Registered number
03330656
JVMS LTD
Filleted Accounts
31 October 2023
JVMS LTD
Registered number: 03330656
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 255 340
Current assets
Stocks 60,050 45,850
Debtors 4 35,661 35,661
Cash at bank and in hand 49,063 92,028
144,774 173,539
Creditors: amounts falling due within one year 5 (4,018) (12,744)
Net current assets 140,756 160,795
Total assets less current liabilities 141,011 161,135
Creditors: amounts falling due after more than one year 6 (12,647) (18,059)
Net assets 128,364 143,076
Capital and reserves
Called up share capital 2 2
Profit and loss account 128,362 143,074
Shareholders' funds 128,364 143,076
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Falletta
Director
Approved by the board on 11 July 2024
JVMS LTD
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 25% Reducing Balance
Fixtures, fittings, tools and equipment 25% Reducing Balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 12,502
At 31 October 2023 12,502
Depreciation
At 1 November 2022 12,162
Charge for the year 85
At 31 October 2023 12,247
Net book value
At 31 October 2023 255
At 31 October 2022 340
4 Debtors 2023 2022
£ £
Other debtors 35,661 35,661
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 2,600
Taxation and social security costs 2,998 9,124
Accruals 1,020 1,020
4,018 12,744
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,647 18,059
7 Other information
JVMS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5
Martin Bridge Estate
Lincoln Road
Enfield
EN1 1SP
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