Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mr J J Smith 09/02/2010 09 March 2024 no description of principal activity 07150350 2023-03-31 07150350 bus:Director1 2023-03-31 07150350 2022-03-31 07150350 core:CurrentFinancialInstruments 2023-03-31 07150350 core:CurrentFinancialInstruments 2022-03-31 07150350 core:ShareCapital 2023-03-31 07150350 core:ShareCapital 2022-03-31 07150350 core:RetainedEarningsAccumulatedLosses 2023-03-31 07150350 core:RetainedEarningsAccumulatedLosses 2022-03-31 07150350 core:Vehicles 2022-03-31 07150350 core:ComputerEquipment 2022-03-31 07150350 core:Vehicles 2023-03-31 07150350 core:ComputerEquipment 2023-03-31 07150350 2022-04-01 2023-03-31 07150350 bus:FullAccounts 2022-04-01 2023-03-31 07150350 bus:SmallEntities 2022-04-01 2023-03-31 07150350 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07150350 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07150350 bus:Director1 2022-04-01 2023-03-31 07150350 core:Vehicles core:TopRangeValue 2022-04-01 2023-03-31 07150350 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 07150350 2021-04-01 2022-03-31 07150350 core:Vehicles 2022-04-01 2023-03-31 07150350 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 07150350 (England and Wales)

JMJ MACHINERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

JMJ MACHINERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

JMJ MACHINERY LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
JMJ MACHINERY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Mr J J Smith
REGISTERED OFFICE 66 Prescot Street
London
E1 8NN
United Kingdom
COMPANY NUMBER 07150350 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
United Kingdom
JMJ MACHINERY LIMITED

BALANCE SHEET

As at 31 March 2023
JMJ MACHINERY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 25,734 26,632
25,734 26,632
Current assets
Stocks 88,173 245,570
Debtors 4 97,154 73,459
Cash at bank and in hand 383,953 257,656
569,280 576,685
Creditors: amounts falling due within one year 5 ( 136,751) ( 233,971)
Net current assets 432,529 342,714
Total assets less current liabilities 458,263 369,346
Provision for liabilities ( 6,434) ( 6,658)
Net assets 451,829 362,688
Capital and reserves
Called-up share capital 100 100
Profit and loss account 451,729 362,588
Total shareholders' funds 451,829 362,688

For the financial 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.

Director's responsibilities:

The financial statements of JMJ Machinery Limited (registered number: 07150350) were approved and authorised for issue by the Director on 09 March 2024. They were signed on its behalf by:

Mr J J Smith
Director
JMJ MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
JMJ MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

JMJ Machinery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 66 Prescot Street, London, E1 8NN, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for goods provided in the normal course of business.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 4 years straight line
Computer equipment 4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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 extent 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounts to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is estimated to be less than its recoverable amount. The impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment loss are reversed if, and only if, the reasons for the impairment loss have ceased to apply, where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Vehicles Computer equipment Total
£ £ £
Cost
At 01 April 2022 26,828 4,140 30,968
Additions 0 7,160 7,160
At 31 March 2023 26,828 11,300 38,128
Accumulated depreciation
At 01 April 2022 2,795 1,541 4,336
Charge for the financial year 6,707 1,351 8,058
At 31 March 2023 9,502 2,892 12,394
Net book value
At 31 March 2023 17,326 8,408 25,734
At 31 March 2022 24,033 2,599 26,632

4. Debtors

2023 2022
£ £
Trade debtors 55,810 0
Prepayments 5,803 4,877
VAT recoverable 35,541 68,582
97,154 73,459

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 18,415 89,187
Amounts owed to director 86,693 117,906
Accruals 4,400 3,500
Other taxation and social security 27,243 23,378
136,751 233,971

6. Related party transactions

During the reporting period dividends totaling £28,000 (2022: £28,000) were paid in respect of ordinary shares held by the director.

At the reporting date the company owed £86,693 (2022: £117,906) to the director. The loan is interest free and repayable on demand.