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Registration number: 03811716

JMG Specialised Engineering Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

JMG Specialised Engineering Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

JMG Specialised Engineering Limited

Company Information

Directors

Mr JM Granfield

Mrs S Mills

Company secretary

Mrs L Granfield

Registered office

13 Gresley Close
Drayton Fields Ind Estate
Daventry
NN11 8RZ

Accountants

10. Chartered Accountants
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

 

JMG Specialised Engineering Limited

(Registration number: 03811716)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

319,233

46,186

Current assets

 

Debtors

319,208

389,606

Cash at bank and in hand

 

181,191

412,999

 

500,399

802,605

Prepayments and accrued income

 

24,014

5,408

Creditors: Amounts falling due within one year

(284,751)

(321,536)

Net current assets

 

239,662

486,477

Total assets less current liabilities

 

558,895

532,663

Provisions for liabilities

(9,552)

(6,910)

Accruals and deferred income

 

(2,200)

(2,045)

Net assets

 

547,143

523,708

Capital and reserves

 

Called up share capital

100

100

Retained earnings

547,043

523,608

Shareholders' funds

 

547,143

523,708

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option to not file the profit and loss account has been taken.

 

JMG Specialised Engineering Limited

(Registration number: 03811716)
Abridged Balance Sheet as at 31 July 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr JM Granfield
Director

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 Gresley Close
Drayton Fields Ind Estate
Daventry
NN11 8RZ

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its
estimated useful life.

Asset class

Depreciation method and rate

Plant and Machinery

25% on reducing balance

Motor Vehicle

25% on reducing balance

Computer Equipment

25% on reducing balance

Freehold Property

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

36,411

15,395

 

JMG Specialised Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

-

11,290

102,019

29,984

143,293

Additions

210,000

5,244

94,215

-

309,459

At 31 July 2023

210,000

16,534

196,234

29,984

452,752

Depreciation

At 1 August 2022

-

6,090

61,667

29,350

97,107

Charge for the year

-

2,611

33,642

159

36,412

At 31 July 2023

-

8,701

95,309

29,509

133,519

Carrying amount

At 31 July 2023

210,000

7,833

100,925

475

319,233

At 31 July 2022

-

5,200

40,352

634

46,186

Included within the net book value of land and buildings above is £210,000 (2022 - £Nil) in respect of freehold land and buildings.