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Registration number: 06633188

J. M. Page Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

J. M. Page Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

J. M. Page Limited

Company Information

Directors

Mr. Jason Michael Page

Mrs. Sally Ann Page

Company secretary

Mrs. Sally Ann Page

Registered office

Unit 9 Twizel Close
Stonebridge
Milton Keynes
MK13 0DX

Accountants

Veracitas Financial Consultants Ltd
Chartered
8 Park View
Tickford Street
Newport Pagnell
Buckinghamshire
MK16 9AD

 

J. M. Page Limited

(Registration number: 06633188)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

111,716

141,136

Current assets

 

Stocks

5

59,150

37,757

Debtors

6

320,870

325,736

Cash at bank and in hand

 

45,596

121,188

 

425,616

484,681

Creditors: Amounts falling due within one year

7

(444,614)

(396,018)

Net current (liabilities)/assets

 

(18,998)

88,663

Total assets less current liabilities

 

92,718

229,799

Creditors: Amounts falling due after more than one year

7

(107,203)

(158,513)

Net (liabilities)/assets

 

(14,485)

71,286

Capital and reserves

 

Called up share capital

8

180

180

Retained earnings

(14,665)

71,106

Shareholders' (deficit)/funds

 

(14,485)

71,286

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

 

J. M. Page Limited

(Registration number: 06633188)
Balance Sheet as at 31 March 2024

.........................................
Mr. Jason Michael Page
Director

.........................................
Mrs. Sally Ann Page
Company secretary and director

 

J. M. Page Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Unit 9 Twizel Close
Stonebridge
Milton Keynes
MK13 0DX

These financial statements were authorised for issue by the Board on 11 July 2024.

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 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. Page Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Vehicles, plant and machinery

25% Reducing Balance

Office equipment, Fixtures and Fittings

25% Reducing Balance

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.

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

 

J. M. Page Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 18).

 

J. M. Page Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

39,694

358,621

398,315

Additions

1,000

6,820

7,820

At 31 March 2024

40,694

365,441

406,135

Depreciation

At 1 April 2023

32,888

224,291

257,179

Charge for the year

1,952

35,288

37,240

At 31 March 2024

34,840

259,579

294,419

Carrying amount

At 31 March 2024

5,854

105,862

111,716

At 31 March 2023

6,806

134,330

141,136

5

Stocks

2024
£

2023
£

Work in progress

59,150

37,757

6

Debtors

Current

2024
£

2023
£

Trade debtors

120,764

132,478

Other debtors

200,106

193,258

 

320,870

325,736

7

Creditors

Creditors: amounts falling due within one year

 

J. M. Page Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

181,249

112,083

Trade creditors

 

110,235

100,757

Taxation and social security

 

61,794

64,679

Accruals and deferred income

 

2,450

3,500

Other creditors

 

88,886

114,999

 

444,614

396,018

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

107,203

158,513

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Class Shares of £1 each

180

180

180

180

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

107,203

146,493

Hire purchase contracts

-

12,020

107,203

158,513

Current loans and borrowings

2024
£

2023
£

Bank borrowings

152,785

73,469

Hire purchase contracts

13,464

38,614

Other borrowings

15,000

-

181,249

112,083