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Jim Price Machinery Limited
Registered Number:03771689
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 29 February 2024
Jim Price Machinery Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
03771689
As at 29 February 2024
Jim Price Machinery Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
64,786
69,413
2
64,786
69,413
Current assets
Inventories
450,875
358,934
3
Trade and other receivables
75,978
64,683
4
77,284
Cash and cash equivalents
108,783
532,400
604,137
Trade and other payables: amounts falling due within one
year
(166,296)
(120,724)
5
437,841
411,676
Net current assets
Total assets less current liabilities
476,462
507,254
Trade and other payables: amounts falling due after more
than one year
(23,431)
(13,437)
6
(12,309)
(13,188)
Provisions for liabilities
450,716
Net assets
470,635
Capital and reserves
Called up share capital
72,890
72,890
Share premium account
1,777
1,777
Retained earnings
376,049
395,968
450,716
470,635
Shareholders' funds
For the year ended 29 February 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
03771689
For the year ended 29 February 2024
Jim Price Machinery Limited
Statement of Financial Position Continued
Mrs C Price Director
These financial statements were approved and authorised for issue by the Board on 11 April 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 29 February 2024
Jim Price Machinery Limited
Notes to the Financial Statements
Statutory Information
Jim Price Machinery Limited is a private limited company, limited by shares, domiciled in England and Wales,
registration number 03771689.
Registered address:
Farmore Mills
Shrewsbury Road
Craven Arms
Shropshire
SY7 9QG
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant & machinery
15% Reducing balance
20% Reducing balance
Motor vehicles
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable.
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6
For the year ended 29 February 2024
Jim Price Machinery Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Motor vehicles
Plant &
machinery
£
£
£
Cost or
valuation
At 01 March 2023
212,671
103,895
108,776
22,629
16,250
6,379
Additions
(12,445)
(12,886)
Disposals
(25,331)
At 29 February 2024
102,269
107,700
209,969
Provision for depreciation and impairment
At 01 March 2023
143,258
59,497
83,761
Charge for year
14,847
11,608
3,239
(12,922)
(9,835)
(3,087)
On disposal
At 29 February 2024
145,183
61,270
83,913
At 29 February 2024
Net book value
18,356
46,430
64,786
At 28 February 2023
25,015
44,398
69,413
3. Inventories
2023
2024
£
£
Stocks
358,934
450,875
4. Trade and other receivables
2023
2024
£
£
Trade debtors
64,683
75,978
5. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
9,896
9,903
Trade creditors
71,473
98,773
Taxation and social security
11,509
24,056
Accruals and deferred income
5,751
13,937
Directors' loan accounts
22,095
19,627
120,724
166,296
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7
For the year ended 29 February 2024
Jim Price Machinery Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2023
2024
£
£
Bank loans and overdraft
13,437
23,431
7. Guarantees and other financial commitments
Guarantees and contingent assets and liabilities
Barclays Bank have a debenture charge over the assets of the company.
Lease commitments
At 29 February 2024 the company had annual commitments under non-cancellable operating leases as set out
below:
2023
£
2024
£
Operating leases which expire:
16,667
16,667
Within 1 year
16,667
16,667
8. Average number of persons employed
During the year the average number of employees was 10 (2023 : 10)
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