BrightAccountsProduction v1.0.0 v1.0.0 2022-10-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of property development. 12 March 2024 NI044128 2023-09-30 NI044128 2022-09-30 NI044128 2021-09-30 NI044128 2022-10-01 2023-09-30 NI044128 2021-10-01 2022-09-30 NI044128 uk-bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 NI044128 uk-curr:PoundSterling 2022-10-01 2023-09-30 NI044128 uk-bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 NI044128 uk-bus:FullAccounts 2022-10-01 2023-09-30 NI044128 uk-bus:Director1 2022-10-01 2023-09-30 NI044128 uk-bus:CompanySecretaryDirector1 2022-10-01 2023-09-30 NI044128 uk-bus:CompanySecretary1 2022-10-01 2023-09-30 NI044128 uk-bus:RegisteredOffice 2022-10-01 2023-09-30 NI044128 uk-bus:Agent1 2022-10-01 2023-09-30 NI044128 uk-core:ShareCapital 2023-09-30 NI044128 uk-core:ShareCapital 2022-09-30 NI044128 uk-core:RetainedEarningsAccumulatedLosses 2023-09-30 NI044128 uk-core:RetainedEarningsAccumulatedLosses 2022-09-30 NI044128 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-09-30 NI044128 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-09-30 NI044128 uk-bus:FRS102 2022-10-01 2023-09-30 NI044128 uk-core:LandBuildings 2022-10-01 2023-09-30 NI044128 uk-core:PlantMachinery 2022-10-01 2023-09-30 NI044128 uk-core:FurnitureFittingsToolsEquipment 2022-10-01 2023-09-30 NI044128 uk-core:CurrentFinancialInstruments 2023-09-30 NI044128 uk-core:CurrentFinancialInstruments 2022-09-30 NI044128 uk-core:WithinOneYear 2023-09-30 NI044128 uk-core:WithinOneYear 2022-09-30 NI044128 uk-core:OtherMiscellaneousReserve 2022-09-30 NI044128 uk-core:OtherMiscellaneousReserve 2022-10-01 2023-09-30 NI044128 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 NI044128 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-09-30 NI044128 uk-core:OtherDeferredTax 2023-09-30 NI044128 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-09-30 NI044128 uk-core:OtherMiscellaneousReserve 2023-09-30 NI044128 2022-10-01 2023-09-30 NI044128 uk-bus:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI044128
 
 
JMG Developments N.I. Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 September 2023



JMG Developments N.I. Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors John Gilmore
Christine Gilmore
 
 
Company Secretary Christine Gilmore
 
 
Company Registration Number NI044128
 
 
Registered Office Unit 32
Kennedy Centre
564 Falls Road
Belfast
Antrim
BT11 9AE
 
 
Business Address 76 Ballinderry Road
Lisburn
Co. Antrim
BT28 2QS
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Belfast
Antrim
BT1 1PG
Northern Ireland
 
 
Bankers First Trust Bank
  4/8 Market Street
  Lurgan
  Craigavon
  BT66 6AQ
 
   
Solicitors Harry McPartland & Sons
  11 Market Street
  Lurgan
  Craigavon
  BT66 6AR



JMG Developments N.I. Ltd
Company Registration Number: NI044128
STATEMENT OF FINANCIAL POSITION
as at 30 September 2023

2023 2022
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 289,960 125,704
───────── ─────────
 
Current Assets
Inventories 5 1,448,970 1,731,145
Receivables 6 220,607 210,945
Cash and cash equivalents 594,643 1,314,625
───────── ─────────
2,264,220 3,256,715
───────── ─────────
Payables: amounts falling due within one year 7 (428,206) (566,764)
───────── ─────────
Net Current Assets 1,836,014 2,689,951
───────── ─────────
Total Assets less Current Liabilities 2,125,974 2,815,655
 
Provisions for liabilities 9 (11,317) (10,204)
───────── ─────────
Net Assets 2,114,657 2,805,451
═════════ ═════════
 
Equity
Called up share capital 4 4
Retained earnings 2,114,653 2,805,447
───────── ─────────
Equity attributable to owners of the company 2,114,657 2,805,451
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.
           
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 12 March 2024 and signed on its behalf by
           
           
________________________________          
John Gilmore          
Director          
           



JMG Developments N.I. Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 September 2023

   
1. General Information
 
JMG Developments N.I. Ltd (NI044128) is a company limited by shares incorporated in the United Kingdom.  76 Ballinderry Road, Lisburn, County Antrim, BT28 2QS is the principal place of business of the company . The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 September 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 2% Straight Line
  Plant and machinery - 25% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Inventories
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other receivables
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 3, (2022 - 3).
 
  2023 2022
  Number Number
 
Administrator 1 1
Director 2 2
  ───────── ─────────
  3 3
  ═════════ ═════════
           
4. Property, plant and equipment
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost
At 1 October 2022 80,000 149,401 6,052 235,453
Additions 160,000 25,728 - 185,728
  ───────── ───────── ───────── ─────────
At 30 September 2023 240,000 175,129 6,052 421,181
  ───────── ───────── ───────── ─────────
Depreciation
At 1 October 2022 8,000 97,744 4,005 109,749
Charge for the financial year 1,600 19,360 512 21,472
  ───────── ───────── ───────── ─────────
At 30 September 2023 9,600 117,104 4,517 131,221
  ───────── ───────── ───────── ─────────
Carrying amount
At 30 September 2023 230,400 58,025 1,535 289,960
  ═════════ ═════════ ═════════ ═════════
At 30 September 2022 72,000 51,657 2,047 125,704
  ═════════ ═════════ ═════════ ═════════
       
5. Inventories 2023 2022
  £ £
 
Work in progress 671,230 953,405
Finished goods and goods for resale 777,740 777,740
  ───────── ─────────
  1,448,970 1,731,145
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Receivables 2023 2022
  £ £
 
Trade receivables 6,906 6,906
Amounts owed by connected parties (Note 10) 188,630 188,630
Taxation  (Note 8) 17,926 8,264
Prepayments and accrued income 7,145 7,145
  ───────── ─────────
  220,607 210,945
  ═════════ ═════════
       
7. Payables 2023 2022
Amounts falling due within one year £ £
 
Trade payables 83,974 76,854
Taxation  (Note 8) 5,304 73,753
Directors' current accounts 325,816 403,045
Other creditors 9,612 9,612
Accruals 3,500 3,500
  ───────── ─────────
  428,206 566,764
  ═════════ ═════════
       
8. Taxation 2023 2022
  £ £
 
Receivables:
VAT 17,926 8,264
  ═════════ ═════════
Payables:
Corporation tax - 68,879
PAYE / NI 5,304 4,874
  ───────── ─────────
  5,304 73,753
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 10,204 10,204 13,507
Charged to profit and loss 1,113 1,113 (3,303)
  ───────── ───────── ─────────
At financial year end 11,317 11,317 10,204
  ═════════ ═════════ ═════════
           
10. Related party transactions
  Balance Movement Balance Maximum
  2023 in year 2022 in year
  £ £ £ £
 
Gilmore Marina Limited 98,630 - 98,630 98,630
Coulter Holdings (Portadown) Limited 90,000 - 90,000 90,000
  ───────── ───────── ───────── ═════════
  188,630 - 188,630  
  ═════════ ═════════ ═════════  
 
Gilmore Marina Limited
John and Christine Gilmore are directors of both JMG Developments NI Limited and Gilmore Marina Limited.  At 1 October 2022 Gilmore Marina Limited owed £98,630 to JMG Developments NI Ltd. There has been no movement in this balance in the current year to 30 September 2023.


Coulter Holdings (Portadown) Limited
John and Christine Gilmore are directors of both JMG Developments Limited and Coulter Holdings (Portadown) Limited.  At 1 October 2022 Coulter Holdings (Portadown) Limited owed £90,000 to JMG Developments NI Ltd.  There has been no movement in this balance in the current year to 30 September 2023.

Both of the above loans are interest free and repayable on demand.
   
11. Directors' advances, credits and guarantees
 
At 1 October 2022, JMG Developments NI Ltd owed the Directors £403,045. During the year, net transactions between the directors and the company totalled £77,229. At 30 September 2023 the directors were owed £325,816 by the company.  This loan is interest free and repayable on demand.