12 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 50,000 47,623 2,377 50,000 2,377 xbrli:pure xbrli:shares iso4217:GBP SC245681 2022-04-01 2023-03-31 SC245681 2023-03-31 SC245681 2022-03-31 SC245681 2021-04-01 2022-03-31 SC245681 2022-03-31 SC245681 core:NetGoodwill 2022-04-01 2023-03-31 SC245681 core:LandBuildings 2022-04-01 2023-03-31 SC245681 core:PlantMachinery 2022-04-01 2023-03-31 SC245681 bus:Director1 2022-04-01 2023-03-31 SC245681 core:NetGoodwill 2022-03-31 SC245681 core:NetGoodwill 2023-03-31 SC245681 core:LandBuildings 2022-03-31 SC245681 core:PlantMachinery 2022-03-31 SC245681 core:LandBuildings 2023-03-31 SC245681 core:PlantMachinery 2023-03-31 SC245681 core:WithinOneYear 2023-03-31 SC245681 core:WithinOneYear 2022-03-31 SC245681 core:AfterOneYear 2023-03-31 SC245681 core:AfterOneYear 2022-03-31 SC245681 core:ShareCapital 2023-03-31 SC245681 core:ShareCapital 2022-03-31 SC245681 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC245681 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC245681 core:NetGoodwill 2022-03-31 SC245681 core:LandBuildings 2022-03-31 SC245681 core:PlantMachinery 2022-03-31 SC245681 bus:SmallEntities 2022-04-01 2023-03-31 SC245681 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC245681 bus:FullAccounts 2022-04-01 2023-03-31 SC245681 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC245681 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC245681 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 SC245681 core:FurnitureFittingsToolsEquipment 2022-03-31 SC245681 core:FurnitureFittingsToolsEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: SC245681
JAMCO (JMC) LTD
Filleted Unaudited Financial Statements
31 March 2023
JAMCO (JMC) LTD
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,377
Tangible assets
6
277,316
277,190
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
277,316
279,567
Current assets
Stocks
7,000
5,400
Debtors
7
31,318
Cash at bank and in hand
47,205
58,841
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
85,523
64,241
Creditors: amounts falling due within one year
8
290,697
249,202
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net current liabilities
205,174
184,961
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
72,142
94,606
Creditors: amounts falling due after more than one year
9
33,017
68,786
Provisions
Taxation including deferred tax
13,407
13,407
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net assets
25,718
12,413
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
100
100
Profit and loss account
25,618
12,313
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Shareholders funds
25,718
12,413
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 .
JAMCO (JMC) LTD
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
Mr John Martin Clark
Director
Company registration number: SC245681
JAMCO (JMC) LTD
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Westview Bungalow, Main Street, Garmond, Turriff, Aberdeenshire, AB53 5TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is derived from over the counter sales and also invoiced sales when business customers request credit accounts for events and activities.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
-
4% straight line
-
20% reducing balance
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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 stock to its 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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
50,000
ÍÍÍÍÍÍÍÍ
Amortisation
At 1 April 2022
47,623
Charge for the year
2,377
ÄÄÄÄÄÄÄÄ
At 31 March 2023
50,000
ÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
ÍÍÍÍÍÍÍÍ
At 31 March 2022
2,377
ÍÍÍÍÍÍÍÍ
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
320,743
24,190
18,212
363,145
Additions
5,327
5,327
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
320,743
24,190
23,539
368,472
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2022
46,769
22,949
16,237
85,955
Charge for the year
2,500
1,241
1,460
5,201
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
49,269
24,190
17,697
91,156
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
271,474
5,842
277,316
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 March 2022
273,974
1,241
1,975
277,190
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
7. Debtors
2023
2022
£
£
Trade debtors
5,440
Other debtors
25,878
ÄÄÄÄÄÄÄÄ
ÄÄÄÄ
31,318
ÍÍÍÍÍÍÍÍ
ÍÍÍÍ
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,167
Trade creditors
8,149
13,358
Corporation tax
6,435
11,665
Social security and other taxes
483
5,333
Other creditors
275,630
200,679
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
290,697
249,202
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,017
56,786
Other creditors
12,000
12,000
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
33,017
68,786
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
10. Related party transactions
The company was under the control of Mr & Mrs J Clark throughout the current and previous year. Mr & Mrs Clark are the directors and majority shareholders of the company.
11. Other spare note 99 heading