_______ |
Shareholders funds |
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940,971 |
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998,666 |
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_______ |
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_______ |
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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:
|
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Long leasehold property |
- |
2 % |
straight line |
|
Plant and machinery |
- |
11 % |
straight line |
|
Fittings fixtures and equipment |
- |
4 % |
straight line |
|
Motor vehicles |
- |
20 % |
straight line |
|
|
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|
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 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
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Depreciation |
|
|
|
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|
|
|
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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.