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REGISTERED NUMBER: 11353467 (England and Wales)















JMG Plant Ltd

Unaudited Financial Statements for the Year Ended 31 May 2024






JMG Plant Ltd (Registered number: 11353467)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


JMG Plant Ltd

Company Information
for the Year Ended 31 May 2024







Director: J Gladden





Registered office: Rose Cottage
Marsh Road
Potter Heigham
Norfolk
NR29 5LN





Registered number: 11353467 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

JMG Plant Ltd (Registered number: 11353467)

Statement of Financial Position
31 May 2024

31/5/24 31/5/23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 109,577 112,820

Current assets
Stocks - 9,910
Debtors 5 1,435 4,315
Cash at bank 11,264 9,754
12,699 23,979
Creditors
Amounts falling due within one year 6 67,086 49,503
Net current liabilities (54,387 ) (25,524 )
Total assets less current liabilities 55,190 87,296

Creditors
Amounts falling due after more than one
year

7

(37,781

)

(52,068

)

Provisions for liabilities (20,821 ) (21,436 )
Net (liabilities)/assets (3,412 ) 13,792

Capital and reserves
Called up share capital 1 1
Retained earnings (3,413 ) 13,791
(3,412 ) 13,792

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

JMG Plant Ltd (Registered number: 11353467)

Statement of Financial Position - continued
31 May 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 2 December 2024 and were signed by:





J Gladden - Director


JMG Plant Ltd (Registered number: 11353467)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. Statutory information

JMG Plant Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be readily measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold;
- the amount of turnover can be measured reliably
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.


JMG Plant Ltd (Registered number: 11353467)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. Accounting policies - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 2 (2023 - 2 ) .

4. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 June 2023 178,286 29,920 208,206
Additions 25,000 - 25,000
At 31 May 2024 203,286 29,920 233,206
Depreciation
At 1 June 2023 79,037 16,349 95,386
Charge for year 24,850 3,393 28,243
At 31 May 2024 103,887 19,742 123,629
Net book value
At 31 May 2024 99,399 10,178 109,577
At 31 May 2023 99,249 13,571 112,820

JMG Plant Ltd (Registered number: 11353467)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. Debtors: amounts falling due within one year
31/5/24 31/5/23
£    £   
Trade debtors 770 3,610
Other debtors 665 705
1,435 4,315

6. Creditors: amounts falling due within one year
31/5/24 31/5/23
£    £   
Hire purchase contracts 15,416 13,375
Trade creditors 8,734 2,262
Taxation and social security 19,296 15,281
Other creditors 23,640 18,585
67,086 49,503

7. Creditors: amounts falling due after more than one year
31/5/24 31/5/23
£    £   
Hire purchase contracts 17,156 18,735
Other creditors 20,625 33,333
37,781 52,068