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REGISTERED NUMBER: 05405246 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

JIMMY MAY SCRAP METAL LIMITED

JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JIMMY MAY SCRAP METAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: Mr M W V May





SECRETARY: Mrs M May





REGISTERED OFFICE: The Scrapyard
PENRYN
Cornwall
TR10 9LQ





REGISTERED NUMBER: 05405246 (England and Wales)





ACCOUNTANTS: TC Group
Bickland House
Bickland Water Road
Falmouth
Cornwall
TR11 4SB

JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 147,406 163,594
Investment property 6 700,000 700,000
847,406 863,594

CURRENT ASSETS
Stocks 40,000 40,000
Debtors 7 38,762 68,463
Cash in hand 550 250
79,312 108,713
CREDITORS
Amounts falling due within one year 8 70,260 83,546
NET CURRENT ASSETS 9,052 25,167
TOTAL ASSETS LESS CURRENT
LIABILITIES

856,458

888,761

CREDITORS
Amounts falling due after more than one
year

9

(192,766

)

(165,010

)

PROVISIONS FOR LIABILITIES (86,097 ) (88,793 )
NET ASSETS 577,595 634,958

CAPITAL AND RESERVES
Called up share capital 1 1
Fair value reserve 10 312,290 312,290
Retained earnings 265,304 322,667
577,595 634,958

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)

BALANCE SHEET - continued
30 JUNE 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 13 November 2024 and were signed by:





Mr M W V May - Director


JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)

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

1. STATUTORY INFORMATION

Jimmy May Scrap Metal 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
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

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.

JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 40,000
AMORTISATION
At 1 July 2023
and 30 June 2024 40,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 48,005 758,898 806,903
Additions - 103,321 103,321
Disposals - (52,000 ) (52,000 )
At 30 June 2024 48,005 810,219 858,224
DEPRECIATION
At 1 July 2023 35,917 607,392 643,309
Charge for year 4,375 98,884 103,259
Eliminated on disposal - (35,750 ) (35,750 )
At 30 June 2024 40,292 670,526 710,818
NET BOOK VALUE
At 30 June 2024 7,713 139,693 147,406
At 30 June 2023 12,088 151,506 163,594

JIMMY MAY SCRAP METAL LIMITED (REGISTERED NUMBER: 05405246)

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

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 700,000
NET BOOK VALUE
At 30 June 2024 700,000
At 30 June 2023 700,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,998 40,761
Other debtors 5,764 27,702
38,762 68,463

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,788 21,109
Hire purchase contracts 26,760 11,849
Trade creditors 16,122 23,848
Taxation and social security 2,243 22,742
Other creditors 4,347 3,998
70,260 83,546

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 97,051 109,922
Hire purchase contracts 95,715 55,088
192,766 165,010

10. RESERVES
Fair
value
reserve
£   
At 1 July 2023
and 30 June 2024 312,290