Company registration number 09751649 (England and Wales)
JMG Developments Limited
Unaudited financial statements
For the year ended 31 March 2024
JMG Developments Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
JMG Developments Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
698,237
639,826
Investments
4
1
698,237
639,827
Current assets
Debtors
5
7,239
21,582
Cash at bank and in hand
29,516
124,156
36,755
145,738
Creditors: amounts falling due within one year
6
(27,473)
(168,580)
Net current assets/(liabilities)
9,282
(22,842)
Total assets less current liabilities
707,519
616,985
Provisions for liabilities
(11,100)
Net assets
696,419
616,985
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
696,418
616,984
Total equity
696,419
616,985
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JMG Developments Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mrs J McGuinness
Director
Company registration number 09751649 (England and Wales)
JMG Developments Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
JMG Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o Terry's Textiles, Unit 6-8 Winpenny Road, Newcastle under Lyme, Staffordshire, ST5 7RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
JMG Developments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
JMG Developments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Investment property
2024
£
Fair value
At 1 April 2023
639,826
Revaluations
58,411
At 31 March 2024
698,237
Investment property comprises of residential property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
1
Disposals
(1)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
1
JMG Developments Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,239
1,239
Other debtors
6,000
20,343
7,239
21,582
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
72
Taxation and social security
5,137
5,418
Other creditors
22,336
163,090
27,473
168,580
7
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
47,311
-
At the end of the year
47,311
-