Silverfin false false 30/04/2024 01/05/2023 30/04/2024 J A De Maid 12/04/2005 J M De Maid 03/05/2001 R Piddock 03/05/2001 02 October 2024 The principal activity of the Company during the financial year was the management and letting of residential property. 04204708 2024-04-30 04204708 bus:Director1 2024-04-30 04204708 bus:Director2 2024-04-30 04204708 bus:Director3 2024-04-30 04204708 2023-04-30 04204708 core:CurrentFinancialInstruments 2024-04-30 04204708 core:CurrentFinancialInstruments 2023-04-30 04204708 core:Non-currentFinancialInstruments 2024-04-30 04204708 core:Non-currentFinancialInstruments 2023-04-30 04204708 core:ShareCapital 2024-04-30 04204708 core:ShareCapital 2023-04-30 04204708 core:RetainedEarningsAccumulatedLosses 2024-04-30 04204708 core:RetainedEarningsAccumulatedLosses 2023-04-30 04204708 core:Goodwill 2023-04-30 04204708 core:Goodwill 2024-04-30 04204708 core:FurnitureFittings 2023-04-30 04204708 core:OfficeEquipment 2023-04-30 04204708 core:FurnitureFittings 2024-04-30 04204708 core:OfficeEquipment 2024-04-30 04204708 2023-05-01 2024-04-30 04204708 bus:FilletedAccounts 2023-05-01 2024-04-30 04204708 bus:SmallEntities 2023-05-01 2024-04-30 04204708 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04204708 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04204708 bus:Director1 2023-05-01 2024-04-30 04204708 bus:Director2 2023-05-01 2024-04-30 04204708 bus:Director3 2023-05-01 2024-04-30 04204708 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 04204708 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 04204708 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 04204708 2022-05-01 2023-04-30 04204708 core:Goodwill 2023-05-01 2024-04-30 04204708 core:FurnitureFittings 2023-05-01 2024-04-30 04204708 core:OfficeEquipment 2023-05-01 2024-04-30 04204708 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 04204708 (England and Wales)

JDM LETTINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

JDM LETTINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

JDM LETTINGS LIMITED

BALANCE SHEET

As at 30 April 2024
JDM LETTINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 307,905 354,049
Tangible assets 5 22,047 29,269
329,952 383,318
Current assets
Debtors 6 25,676 25,922
Cash at bank and in hand 7 138,121 56,637
163,797 82,559
Creditors: amounts falling due within one year 8 ( 220,620) ( 179,128)
Net current liabilities (56,823) (96,569)
Total assets less current liabilities 273,129 286,749
Creditors: amounts falling due after more than one year 9 ( 136,750) ( 190,369)
Provision for liabilities ( 5,512) ( 7,317)
Net assets 130,867 89,063
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 129,867 88,063
Total shareholders' funds 130,867 89,063

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of JDM Lettings Limited (registered number: 04204708) were approved and authorised for issue by the Board of Directors on 02 October 2024. They were signed on its behalf by:

J A De Maid
Director
JDM LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
JDM LETTINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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 year, unless otherwise stated.

General information and basis of accounting

JDM Lettings 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 address of the Company's principal place of business is Alexandre House, 399 Crofton Road, Locksbottom BR6 8NL.

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.

The functional currency of JDM Lettings Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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 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 and after eliminating sales within the company.

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.

Employee benefits

Defined contribution schemes
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.

Taxation

Current 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 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.

Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Intangible assets

Goodwill
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.

Goodwill 10 years straight line
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 basis over its expected useful life.

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.

Fixtures and fittings 5 years straight line
Office equipment 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade debtors are amounts due from customers for 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.

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.

The company has not recognised client money of £1,433,162 (2023: £333,857) on the basis that this is not an asset of the company.

Trade and other 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.

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 and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, 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 and other creditors, or as derivatives designated as hedging instruments in an effective hedge, 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.

Loans and 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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have 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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 24

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 461,438 461,438
At 30 April 2024 461,438 461,438
Accumulated amortisation
At 01 May 2023 107,389 107,389
Charge for the financial year 46,144 46,144
At 30 April 2024 153,533 153,533
Net book value
At 30 April 2024 307,905 307,905
At 30 April 2023 354,049 354,049

5. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 May 2023 45,319 68,229 113,548
Additions 714 4,315 5,029
At 30 April 2024 46,033 72,544 118,577
Accumulated depreciation
At 01 May 2023 24,935 59,344 84,279
Charge for the financial year 7,217 5,034 12,251
At 30 April 2024 32,152 64,378 96,530
Net book value
At 30 April 2024 13,881 8,166 22,047
At 30 April 2023 20,384 8,885 29,269

6. Debtors

2024 2023
£ £
Trade debtors 10,699 10,419
Other debtors 14,977 15,503
25,676 25,922

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 138,121 56,637

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 53,420 52,124
Trade creditors 15,609 22,879
Taxation and social security 138,709 87,673
Other creditors 12,882 16,452
220,620 179,128

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 136,750 190,369

There are no amounts included above in respect of which any security has been given by the small entity.

10. Financial commitments

Commitments

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

2024 2023
£ £
within one year 0 3,732

The commitments are in relation to vehicle operating leases and are secured on the individual assets.