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Registered number: 05331170
JLM Produce Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Kerrs Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05331170
31 December 2024 31 December 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 35,143 55,224
Tangible Assets 5 29,244 35,765
64,387 90,989
CURRENT ASSETS
Stocks 6 84,216 42,000
Debtors 7 431,747 561,145
Cash at bank and in hand 92,746 148,182
608,709 751,327
Creditors: Amounts Falling Due Within One Year 8 (350,846 ) (591,731 )
NET CURRENT ASSETS (LIABILITIES) 257,863 159,596
TOTAL ASSETS LESS CURRENT LIABILITIES 322,250 250,585
Creditors: Amounts Falling Due After More Than One Year 9 (21,205 ) (26,203 )
NET ASSETS 301,045 224,382
CAPITAL AND RESERVES
Called up share capital 11 111 111
Share premium account 38,377 38,377
Profit and Loss Account 262,557 185,894
SHAREHOLDERS' FUNDS 301,045 224,382
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For the year ending 31 December 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Michael Gant
Director
23/01/2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
JLM Produce Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05331170 . The registered office is 266-268 Wickham Road Shirley, Croydon, Surrey, CR0 8BJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 20% Straight Line
Computer Equipment 25% Reducing Balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 4)
2 4
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4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 227,683
As at 31 December 2024 227,683
Amortisation
As at 1 January 2024 172,459
Provided during the period 20,081
As at 31 December 2024 192,540
Net Book Value
As at 31 December 2024 35,143
As at 1 January 2024 55,224
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 49,490 17,083 26,875 93,448
Additions - 1,246 - 1,246
As at 31 December 2024 49,490 18,329 26,875 94,694
Depreciation
As at 1 January 2024 19,796 17,078 20,809 57,683
Provided during the period 5,939 312 1,516 7,767
As at 31 December 2024 25,735 17,390 22,325 65,450
Net Book Value
As at 31 December 2024 23,755 939 4,550 29,244
As at 1 January 2024 29,694 5 6,066 35,765
6. Stocks
31 December 2024 31 December 2023
£ £
Stock 84,216 42,000
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7. Debtors
31 December 2024 31 December 2023
£ £
Due within one year
Trade debtors 420,696 545,842
Prepayments and accrued income - 1,151
Employer's allowance recoverable - 528
VAT 11,051 13,624
431,747 561,145
8. Creditors: Amounts Falling Due Within One Year
31 December 2024 31 December 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,998 4,998
Trade creditors 224,543 440,116
Other loans - 130,248
Corporation tax 64,979 13,287
Other taxes and social security 413 -
Other creditors 54,000 -
Pension creditor 113 270
Company credit card - (158 )
Accruals and deferred income 1,800 2,970
350,846 591,731
9. Creditors: Amounts Falling Due After More Than One Year
31 December 2024 31 December 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,205 26,203
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10. Obligations Under Finance Leases and Hire Purchase
31 December 2024 31 December 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,998 4,998
Later than one year and not later than five years 21,205 26,203
26,203 31,201
26,203 31,201
11. Share Capital
31 December 2024 31 December 2023
£ £
Allotted, Called up and fully paid 111 111
12. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Pacho Holdings Ltd . Pacho Holdings Ltd was incorporated in England and Wales. The controlling party is Mr. Michael Gant who controls 100% of the shares of Pacho Holdings Ltd .  
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