IRIS Accounts Production v24.1.9.2 11795383 Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh117953832023-02-28117953832024-02-29117953832023-03-012024-02-29117953832022-02-28117953832022-03-012023-02-28117953832023-02-2811795383ns15:EnglandWales2023-03-012024-02-2911795383ns14:PoundSterling2023-03-012024-02-2911795383ns10:Director12023-03-012024-02-2911795383ns10:Director22023-03-012024-02-2911795383ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2911795383ns10:SmallEntities2023-03-012024-02-2911795383ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2911795383ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2911795383ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2911795383ns10:FullAccounts2023-03-012024-02-2911795383ns10:RegisteredOffice2023-03-012024-02-2911795383ns5:CurrentFinancialInstruments2024-02-2911795383ns5:CurrentFinancialInstruments2023-02-2811795383ns5:Non-currentFinancialInstruments2024-02-2911795383ns5:Non-currentFinancialInstruments2023-02-2811795383ns5:ShareCapital2024-02-2911795383ns5:ShareCapital2023-02-2811795383ns5:RetainedEarningsAccumulatedLosses2024-02-2911795383ns5:RetainedEarningsAccumulatedLosses2023-02-2811795383ns5:PlantMachinery2023-03-012024-02-2911795383ns5:FurnitureFittings2023-03-012024-02-2911795383ns5:MotorVehicles2023-03-012024-02-2911795383ns5:ComputerEquipment2023-03-012024-02-2911795383ns5:PlantMachinery2023-02-2811795383ns5:PlantMachinery2024-02-2911795383ns5:PlantMachinery2023-02-2811795383ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2811795383ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-012024-02-2911795383ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-02-2911795383ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2811795383ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2911795383ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2811795383ns5:Secured2024-02-2911795383ns5:Secured2023-02-2811795383ns5:DeferredTaxation2023-02-2811795383ns5:DeferredTaxation2023-03-012024-02-2911795383ns5:DeferredTaxation2024-02-29
REGISTERED NUMBER: 11795383 (England and Wales)















JMC ELECTRICAL SOLUTIONS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024






JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMC ELECTRICAL SOLUTIONS LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTORS: J M K Chandler
D L Cassidy





REGISTERED OFFICE: Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS





REGISTERED NUMBER: 11795383 (England and Wales)





ACCOUNTANTS: SMH Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

BALANCE SHEET
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 47,610 51,488

CURRENT ASSETS
Stocks 5 42,793 5,262
Debtors 6 94,864 103,420
Cash at bank 67,355 7,159
205,012 115,841
CREDITORS
Amounts falling due within one year 7 (203,254 ) (132,742 )
NET CURRENT ASSETS/(LIABILITIES) 1,758 (16,901 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,368

34,587

CREDITORS
Amounts falling due after more than one
year

8

(38,825

)

(23,974

)

PROVISIONS FOR LIABILITIES 10 (9,974 ) (9,981 )
NET ASSETS 569 632

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 469 532
569 632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

BALANCE SHEET - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:




J M K Chandler - Director



D L Cassidy - Director


JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024


1. STATUTORY INFORMATION

JMC Electrical Solutions Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is represented by the invoiced sale of services, excluding VAT, which is recognised when the services have been provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stock and work in progress are valued at lower of cost and net realisable value at the Balance Sheet date.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors, bank loans, finance leases and accruals, are initially recognised at transaction price.

Debt instruments are subsequently measured at amortised cost using the effective interest method.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.


JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 107,697
Additions 17,925
Disposals (3,000 )
At 29 February 2024 122,622
DEPRECIATION
At 1 March 2023 56,209
Charge for year 20,247
Eliminated on disposal (1,444 )
At 29 February 2024 75,012
NET BOOK VALUE
At 29 February 2024 47,610
At 28 February 2023 51,488

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 16,998
DEPRECIATION
At 1 March 2023 4,250
Charge for year 3,187
At 29 February 2024 7,437
NET BOOK VALUE
At 29 February 2024 9,561
At 28 February 2023 12,748

5. STOCKS
2024 2023
£    £   
Work-in-progress 42,793 5,262

JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 94,374 96,776
Amounts owed by associates 490 490
Other debtors - 6,154
94,864 103,420

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,165 7,051
Hire purchase contracts 2,035 2,035
Trade creditors 9,857 15,140
Taxation and social security 125,988 55,951
Other creditors 58,209 52,565
203,254 132,742

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 9,031 16,344
Hire purchase contracts 5,595 7,630
Other creditors 24,199 -
38,825 23,974

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 16,196 23,395
Other loans 64,215 19,900
Hire purchase contracts 7,630 9,665
88,041 52,960

Secured debts represents assistance received under the Bounce Back loan scheme granted by the Government.

Other loans is secured by a debenture containing a fixed and floating charge over the assets of the company.

Hire purchase liabilities are secured over the asset to which the agreement relates.

JMC ELECTRICAL SOLUTIONS LTD (REGISTERED NUMBER: 11795383)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024


10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 9,974 9,981

Deferred
tax
£   
Balance at 1 March 2023 9,981
Credit to Income Statement during year (7 )
Balance at 29 February 2024 9,974

11. RELATED PARTY DISCLOSURES

Loans owing to the directors on an interest free basis of £26 (2023: £28,666) were outstanding at the period end. The loans will be repaid when funds permit.