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REGISTERED NUMBER: 07625853 (England and Wales)























Unaudited Financial Statements

for the Year Ended 31 May 2023

for

J M Tools Ltd

J M Tools Ltd (Registered number: 07625853)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J M Tools Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mr J.L. Milne
Mrs C. Milne





REGISTERED OFFICE: Bridge House
425 Garstang Road
Broughton
Preston
Lancashire
PR3 5JA





REGISTERED NUMBER: 07625853 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

J M Tools Ltd (Registered number: 07625853)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,601 10,401

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 212,511 181,439
Cash at bank 449,000 432,733
666,511 619,172
CREDITORS
Amounts falling due within one year 6 162,151 142,451
NET CURRENT ASSETS 504,360 476,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

541,961

487,122

PROVISIONS FOR LIABILITIES 5,157 -
NET ASSETS 536,804 487,122

CAPITAL AND RESERVES
Called up share capital 1,006 1,005
Retained earnings 535,798 486,117
SHAREHOLDERS' FUNDS 536,804 487,122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J M Tools Ltd (Registered number: 07625853)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





Mrs C. Milne - Director


J M Tools Ltd (Registered number: 07625853)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

J M Tools Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

J M Tools Ltd (Registered number: 07625853)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 261,402 7,167 7,151 18,826 294,546
Additions 21,903 136 15,076 - 37,115
At 31 May 2023 283,305 7,303 22,227 18,826 331,661
DEPRECIATION
At 1 June 2022 255,170 4,382 7,151 17,442 284,145
Charge for year 5,369 439 3,015 1,092 9,915
At 31 May 2023 260,539 4,821 10,166 18,534 294,060
NET BOOK VALUE
At 31 May 2023 22,766 2,482 12,061 292 37,601
At 31 May 2022 6,232 2,785 - 1,384 10,401

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 207,044 176,201
Other debtors 5,467 5,238
212,511 181,439

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 21,312 5,494
Taxation and social security 82,991 85,304
Other creditors 57,848 51,653
162,151 142,451

J M Tools Ltd (Registered number: 07625853)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.23 31.5.22
£    £   
Within one year 3,939 3,764
Between one and five years 1,616 3,555
5,555 7,319