Company Registration No. 08292868 (England and Wales)
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
BALANCE SHEET
AS AT
28 NOVEMBER 2022
28 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
83,084
-
Current assets
Stocks
405,000
146,147
Debtors
5
601,980
16,337
Cash at bank and in hand
170,958
379,384
1,177,938
541,868
Creditors: amounts falling due within one year
6
(807,432)
(363,909)
Net current assets
370,506
177,959
Total assets less current liabilities
453,590
177,959
Creditors: amounts falling due after more than one year
7
(37,718)
(50,308)
Provisions for liabilities
(18,134)
-
0
Net assets
397,738
127,651
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
397,638
127,551
Total equity
397,738
127,651
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
BALANCE SHEET (CONTINUED)
AS AT
28 NOVEMBER 2022
28 November 2022
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Mr J M Drew Williams
Director
Company Registration No. 08292868
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information

JMTechnical Manufacturing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 23 London Road, Downham Market, Norfolk, PE38 9BJ. The business address is The Old Hall, Ashill, Thetford, Norfolk, IP25 7BZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Reducing balance
Computers
33% Straight line depreciation
Motor vehicles
10% Reducing balance

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.

JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.6
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
8
12
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 November 2021
144,420
Additions
85,700
At 28 November 2022
230,120
Depreciation and impairment
At 30 November 2021
144,420
Depreciation charged in the year
2,617
At 28 November 2022
147,037
Carrying amount
At 28 November 2022
83,083
At 29 November 2021
-
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
351,043
16,337
Other debtors
250,937
-
0
601,980
16,337
JMTECHNICAL MANUFACTURING LTD
(FORMERLY JMTECHNICAL SERVICES LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 NOVEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
8,458
3,450
Taxation and social security
112,234
159,108
Other creditors
686,740
201,351
807,432
363,909
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
37,718
50,308
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