Registered number
08441716
J & M Furnishings Limited
Filleted Accounts
31 March 2023
J & M Furnishings Limited
Registered number: 08441716
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 98,850 81,179
118,850 101,179
Current assets
Stocks 10,000 10,000
Debtors 5 495,274 411,576
Cash at bank and in hand 539,453 512,239
1,044,727 933,815
Creditors: amounts falling due within one year 6 (171,863) (134,031)
Net current assets 872,864 799,784
Net assets 991,714 900,963
Capital and reserves
Called up share capital 100 100
Profit and loss account 991,614 900,863
Shareholders' funds 991,714 900,963
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Jinks
Director
Approved by the board on 29 November 2023
J & M Furnishings Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 19 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 20,000
At 31 March 2023 20,000
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 20,000
At 31 March 2022 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 46,520 118,662 165,182
Additions - 57,784 57,784
Disposals - (31,300) (31,300)
At 31 March 2023 46,520 145,146 191,666
Depreciation
At 1 April 2022 33,380 50,623 84,003
Charge for the year 2,628 19,431 22,059
On disposals - (13,246) (13,246)
At 31 March 2023 36,008 56,808 92,816
Net book value
At 31 March 2023 10,512 88,338 98,850
At 31 March 2022 13,140 68,039 81,179
5 Debtors 2023 2022
£ £
Trade debtors 495,274 411,576
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 43,126 12,355
Corporation tax 79,143 82,057
Other taxes and social security costs 49,421 37,667
Other creditors 173 1,952
171,863 134,031
7 Other information
J & M Furnishings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ideal House
29 Alliance Industrial Estate
Darlington
County Durham
DL1 2NS
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