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REGISTERED NUMBER: 04201734 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

JMI BATHROOMS LIMITED

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMI BATHROOMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTOR: J M Gibbs





SECRETARY:





REGISTERED OFFICE: 124 High Street
Midsomer Norton
Radstock
BA3 2DA





REGISTERED NUMBER: 04201734 (England and Wales)





ACCOUNTANTS: PG Owen Limited
Chartered Accountants
124 High Street
Midsomer Norton
Bath
BA3 2DA

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 309,391 297,737

CURRENT ASSETS
Stocks 35,933 28,583
Debtors 5 223,610 206,156
Cash at bank and in hand 214,740 280,306
474,283 515,045
CREDITORS
Amounts falling due within one year 6 315,643 398,008
NET CURRENT ASSETS 158,640 117,037
TOTAL ASSETS LESS CURRENT
LIABILITIES

468,031

414,774

CREDITORS
Amounts falling due after more than one
year

7

(98,082

)

(110,283

)

PROVISIONS FOR LIABILITIES (13,877 ) (11,648 )
NET ASSETS 356,072 292,843

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 356,071 292,842
SHAREHOLDERS' FUNDS 356,072 292,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

BALANCE SHEET - continued
30 APRIL 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 director and authorised for issue on 25 October 2023 and were signed by:





J M Gibbs - Director


JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

JMI Bathrooms Limited 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

In relation to work-in-progress, cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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.

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2022 236,000 31,456 136,060
Additions - 2,417 1,178
At 30 April 2023 236,000 33,873 137,238
DEPRECIATION
At 1 May 2022 - 19,700 112,367
Charge for year - 2,834 6,184
At 30 April 2023 - 22,534 118,551
NET BOOK VALUE
At 30 April 2023 236,000 11,339 18,687
At 30 April 2022 236,000 11,756 23,693

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 59,717 5,616 468,849
Additions 30,677 855 35,127
At 30 April 2023 90,394 6,471 503,976
DEPRECIATION
At 1 May 2022 37,146 1,899 171,112
Charge for year 13,312 1,143 23,473
At 30 April 2023 50,458 3,042 194,585
NET BOOK VALUE
At 30 April 2023 39,936 3,429 309,391
At 30 April 2022 22,571 3,717 297,737

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2022 23,995
Additions 23,995
At 30 April 2023 47,990
DEPRECIATION
At 1 May 2022 5,999
Charge for year 10,498
At 30 April 2023 16,497
NET BOOK VALUE
At 30 April 2023 31,493
At 30 April 2022 17,996

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 118,784 111,672
Other debtors 92,619 79,323
Directors' current accounts 7,002 9,670
Prepayments and accrued income 5,205 5,491
223,610 206,156

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 25,383 24,701
Hire purchase contracts 6,011 2,958
Trade creditors 154,168 250,066
Tax 26,685 14,096
Social security and other taxes 98,980 102,172
Accrued expenses 4,416 4,015
315,643 398,008

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 67,674 92,246
Hire purchase contracts 30,408 18,037
98,082 110,283

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£    £   
J M Gibbs
Balance outstanding at start of year 9,670 9,544
Amounts advanced 62,609 70,605
Amounts repaid (65,277 ) (70,479 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,002 9,670

The dividends declared during the year were paid to directors as shareholders.

During the year the company paid rent totalling £9,600 to the directors.

9. RELATED PARTY DISCLOSURES

The company was under the control of the directors throughout the period as stated in the directors' report.

Interest is charged on the overdrawn directors' loan accounts at the official rate.