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Company No: 04712281 (England and Wales)

JDM (FARNBOROUGH) LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

JDM (FARNBOROUGH) LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

JDM (FARNBOROUGH) LIMITED

BALANCE SHEET

As at 31 January 2024
JDM (FARNBOROUGH) LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024 31.01.2023
£ £
Fixed assets
Tangible assets 4 1,207 2,005
1,207 2,005
Current assets
Debtors 5 176,324 190,355
Cash at bank and in hand 110,510 101,774
286,834 292,129
Creditors: amounts falling due within one year 6 ( 110,815) ( 89,151)
Net current assets 176,019 202,978
Total assets less current liabilities 177,226 204,983
Net assets 177,226 204,983
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 176,226 203,983
Total shareholder's funds 177,226 204,983

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of JDM (Farnborough) Limited (registered number: 04712281) were approved and authorised for issue by the Director on 11 September 2024. They were signed on its behalf by:

J A De Maid
Director
JDM (FARNBOROUGH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
JDM (FARNBOROUGH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

JDM (Farnborough) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 High Street, Chislehurst, Kent, BR7 5AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the debtors are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans or debtors, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade or other creditors, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Year ended
31.01.2024
Period from
01.05.2022 to
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 12

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 February 2023 69,019 69,019
Additions 194 194
At 31 January 2024 69,213 69,213
Accumulated depreciation
At 01 February 2023 67,014 67,014
Charge for the financial year 992 992
At 31 January 2024 68,006 68,006
Net book value
At 31 January 2024 1,207 1,207
At 31 January 2023 2,005 2,005

5. Debtors

31.01.2024 31.01.2023
£ £
Trade debtors 12,364 15,863
Amounts owed by Group undertakings 162,500 172,500
Deferred tax asset 0 240
Other debtors 1,460 1,752
176,324 190,355

6. Creditors: amounts falling due within one year

31.01.2024 31.01.2023
£ £
Trade creditors 8,741 38,459
Taxation and social security 57,632 5,375
Other creditors 44,442 45,317
110,815 89,151

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.01.2024 31.01.2023
£ £
within one year 55,500 55,500
between one and five years 27,750 83,250
83,250 138,750

8. Related party transactions

Transactions with the entity's director

31.01.2024 31.01.2023
£ £
Amounts due to director 13,317 13,317

Loans with the director are unsecured, payable on demand and interest free.

The company has taken advantage of the exemption in FRS 102 1A from disclosing transactions with other members of the group.