Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30falseBusiness and domestic software development2022-11-111falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14479981 2022-11-10 14479981 2022-11-11 2023-11-30 14479981 2021-11-11 2022-11-10 14479981 2023-11-30 14479981 c:Director1 2022-11-11 2023-11-30 14479981 d:OfficeEquipment 2022-11-11 2023-11-30 14479981 d:OfficeEquipment 2023-11-30 14479981 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-11 2023-11-30 14479981 d:ComputerEquipment 2022-11-11 2023-11-30 14479981 d:ComputerEquipment 2023-11-30 14479981 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-11 2023-11-30 14479981 d:OwnedOrFreeholdAssets 2022-11-11 2023-11-30 14479981 d:ComputerSoftware 2023-11-30 14479981 d:CurrentFinancialInstruments 2023-11-30 14479981 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 14479981 d:ShareCapital 2023-11-30 14479981 d:RetainedEarningsAccumulatedLosses 2023-11-30 14479981 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 14479981 c:FRS102 2022-11-11 2023-11-30 14479981 c:AuditExempt-NoAccountantsReport 2022-11-11 2023-11-30 14479981 c:FullAccounts 2022-11-11 2023-11-30 14479981 c:PrivateLimitedCompanyLtd 2022-11-11 2023-11-30 14479981 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2022-11-11 2023-11-30 14479981 d:ComputerSoftware d:OwnedIntangibleAssets 2022-11-11 2023-11-30 14479981 e:PoundSterling 2022-11-11 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 14479981










JMM INNOVATION LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2023

 
JMM INNOVATION LTD
REGISTERED NUMBER: 14479981

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
2,520

Tangible assets
 5 
7,435

  
9,955

Current assets
  

Debtors: amounts falling due within one year
 6 
20,081

Cash at bank and in hand
  
154,513

  
174,594

Creditors: amounts falling due within one year
 7 
(89,279)

Net current assets
  
 
 
85,315

Total assets less current liabilities
  
95,270

Provisions for liabilities
  

Deferred tax
 8 
(2,489)

Net assets
  
92,781


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
92,681

  
92,781


Page 1

 
JMM INNOVATION LTD
REGISTERED NUMBER: 14479981
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 July 2024.




J M Medrecki
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

1.


General information

JMM Innovation Ltd is a private company limited by shares, incorporated in England and Wales (registered number: 14479981). Its registered office is 2 Ashgate Road, Chesterfield, Derbyshire, United Kingdom, S40 4AA. The principle activity of the Company throughout the first period was that of Marine engineering and related services.
The Company was incorporated 11th November 2022.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings within 'other operating income'.

Page 3

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

The Depreciation rates used are:

Office equipment
-
15%
straight line
Computer equipment
-
15%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

Page 5

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities such as bank and cash balances, trade and other accounts receivable
and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
and other accounts receivable and payable, are initially measured at the transaction price and
subsequently at amortised cost using the effective interest method. Debt instruments that are payable
or receivable within one year, typically trade payables or receivables, are measured, initially and
subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or
received. However, if the arrangements of a short-term instrument constitute a financing transaction,
the financial asset or liability is measured, initially, at the present value of the future cash flow
discounted at a market rate of interest for a similar debt instrument and subsequently at amortised
cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when
there is an enforceable right to set off the recognised amounts and there is an intention to settle on a
net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Intangible assets



Computer software

£



Cost


Additions
2,800



At 30 November 2023

2,800



Amortisation


Charge for the period on owned assets
280



At 30 November 2023

280



Net book value



At 30 November 2023
2,520



Page 6

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


Additions
114
8,272
8,386



At 30 November 2023

114
8,272
8,386



Depreciation


Charge for the period on owned assets
3
948
951



At 30 November 2023

3
948
951



Net book value



At 30 November 2023
111
7,324
7,435


6.


Debtors

2023
£


Other debtors
5,061

Prepayments and accrued income
15,020

20,081



7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
47

Amounts owed to group undertakings
8,900

Corporation tax
39,571

Other creditors
37,761

Accruals and deferred income
3,000

89,279


Page 7

 
JMM INNOVATION LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023

8.


Deferred taxation



2023


£






Charged to the Statement of Income and Retained Earnings
2,489



At end of year
2,489

The deferred taxation balance is made up as follows:

2023
£


Accelerated capital allowances
2,489

2,489


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £60,000. Contributions totalling £nil were payable to the fund at the Balance Sheet date and are included in creditors.


10.


Controlling party

The Company is a wholly owned subsidiary of JMM Innovation Holdings Limited. Its ultimate controlling party is J Medrecki. 

 
Page 8