Jimac Tools Ltd NI656596 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Supply of patented pull starter units for tools and equipment Digita Accounts Production Advanced 6.30.9574.0 true true NI656596 2022-11-01 2023-10-31 NI656596 2023-10-31 NI656596 bus:OrdinaryShareClass1 2023-10-31 NI656596 core:CurrentFinancialInstruments 2023-10-31 NI656596 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 NI656596 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 NI656596 bus:SmallEntities 2022-11-01 2023-10-31 NI656596 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 NI656596 bus:FilletedAccounts 2022-11-01 2023-10-31 NI656596 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 NI656596 bus:RegisteredOffice 2022-11-01 2023-10-31 NI656596 bus:Director1 2022-11-01 2023-10-31 NI656596 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 NI656596 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 NI656596 core:PatentsTrademarksLicencesConcessionsSimilar 2022-11-01 2023-10-31 NI656596 countries:NorthernIreland 2022-11-01 2023-10-31 NI656596 2022-10-31 NI656596 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 NI656596 2021-11-01 2022-10-31 NI656596 2022-10-31 NI656596 bus:OrdinaryShareClass1 2022-10-31 NI656596 core:CurrentFinancialInstruments 2022-10-31 NI656596 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 NI656596 core:PatentsTrademarksLicencesConcessionsSimilar 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI656596

Jimac Tools Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Jimac Tools Ltd

(Registration number: NI656596)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

6,171

7,405

Current assets

 

Stocks

5

828

11,035

Debtors

6

8,986

878

 

9,814

11,913

Creditors: Amounts falling due within one year

7

(30,355)

(32,713)

Net current liabilities

 

(20,541)

(20,800)

Net liabilities

 

(14,370)

(13,395)

Capital and reserves

 

Retained earnings

(14,370)

(13,395)

Shareholders' deficit

 

(14,370)

(13,395)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

.........................................
Mr Frank Brankin
Director

 

Jimac Tools Ltd

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 Northern Ireland.

The address of its registered office is: 4 Carnkilly Road, Glenavy, Crumlin, Antrim, BT29 4NW.

These financial statements were authorised for issue by the director on 30 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Jimac Tools Ltd

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

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Jimac Tools Ltd

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

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

12,341

12,341

At 31 October 2023

12,341

12,341

Amortisation

At 1 November 2022

4,936

4,936

Amortisation charge

1,234

1,234

At 31 October 2023

6,170

6,170

Carrying amount

At 31 October 2023

6,171

6,171

At 31 October 2022

7,405

7,405

5

Stocks

2023
£

2022
£

Other inventories

828

11,035

6

Debtors

Current

2023
£

2022
£

Prepayments

8,986

878

 

8,986

878

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,320

1,080

Other creditors

29,035

31,633

30,355

32,713

 

Jimac Tools Ltd

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100