JMG Technical Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 5 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 November 2022 |
9,481 |
|
- |
|
9,481 |
|
Additions |
1,350 |
|
30,000 |
|
31,350 |
|
Disposals |
(800) |
|
- |
|
(800) |
|
At 31 October 2023 |
10,031 |
|
30,000 |
|
40,031 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 November 2022 |
9,081 |
|
- |
|
9,081 |
|
Charge for the year |
100 |
|
3,000 |
|
3,100 |
|
On disposals |
(800) |
|
- |
|
(800) |
|
At 31 October 2023 |
8,381 |
|
3,000 |
|
11,381 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 October 2023 |
1,650 |
|
27,000 |
|
28,650 |
|
At 31 October 2022 |
400 |
|
- |
|
400 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
658 |
|
- |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
19,200 |
|
- |
|
Other creditors |
30,636 |
|
20,313 |
|
|
|
|
|
|
49,836 |
|
20,313 |
|
|
|
|
|
|
|
|
|
|
6 |
Other information |
|
|
JMG Technical Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
270 Ablington |
|
Figheldean |
|
Salisbury |
|
Wiltshire |
|
SP4 8JX |