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REGISTERED NUMBER: 04201734 (England and Wales)




















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

JMI BATHROOMS LIMITED

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMI BATHROOMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: J M Gibbs





SECRETARY:





REGISTERED OFFICE: 124 High Street
Midsomer Norton
Radstock
BA3 2DA





REGISTERED NUMBER: 04201734 (England and Wales)





ACCOUNTANTS: PG Owen Limited
Chartered Accountants
124 High Street
Midsomer Norton
Bath
Avon
BA3 2DA

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 299,125 309,391

CURRENT ASSETS
Stocks 28,042 35,933
Debtors 5 149,516 223,610
Cash at bank and in hand 375,480 214,740
553,038 474,283
CREDITORS
Amounts falling due within one year 6 371,223 315,643
NET CURRENT ASSETS 181,815 158,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

480,940

468,031

CREDITORS
Amounts falling due after more than one
year

7

(64,212

)

(98,082

)

PROVISIONS FOR LIABILITIES (15,395 ) (13,877 )
NET ASSETS 401,333 356,072

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 401,332 356,071
SHAREHOLDERS' FUNDS 401,333 356,072

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

BALANCE SHEET - continued
30 APRIL 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





J M Gibbs - Director


JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

JMI Bathrooms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks and work-in-progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

In relation to work-in-progress, cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 236,000 33,873 137,238
Additions - 2,977 11,013
Disposals - (20,248 ) (31,762 )
At 30 April 2024 236,000 16,602 116,489
DEPRECIATION
At 1 May 2023 - 22,534 118,551
Charge for year - 2,113 7,303
Eliminated on disposal - (16,498 ) (31,272 )
At 30 April 2024 - 8,149 94,582
NET BOOK VALUE
At 30 April 2024 236,000 8,453 21,907
At 30 April 2023 236,000 11,339 18,687

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 90,394 6,471 503,976
Additions - 321 14,311
Disposals - - (52,010 )
At 30 April 2024 90,394 6,792 466,277
DEPRECIATION
At 1 May 2023 50,458 3,042 194,585
Charge for year 9,984 937 20,337
Eliminated on disposal - - (47,770 )
At 30 April 2024 60,442 3,979 167,152
NET BOOK VALUE
At 30 April 2024 29,952 2,813 299,125
At 30 April 2023 39,936 3,429 309,391

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023
and 30 April 2024 47,990
DEPRECIATION
At 1 May 2023 16,497
Charge for year 7,873
At 30 April 2024 24,370
NET BOOK VALUE
At 30 April 2024 23,620
At 30 April 2023 31,493

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 39,403 118,784
Other debtors 93,287 92,619
Directors' current accounts 9,924 7,002
Prepayments and accrued income 6,902 5,205
149,516 223,610

JMI BATHROOMS LIMITED (REGISTERED NUMBER: 04201734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 27,823 25,383
Hire purchase contracts 6,423 6,011
Trade creditors 166,026 154,168
Tax 40,737 26,685
Social security and other taxes 125,354 98,980
Accrued expenses 4,860 4,416
371,223 315,643

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 40,640 67,674
Hire purchase contracts 23,572 30,408
64,212 98,082

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
J M Gibbs
Balance outstanding at start of year 7,002 9,670
Amounts advanced 71,122 62,609
Amounts repaid (68,200 ) (65,277 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,924 7,002

The dividends declared during the year were paid to directors as shareholders.

During the year the company paid rent totalling £9,600 to the directors.

9. RELATED PARTY DISCLOSURES

The company was under the control of the directors throughout the period as stated in the directors' report.

Interest is charged on the overdrawn directors' loan accounts at the official rate.