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REGISTERED NUMBER: SC245180 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

JMC Financial Services Limited

JMC Financial Services Limited (Registered number: SC245180)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


JMC Financial Services Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr J A McCallum





SECRETARY: Mrs K McCallum





REGISTERED OFFICE: 35A Ritchie Street
West Kilbride
Ayrshire
KA23 9HF





REGISTERED NUMBER: SC245180 (Scotland)






Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
JMC Financial Services Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Profit and loss and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JMC Financial Services Limited for the year ended 31 May 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of JMC Financial Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JMC Financial Services Limited and state those matters that we have agreed to state to the director of JMC Financial Services Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that JMC Financial Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JMC Financial Services Limited. You consider that JMC Financial Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of JMC Financial Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.








23 September 2023

JMC Financial Services Limited (Registered number: SC245180)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,358 6,062
Investment property 5 123,822 123,822
130,180 129,884

CURRENT ASSETS
Debtors 6 55,442 28,900
Cash at bank and in hand 840 58,876
56,282 87,776
CREDITORS
Amounts falling due within one year 7 87,272 78,081
NET CURRENT (LIABILITIES)/ASSETS (30,990 ) 9,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,190

139,579

CREDITORS
Amounts falling due after more than one
year

8

(55,850

)

(69,564

)

PROVISIONS FOR LIABILITIES (1,590 ) (1,152 )
NET ASSETS 41,750 68,863

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 41,650 68,763
SHAREHOLDERS' FUNDS 41,750 68,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

JMC Financial Services Limited (Registered number: SC245180)

Balance Sheet - continued
31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2023 and were signed by:





Mr J A McCallum - Director


JMC Financial Services Limited (Registered number: SC245180)

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

1. STATUTORY INFORMATION

JMC Financial Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director manages cash flow on a regular basis to ensure sufficient funds are available to meet commitments as they fall due . Having made the appropriate enquiries the director is satisfied that this will continue to be the case over the next 12 months and beyond and as such has prepared the accounts on a going concern basis.

Fees and commissions earned
Fees and commissions earned comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities.

Fees and commissions are presented, net of value-added tax, rebates, discounts and shared commission.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met. Commissions received on an indemnity basis are recognised over the earning period to which it relates.

Grants
Other income includes income relating to the Coronavirus Job Retention Scheme, which has been utilised in the course of the year. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - at variable rates on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Investment property
In accordance with accounting standard FRS 102, investment properties are measured at their fair value at each reporting date, with changes in fair value recognised through the Profit & Loss Account.

Provision is also made for deferred tax on the timing difference arising on the date of transition, which represents the full revaluation gain less indexed cost.

The Director has considered the value reflected in the balance sheet in respect of Investment Properties and is of the opinion that this reflects the fair value at 31 May 2021.

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 June 2022 31,287
Additions 1,885
At 31 May 2023 33,172
DEPRECIATION
At 1 June 2022 25,225
Charge for year 1,589
At 31 May 2023 26,814
NET BOOK VALUE
At 31 May 2023 6,358
At 31 May 2022 6,062

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 123,822
NET BOOK VALUE
At 31 May 2023 123,822
At 31 May 2022 123,822

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by related party 20,000 -
Amounts due under contracts
for services 34,000 28,500
Other debtors 1,442 400
55,442 28,900

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,494 9,100
Taxation and social security 71,454 63,841
Other creditors 5,324 5,140
87,272 78,081

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 55,850 69,564

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 19,450 33,164

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 64,950 78,664

Bank loans are secured by a bond and floating charge over the assets of the company and by standard security over certain investment properties. Interest is charged at a commercial rate of interest.The bounce back loan is secured over under the terms of the Government scheme.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Director's loans due to or from the company are unsecured, have no fixed repayment terms and no interest is charged.

12. RELATED PARTY DISCLOSURES

The business premises at 35A Ritchie Street, West Kilbride, Ayrshire are now owned by Core Property Solutions (Ayrshire) Ltd. In the previous year they were owned by the director personally and rent has been paid to him during the year to 31 May 2022 was £5,275. As at 31 May 2023 the sum of £20,000 was due from Core Property Services Ltd. (2022 £nil).

The company rented storage space from a company in which the company secretary is the sole director and shareholder. Storage costs of £NIL (2021: £1,200).

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J A McCallum.