J&M Resurfacing Limited 04939306 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is The principal activity of the company during the year continued to be that of the provision of services to the construction industry. No significant change in the nature of this activity occured Digita Accounts Production Advanced 6.30.9574.0 true true 04939306 2022-11-01 2023-10-31 04939306 2023-10-31 04939306 bus:OrdinaryShareClass1 2023-10-31 04939306 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 04939306 core:CurrentFinancialInstruments 2023-10-31 04939306 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 04939306 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 04939306 core:FurnitureFittings 2023-10-31 04939306 core:MotorVehicles 2023-10-31 04939306 core:OtherPropertyPlantEquipment 2023-10-31 04939306 bus:SmallEntities 2022-11-01 2023-10-31 04939306 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 04939306 bus:FilletedAccounts 2022-11-01 2023-10-31 04939306 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 04939306 bus:RegisteredOffice 2022-11-01 2023-10-31 04939306 bus:CompanySecretaryDirector1 2022-11-01 2023-10-31 04939306 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 04939306 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 04939306 core:FurnitureFittings 2022-11-01 2023-10-31 04939306 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 04939306 core:MotorVehicles 2022-11-01 2023-10-31 04939306 core:OtherPropertyPlantEquipment 2022-11-01 2023-10-31 04939306 core:PlantMachinery 2022-11-01 2023-10-31 04939306 core:UKTax 2022-11-01 2023-10-31 04939306 countries:EnglandWales 2022-11-01 2023-10-31 04939306 2022-10-31 04939306 core:FurnitureFittings 2022-10-31 04939306 core:MotorVehicles 2022-10-31 04939306 core:OtherPropertyPlantEquipment 2022-10-31 04939306 2021-11-01 2022-10-31 04939306 2022-10-31 04939306 bus:OrdinaryShareClass1 2022-10-31 04939306 core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 04939306 core:CurrentFinancialInstruments 2022-10-31 04939306 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 04939306 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 04939306 core:FurnitureFittings 2022-10-31 04939306 core:MotorVehicles 2022-10-31 04939306 core:OtherPropertyPlantEquipment 2022-10-31 04939306 core:UKTax 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04939306

J&M Resurfacing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

J&M Resurfacing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

J&M Resurfacing Limited

(Registration number: 04939306)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

95,710

127,612

Current assets

 

Stocks

101,035

110,500

Debtors

6

124,458

95,138

Cash at bank and in hand

 

140,695

144,698

 

366,188

350,336

Creditors: Amounts falling due within one year

7

(239,683)

(267,833)

Net current assets

 

126,505

82,503

Total assets less current liabilities

 

222,215

210,115

Creditors: Amounts falling due after more than one year

7

(183,459)

(184,248)

Provisions for liabilities

(20,770)

(23,984)

Net assets

 

17,986

1,883

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

16,986

883

Shareholders' funds

 

17,986

1,883

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

 

J&M Resurfacing Limited

(Registration number: 04939306)
Balance Sheet as at 31 October 2023

.........................................
Mr J S Fuller
Company secretary and director

   
     
 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 166 College Road, Harrow, Middlesex, HA1 1BH, United Kingdom.

These financial statements were authorised for issue by the Board on 24 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The directors consider that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. In any event the directors and shareholders have given their personal assurances that they will provide all the financial assistance to enable the company to continue and meet its ongoing obligations as they fall due.

Turnover and revenue recognition

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, and settlement discounts.

The company recognises revenue when, the amount of revenue can be reliably measured, it is probable that future economic benefits associated with the transaction will flow to the entity, specific criteria have been met for each of the company's activities, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

In addition, 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.

Turnover from contracts for the provision of services is recognised by the 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 labour and materials, as a proportion to total costs. When the outcome cannot be estimated reliably, turnover is recognised only to the extent of the expenses recognised that it is probable will be recovered.

 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

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

Depreciation

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 basis:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance Method

Fixtures, fittings & equipment

25% Reducing Balance Method

Motor vehicles

25% Reducing Balance Method

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.

Assets held under finance leases are depreciated in the same way as owned assets.

Impairment of fixed 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.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less cost 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.

Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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

Tax

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.

 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023


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 eachh 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 enforcable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a financial lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, where substantially all of the benefits and risk of ownership remain with the lessor, are charged to profit or loss on a straight line basis over the term of the relevant lease,

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

15,098

-

UK corporation tax adjustment to prior periods

(20)

(11,887)

15,078

(11,887)

Deferred taxation

Arising from origination and reversal of timing differences

(3,214)

(8,064)

Tax expense/(receipt) in the income statement

11,864

(19,951)

Deferred tax

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

2023

Asset
£

Liability
£

Accelerated Capital Allowances

-

20,770

-

20,770

2022

Asset
£

Liability
£

Accelerated Capital Allowances

-

23,984

-

23,984

 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 November 2022

17,572

242,269

275,866

535,707

At 31 October 2023

17,572

242,269

275,866

535,707

Depreciation

At 1 November 2022

17,047

164,722

226,326

408,095

Charge for the year

131

19,386

12,385

31,902

At 31 October 2023

17,178

184,108

238,711

439,997

Carrying amount

At 31 October 2023

394

58,161

37,155

95,710

At 31 October 2022

525

77,547

49,540

127,612

6

Debtors

Current

2023
£

2022
£

Trade debtors

75,329

32,638

Other debtors

49,129

62,500

 

124,458

95,138

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

9,000

10,000

Net obligations under finance leases and hire purchase contracts (secured)

14,993

26,841

Trade creditors

98,628

126,309

Corporation tax

15,078

17,118

Directors loan account

75,000

75,000

Other creditors

19,634

8,740

Accruals and deferred income

7,350

3,825

239,683

267,833

 

J&M Resurfacing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loans and overdrafts

16,861

25,833

Net obligations under finance leases and hire purchase

13,896

33,053

Directors loan account

152,702

125,362

183,459

184,248

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

1,000

1,000

1,000

1,000

       

9

Directors' transactions

Dividends totalling £48,000 (2022: £16,000) were paid in the year in respect of shares held by the company's directors.

During the year a net movement of £27,340 was made to the directors' loan account and the balance due to them by the company and included in creditors at the end of the financial year stood at £227,702 (2022: £200,362).

The directors of the company had no other material transactions with the company during the year, other than directors' emoluments as disclosed in the notes.

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim divivdend of £48.00 (2022 - £16.00) per each Ordinary share

48,000

16,000