Company No:
Contents
Note | 31.01.2024 | 31.01.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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1,207 | 2,005 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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286,834 | 292,129 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 176,019 | 202,978 | ||
Total assets less current liabilities | 177,226 | 204,983 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of JDM (Farnborough) Limited (registered number:
J A De Maid
Director |
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.
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 £.
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.
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.
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.
Plant and machinery etc. |
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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.
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.
Year ended 31.01.2024 |
Period from 01.05.2022 to 31.01.2023 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 February 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated depreciation | |||
At 01 February 2023 |
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Charge for the financial year |
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At 31 January 2024 |
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Net book value | |||
At 31 January 2024 |
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At 31 January 2023 |
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31.01.2024 | 31.01.2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Deferred tax asset |
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Other debtors |
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31.01.2024 | 31.01.2023 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.01.2024 | 31.01.2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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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.