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Company registration number: SC627151
JRM Contracting Limited
Unaudited filleted financial statements
30 April 2024
JRM Contracting Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
JRM Contracting Limited
Directors and other information
Directors Jack W Malcolm
Rachel M Malcolm
Secretary Rachel M Malcolm
Company number SC627151
Registered office 20 Barnton Street
Stirling
FK8 1NE
Accountants Dickson Middleton
20 Barnton Street
Stirling
FK8 1NE
JRM Contracting Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of JRM Contracting Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JRM Contracting Limited for the year ended 30 April 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of JRM Contracting 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 JRM Contracting Limited and state those matters that we have agreed to state to the board of directors of JRM Contracting Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JRM Contracting Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that JRM Contracting 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 JRM Contracting Limited. You consider that JRM Contracting 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 JRM Contracting 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.
Dickson Middleton
Chartered Accountants
20 Barnton Street
Stirling
FK8 1NE
25 November 2024
JRM Contracting Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 385,628 207,533
_______ _______
385,628 207,533
Current assets
Debtors 6 58,633 70,431
Cash at bank and in hand 64,573 188,806
_______ _______
123,206 259,237
Creditors: amounts falling due
within one year 7 ( 86,209) ( 144,981)
_______ _______
Net current assets 36,997 114,256
_______ _______
Total assets less current liabilities 422,625 321,789
Creditors: amounts falling due
after more than one year 8 ( 37,051) ( 31,240)
Provisions for liabilities ( 59,684) ( 40,105)
_______ _______
Net assets 325,890 250,444
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 325,790 250,344
_______ _______
Shareholders funds 325,890 250,444
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Jack W Malcolm Rachel M Malcolm
Director Director
Company registration number: SC627151
JRM Contracting Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 20 Barnton Street, Stirling, FK8 1NE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historic cost basis. The financial statements areprepared in sterling, which is the functional currency of the Company.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulateddepreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Heritable property - nil %
Plant and machinery - 10%/20% straight line / 15% reducing balance
Fittings fixtures and equipment - 3 years straight line
Motor vehicles - 15 % reducing balance
Tractors - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company has only basic financial instruments. These are initially recognised at the transaction price, unless ihe 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.
Defined contribution plans
The company operates defined contribution plans for its employees. Contributions payable arerecognised in the statement of income when due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 6 ).
5. Tangible assets
Heritable property Plant and machinery Motor vehicles Tractors Total
£ £ £ £ £
Cost
At 1 May 2023 - 227,401 54,170 31,500 313,071
Additions 105,650 89,020 44,324 - 238,994
Disposals - ( 26,172) ( 25,610) - ( 51,782)
_______ _______ _______ _______ _______
At 30 April 2024 105,650 290,249 72,884 31,500 500,283
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 - 66,441 21,592 17,505 105,538
Charge for the year - 29,584 9,812 2,099 41,495
Disposals - ( 18,097) ( 14,281) - ( 32,378)
_______ _______ _______ _______ _______
At 30 April 2024 - 77,928 17,123 19,604 114,655
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 105,650 212,321 55,761 11,896 385,628
_______ _______ _______ _______ _______
At 30 April 2023 - 160,960 32,578 13,995 207,533
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 16,322 25,882
Other debtors 42,311 44,549
_______ _______
58,633 70,431
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 7,200 7,200
Trade creditors 17,169 10,018
Social security and other taxes 10,625 21,972
Other creditors 51,215 105,791
_______ _______
86,209 144,981
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 7,800 15,000
Other creditors 29,251 16,240
_______ _______
37,051 31,240
_______ _______
Other credtors include hire purchase liabilities secured over the individual assets acquired.
9. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 50.00 each 2 100 2 100
_______ _______ _______ _______
10. Controlling party
No one shareholder has overall control of the company.