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Registration number: NI069487

JMK Electrical Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

JMK Electrical Services Ltd

(Registration number: NI069487)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

71,541

36,328

Current assets

 

Stocks

5

-

25,500

Debtors

6

496,254

224,974

Cash at bank and in hand

 

257,785

120,385

 

754,039

370,859

Creditors: Amounts falling due within one year

7

(406,923)

(180,535)

Net current assets

 

347,116

190,324

Total assets less current liabilities

 

418,657

226,652

Creditors: Amounts falling due after more than one year

7

(20,219)

(31,043)

Provisions for liabilities

(17,885)

(6,533)

Net assets

 

380,553

189,076

Capital and reserves

 

Called up share capital

8

208

2

Retained earnings

380,345

189,074

Shareholders' funds

 

380,553

189,076

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

JMK Electrical Services Ltd

(Registration number: NI069487)
Balance Sheet as at 31 May 2023

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 December 2023
 

.........................................
Mr John McKendry
Director

 

JMK Electrical Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 19 Carrowcrin Road, Armoy, Ballymoney, Co. Antrim,
BT53 8YL.

These financial statements were authorised for issue by the director on 1 December 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 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 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.

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 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.

 

JMK Electrical Services Ltd

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

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Office equipment

20% reducing balance

Equipment

20% reducing balance

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in the income
statement in operating expenses.

Stock and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

JMK Electrical Services Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 11).

 

JMK Electrical Services Ltd

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

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Equipment
 £

Total
£

Cost or valuation

At 1 June 2022

3,956

47,750

25,484

77,190

Additions

-

59,550

-

59,550

Disposals

-

(15,750)

-

(15,750)

At 31 May 2023

3,956

91,550

25,484

120,990

Depreciation

At 1 June 2022

3,217

15,699

21,946

40,862

Charge for the year

147

17,030

709

17,886

Eliminated on disposal

-

(9,299)

-

(9,299)

At 31 May 2023

3,364

23,430

22,655

49,449

Carrying amount

At 31 May 2023

592

68,120

2,829

71,541

At 31 May 2022

739

32,051

3,538

36,328

5

Stocks

2023
£

2022
£

Work in progress

-

25,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

254,429

212,062

Prepayments

8,004

-

Other debtors

233,821

12,912

 

496,254

224,974

 

JMK Electrical Services Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,662

9,500

Trade creditors

 

1,570

1,200

Taxation and social security

 

2,742

2,769

Accruals and deferred income

 

62,806

68,197

Other creditors

 

329,143

98,869

 

406,923

180,535

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

20,219

31,043


Included in creditors due after one year is a loan received under the Coronavirus Business Interruption Loan Scheme (CBILS). This loan partially secured against company assets.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

The following balance was owed to the director at the year end:

2023
 £

2022
 £

Directors current account

255,322

88,837