Registered number
06916542
JMD Enterprises UK Limited
Unaudited
Filleted Accounts
31 December 2023
JMD Enterprises UK Limited
Registered number: 06916542
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1,201 -
Tangible assets 4 40,780 43,868
41,981 43,868
Current assets
Stocks 698,381 521,210
Debtors 5 134,894 33,140
Cash at bank and in hand 8,161 6,610
841,436 560,960
Creditors: amounts falling due within one year 6 (742,878) (412,831)
Net current assets 98,558 148,129
Total assets less current liabilities 140,539 191,997
Creditors: amounts falling due after more than one year 7 (73,986) (168,758)
Net assets 66,553 23,239
Capital and reserves
Called up share capital 50 50
Profit and loss account 66,503 23,189
Shareholder's funds 66,553 23,239
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr V Rishi
Director
Approved by the board on 31 July 2024
JMD Enterprises UK Limited
Notes to the Accounts
for the year ended 31 December 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:
Fixtures, fittings, tools and equipment 12.5% Straight line basis
Motor vehicles 12.5% Straight line basis
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 5 7
3 Intangible fixed assets £
Goodwill:
Cost
Additions 1,201
At 31 December 2023 1,201
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 1,201
Amortisation is not provided for the purchased goodwill.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 17,133 49,535 66,668
Additions 4,039 - 4,039
At 31 December 2023 21,172 49,535 70,707
Depreciation
At 1 January 2023 12,480 10,320 22,800
Charge for the year 935 6,192 7,127
At 31 December 2023 13,415 16,512 29,927
Net book value
At 31 December 2023 7,757 33,023 40,780
At 31 December 2022 4,653 39,215 43,868
5 Debtors 2023 2022
£ £
Trade debtors 84,673 26,192
Other debtors 50,221 6,948
134,894 33,140
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 76,832 5,393
Trade creditors 388,648 224,833
Taxation and social security costs 65,198 29,011
Other creditors 212,200 153,594
742,878 412,831
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bounce back loan 42,610 131,614
Obligations under finance lease and hire purchase contracts 31,376 37,144
73,986 168,758
The company borrowed CBILS loan of £153,000 during the Covid-19 and is repayable over 5 years. The repayment will begin after the first anniversary of the loan agreement date. The interest rate on the loan payable is 10.20% after the first anniversary.
8 Other information
JMD Enterprises UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
96 Western Road
C/O JMD House
Southall
Middlesex
UB2 5DZ
JMD Enterprises UK Limited 06916542 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts April 2024 Mr V Rishi No description of principal activity 06916542 2022-06-01 2022-12-31 06916542 core:WithinOneYear 2022-12-31 06916542 core:AfterOneYear 2022-12-31 06916542 core:ShareCapital 2022-12-31 06916542 core:RetainedEarningsAccumulatedLosses 2022-12-31 06916542 2023-01-01 2023-12-31 06916542 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06916542 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06916542 bus:Director40 2023-01-01 2023-12-31 06916542 1 2023-01-01 2023-12-31 06916542 2 2023-01-01 2023-12-31 06916542 core:Goodwill 2023-01-01 2023-12-31 06916542 core:PlantMachinery 2023-01-01 2023-12-31 06916542 core:Vehicles 2023-01-01 2023-12-31 06916542 countries:England 2023-01-01 2023-12-31 06916542 bus:FRS102 2023-01-01 2023-12-31 06916542 bus:FilletedAccounts 2023-01-01 2023-12-31 06916542 2023-12-31 06916542 core:WithinOneYear 2023-12-31 06916542 core:AfterOneYear 2023-12-31 06916542 core:ShareCapital 2023-12-31 06916542 core:RetainedEarningsAccumulatedLosses 2023-12-31 06916542 core:Goodwill 2023-12-31 06916542 core:PlantMachinery 2023-12-31 06916542 core:Vehicles 2023-12-31 06916542 2022-12-31 06916542 core:PlantMachinery 2022-12-31 06916542 core:Vehicles 2022-12-31 iso4217:GBP xbrli:pure