J & M Machining Services Limited 4578796 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is that of general engineering and machining services. This remains unchanged from last year Digita Accounts Production Advanced 6.30.9574.0 true true 4578796 2022-12-01 2023-11-30 4578796 2023-11-30 4578796 bus:OrdinaryShareClass1 2023-11-30 4578796 core:RetainedEarningsAccumulatedLosses 2023-11-30 4578796 core:ShareCapital 2023-11-30 4578796 core:CurrentFinancialInstruments 2023-11-30 4578796 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 4578796 core:Non-currentFinancialInstruments 2023-11-30 4578796 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 4578796 core:Goodwill 2023-11-30 4578796 core:MoreThanFiveYears 1 2023-11-30 4578796 core:FurnitureFittingsToolsEquipment 2023-11-30 4578796 core:LandBuildings 2023-11-30 4578796 core:MotorVehicles 2023-11-30 4578796 bus:SmallEntities 2022-12-01 2023-11-30 4578796 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 4578796 bus:FullAccounts 2022-12-01 2023-11-30 4578796 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 4578796 bus:RegisteredOffice 2022-12-01 2023-11-30 4578796 bus:Director2 2022-12-01 2023-11-30 4578796 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 4578796 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 4578796 core:Goodwill 2022-12-01 2023-11-30 4578796 core:Buildings 2022-12-01 2023-11-30 4578796 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 4578796 core:LandBuildings 2022-12-01 2023-11-30 4578796 core:MotorVehicles 2022-12-01 2023-11-30 4578796 core:PlantMachinery 2022-12-01 2023-11-30 4578796 countries:England 2022-12-01 2023-11-30 4578796 2022-11-30 4578796 core:Goodwill 2022-11-30 4578796 core:FurnitureFittingsToolsEquipment 2022-11-30 4578796 core:LandBuildings 2022-11-30 4578796 core:MotorVehicles 2022-11-30 4578796 2021-12-01 2022-11-30 4578796 2022-11-30 4578796 bus:OrdinaryShareClass1 2022-11-30 4578796 core:RetainedEarningsAccumulatedLosses 2022-11-30 4578796 core:ShareCapital 2022-11-30 4578796 core:CurrentFinancialInstruments 2022-11-30 4578796 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 4578796 core:Non-currentFinancialInstruments 2022-11-30 4578796 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 4578796 core:MoreThanFiveYears 1 2022-11-30 4578796 core:FurnitureFittingsToolsEquipment 2022-11-30 4578796 core:LandBuildings 2022-11-30 4578796 core:MotorVehicles 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4578796

J & M Machining Services Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

J & M Machining Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

J & M Machining Services Limited

(Registration number: 4578796)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

312,009

332,499

Current assets

 

Stocks

4,000

4,000

Debtors

6

237,802

155,180

Cash at bank and in hand

 

262,772

192,854

 

504,574

352,034

Creditors: Amounts falling due within one year

7

(307,816)

(326,583)

Net current assets

 

196,758

25,451

Total assets less current liabilities

 

508,767

357,950

Creditors: Amounts falling due after more than one year

7

(154,996)

(159,107)

Provisions for liabilities

(15,407)

(13,341)

Net assets

 

338,364

185,502

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

338,264

185,402

Shareholders' funds

 

338,364

185,502

For the financial year ending 30 November 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.

 

J & M Machining Services Limited

(Registration number: 4578796)
Balance Sheet as at 30 November 2023

Approved and authorised by the director on 22 August 2024
 


Mr M Hotham
Director

   
 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
J&M Machining services Ltd
Sunningdale road
Scunthorpe
North Lincolnshire
DN17 2TY

Registration number: 4578796

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

4% straight line

Motor vehicles

25% reducing balance

Plant and equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

Asset class

Amortisation method and rate

Goodwill

over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 6 (2022 - 5).

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Amortisation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Carrying amount

At 30 November 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

297,628

137,203

56,706

491,537

Additions

-

5,207

-

5,207

At 30 November 2023

297,628

142,410

56,706

496,744

Depreciation

At 1 December 2022

35,341

86,390

37,307

159,038

Charge for the year

11,904

8,942

4,851

25,697

At 30 November 2023

47,245

95,332

42,158

184,735

Carrying amount

At 30 November 2023

250,383

47,078

14,548

312,009

At 30 November 2022

262,287

50,813

19,399

332,499

Included within the net book value of land and buildings above is £250,383 (2022 - £262,287) in respect of freehold land and buildings.
 

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

2023
£

2022
£

Trade debtors

233,552

149,682

Other debtors

4,232

4,892

Social security and other taxes

18

606

Total current trade and other debtors

237,802

155,180

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,254

4,454

Trade payables

 

140,801

128,588

Amounts due to related parties

23,973

23,216

Social security and other taxes

 

100,368

60,783

Other payables

 

38,420

109,542

 

307,816

326,583

Creditors include bank loans which are secured of £4,254 (2022 - £4,454). These loans are secured upon the land and buildings.

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

154,996

159,107

2023
£

2022
£

Due after more than five years

After more than five years by instalments

137,980

141,290

-

-

Creditors include bank loans which are secured of £154,996 (2022 - £159,107). These loans are secured upon the land and buildings.

 

J & M Machining Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,254

4,454

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

154,996

159,107