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Registration number: 12615790

JM Drive Ltd

trading as JM Drive ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2024

 

JM Drive Ltd

trading as JM Drive ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

JM Drive Ltd

trading as JM Drive ltd

Company Information

Directors

Mr JE Masters

Mrs J Masters

Registered office

7 The Vintry
Nutley
Uckfield
TN22 3LW

Accountants

Inn Control Hospitality Accountants Limited
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT

 

JM Drive Ltd

trading as JM Drive ltd

(Registration number: 12615790)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

36,587

53,240

Current assets

 

Debtors

569

31

Cash at bank and in hand

 

6,586

2,361

 

7,155

2,392

Creditors: Amounts falling due within one year

(41,760)

(53,886)

Net current liabilities

 

(34,605)

(51,494)

Total assets less current liabilities

 

1,982

1,746

Accruals and deferred income

 

(990)

(990)

Net assets

 

992

756

Capital and reserves

 

Called up share capital

100

100

Retained earnings

892

656

Shareholders' funds

 

992

756

 

JM Drive Ltd

trading as JM Drive ltd

(Registration number: 12615790)
Abridged Balance Sheet as at 31 May 2024

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option to not file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr JE Masters
Director

.........................................
Mrs J Masters
Director

 

JM Drive Ltd

trading as JM Drive ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
7 The Vintry
Nutley
Uckfield
TN22 3LW
England

These financial statements were authorised for issue by the Board on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

JM Drive Ltd

trading as JM Drive ltd

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

Judgements

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate.

Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Straight Line Method

Office equipement

33% Straight Line Method

 

JM Drive Ltd

trading as JM Drive ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

 

JM Drive Ltd

trading as JM Drive ltd

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

2024
£

2023
£

Depreciation expense

16,838

14,010

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

-

67,250

67,250

Additions

186

-

186

At 31 May 2024

186

67,250

67,436

Depreciation

At 1 June 2023

-

14,010

14,010

Charge for the year

26

16,813

16,839

At 31 May 2024

26

30,823

30,849

Carrying amount

At 31 May 2024

160

36,427

36,587

At 31 May 2023

-

53,240

53,240