Company registration number 06878908 (England and Wales)
JMBS (SOUTH) LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of JMBS (South) Limited For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JMBS (South) Limited for the year ended 30 April 2024 which comprise, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of JMBS (South) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of JMBS (South) Limited and state those matters that we have agreed to state to the board of directors of JMBS (South) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JMBS (South) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that JMBS (South) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of JMBS (South) Limited. You consider that JMBS (South) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of JMBS (South) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys Limited
18 November 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Balance Sheet
As At 30 April 2024
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2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,017,500
998,500
Current assets
Debtors
4
9,515
2,775
Cash at bank and in hand
159,920
259,942
169,435
262,717
Creditors: amounts falling due within one year
5
(9,200)
(115,507)
Net current assets
160,235
147,210
Total assets less current liabilities
1,177,735
1,145,710
Provisions for liabilities
(11,076)
(11,076)
Net assets
1,166,659
1,134,634
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,166,559
1,134,534
Total equity
1,166,659
1,134,634
The notes on pages 5 to 7 form part of these financial statements.
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Balance Sheet (Continued)
As At 30 April 2024
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For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
Mr J Sampson
Director
Company registration number 06878908 (England and Wales)
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Statement Of Changes In Equity
For The Year Ended 30 April 2024
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Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
100
1,200,545
1,200,645
Year ended 30 April 2023:
Loss and total comprehensive income
-
(21,511)
(21,511)
Dividends
-
(44,500)
(44,500)
Balance at 30 April 2023
100
1,134,534
1,134,634
Year ended 30 April 2024:
Profit and total comprehensive income
-
35,625
35,625
Dividends
-
(3,600)
(3,600)
Balance at 30 April 2024
100
1,166,559
1,166,659
The notes on pages 5 to 7 form part of these financial statements.
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2024
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1
Accounting policies
Company information
JMBS (South) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Chavereys Limited, The Goods Shed, Jubilee Way, Faversham, Kent, England, ME13 8GD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
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Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
2
3
Investment property
2024
£
Fair value
At 1 May 2023
998,500
Revaluations
19,000
At 30 April 2024
1,017,500
The 2024 valuations were made by the directors, on an open market value for existing use basis.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
9,515
2,775
JMBS (South) Limited
JMBS (SOUTH) LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
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5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
3,900
8,315
Other creditors
2,550
104,442
Accruals and deferred income
2,750
2,750
9,200
115,507