2022-11-012023-10-312023-10-31false11609905JMM AUTOMOTIVE 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JMM AUTOMOTIVE LTD

Registered Number
11609905
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

JMM AUTOMOTIVE LTD
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

MULLEN, Joseph Mark
MULLEN, Timothy Mark Joseph

Registered Address

20 Key Way
Fulford
York
YO19 4QS

Registered Number

11609905 (England and Wales)
JMM AUTOMOTIVE LTD
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets44,44612,213
4,44612,213
Current assets
Stocks512,0005,000
Debtors8,74210,805
Cash at bank and on hand3,110-
23,85215,805
Creditors amounts falling due within one year6(11,717)(13,288)
Net current assets (liabilities)12,1352,517
Total assets less current liabilities16,58114,730
Creditors amounts falling due after one year7(285)-
Provisions for liabilities8(1,847)(501)
Net assets14,44914,229
Capital and reserves
Called up share capital100100
Profit and loss account14,34914,129
Shareholders' funds14,44914,229
The financial statements were approved and authorised for issue by the Board of Directors on 30 August 2024, and are signed on its behalf by:
MULLEN, Joseph Mark
Director
MULLEN, Timothy Mark Joseph
Director

Registered Company No. 11609905
JMM AUTOMOTIVE LTD
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Vehicles3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 November 2218,320-18,320
Additions-146146
Disposals(5,418)-(5,418)
At 31 October 2312,90214613,048
Depreciation and impairment
At 01 November 226,107-6,107
Charge for year4,301-4,301
On disposals(1,806)-(1,806)
At 31 October 238,602-8,602
Net book value
At 31 October 234,3001464,446
At 31 October 2212,213-12,213
5.Stocks

2023

2022

££
Work in progress-5,000
Finished goods12,000-
Total12,0005,000
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables6,76120
Bank borrowings and overdrafts-12,075
Taxation and social security4,456-
Other creditors-694
Accrued liabilities and deferred income500499
Total11,71713,288
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts285-
Total285-
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)1,847501
Total1,847501