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Company No: 08025559 (England and Wales)

JEM PROJECTS (PLYMOUTH) LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

JEM PROJECTS (PLYMOUTH) LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

JEM PROJECTS (PLYMOUTH) LIMITED

BALANCE SHEET

As at 30 April 2024
JEM PROJECTS (PLYMOUTH) LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 5 5,646 6,641
5,646 6,641
Current assets
Debtors 6 176,624 114,106
Cash at bank and in hand 26,164 33,424
202,788 147,530
Creditors: amounts falling due within one year 7 ( 72,197) ( 76,977)
Net current assets 130,591 70,553
Total assets less current liabilities 136,237 77,194
Net assets 136,237 77,194
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 136,137 77,094
Total shareholders' funds 136,237 77,194

For the financial 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Jem Projects (Plymouth) Limited (registered number: 08025559) were approved and authorised for issue by the Board of Directors on 26 January 2025. They were signed on its behalf by:

Dr J E Metcalfe
Director
JEM PROJECTS (PLYMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
JEM PROJECTS (PLYMOUTH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Jem Projects (Plymouth) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark LLP Unit 18, 23 Melville Building East, Royal William Yard, Plymouth,PL1 3GW, United Kingdom. The principal place of business is 69 Fore Street, Plympton, Plymouth, Devon, PL7 1NA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

The client has two income streams, one being the provision of medical legal consultancy and one being providing medical services.
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Prior year adjustment

There was a prior year adjustment to the retained earnings as dividends were omitted from the previous year accounts.

The profit for the year has not been affected as a result of this omission. The impact of adjusting for the dividends is an increase of dividends declared and a decrease of retained earnings as follows:

As previously reported Adjustment As restated
Year ended 30 April 2023 £ £ £
Dividends Owed 57,000 29,140 86,140
Retained Earnings 106,234 (29,140) 77,094

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 44,021 44,021
At 30 April 2024 44,021 44,021
Accumulated amortisation
At 01 May 2023 44,021 44,021
At 30 April 2024 44,021 44,021
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

5. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 May 2023 11,207 11,207
At 30 April 2024 11,207 11,207
Accumulated depreciation
At 01 May 2023 4,566 4,566
Charge for the financial year 995 995
At 30 April 2024 5,561 5,561
Net book value
At 30 April 2024 5,646 5,646
At 30 April 2023 6,641 6,641

6. Debtors

2024 2023
£ £
Trade debtors 86,020 85,618
Other debtors 90,604 28,488
176,624 114,106

7. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 45,989 24,597
Other creditors 26,208 52,380
72,197 76,977

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary A shares of £ 1.00 each 10 10
42 Ordinary B shares of £ 1.00 each 42 42
12 Ordinary C shares of £ 1.00 each 12 12
12 Ordinary D shares of £ 1.00 each 12 12
12 Ordinary E shares of £ 1.00 each 12 12
12 Ordinary F shares of £ 1.00 each 12 12
100 100

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors 1 & 2 86,205 27,436

During the year the Company advanced £90,346 to the directors (2023 - £28,065), of which £29,111 was repaid (2023 - £57,624). Interest was charged on this amount at the official HMRC rate and the balance is repayable on demand. The balance owed to the company at 30 April 2024 is £88,671 (2023- £27,436).