Company registration number 03929718 (England and Wales)
G.J.M.S. HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
G.J.M.S. HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
G.J.M.S. HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
9,513
10,915
Tangible assets
5
238,490
45,499
Investment property
6
1,600,000
1,600,000
Investments
7
102
102
1,848,105
1,656,516
Current assets
Debtors
9
130,394
176,802
Cash at bank and in hand
268,865
140,449
399,259
317,251
Creditors: amounts falling due within one year
10
(526,349)
(187,395)
Net current (liabilities)/assets
(127,090)
129,856
Total assets less current liabilities
1,721,015
1,786,372
Creditors: amounts falling due after more than one year
11
(141,345)
(13,725)
Provisions for liabilities
12
(88,359)
(40,111)
Net assets
1,491,311
1,732,536
Capital and reserves
Called up share capital
14
50,000
50,000
Non-distributable profits reserve
15
620,160
620,160
Distributable profit and loss reserves
821,151
1,062,376
Total equity
1,491,311
1,732,536
G.J.M.S. HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
For the financial year ended 30 June 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 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 Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr S A Atkinson
Director
Company registration number 03929718 (England and Wales)
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
G.J.M.S. Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4C Sett End Road North, Shadsworth Business Park, Blackburn, Lancashire, BB1 2PT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Reporting period
These financial statements have been prepared for the year ended 30 June 2024. The comparative period financial statements are for the 18 month period ended 30 June 2023.
1.3
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statementstrue.
1.4
Turnover
Turnover represents amounts receivable for rentals and management services net of VAT.
1.5
Intangible fixed assets other than goodwill
Patents are valued at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
20 years
1.6
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.8
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Intangible fixed assets
Other
£
Cost
At 1 July 2023 and 30 June 2024
28,035
Amortisation and impairment
At 1 July 2023
17,120
Amortisation charged for the year
1,402
At 30 June 2024
18,522
Carrying amount
At 30 June 2024
9,513
At 30 June 2023
10,915
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
113,512
Additions
210,000
At 30 June 2024
323,512
Depreciation and impairment
At 1 July 2023
68,013
Depreciation charged in the year
17,009
At 30 June 2024
85,022
Carrying amount
At 30 June 2024
238,490
At 30 June 2023
45,499
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and machinery
232,431
38,370
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
1,600,000
Investment property comprises freehold land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2014 by Taylor Weaver, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider that this valuation remains appropriate.
Had it not been revalued the property would have been included at its depreciated cost of £958,000.
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
102
102
8
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Atkinson Properties Limited
1
Dormant
Ordinary
100
0
Freedom Ability Limited
1
Manufacture of furniture
Ordinary
100
0
Halo Education Limited
1
Educational services
Ordinary
100
0
Registered Office addresses:
1
Unit 4C, Sett End Road North, Shadsworth Business Park, Blackburn BB1 2PT
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
984
Amounts owed by group undertakings
32,886
86,528
Other debtors
87,678
84,028
Prepayments and accrued income
8,846
6,246
130,394
176,802
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
57
217
Amounts owed to group undertakings
52,526
28,526
Taxation and social security
38,954
72,486
Other creditors
434,812
86,166
526,349
187,395
Other creditors includes amounts due to the directors of £314,780 (2023 - £6,840).
Other creditors also includes £51,525 (2023 - £10,980) in respect of liabilities under hire purchase contracts.
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
141,345
13,725
Other creditors represent amounts due under hire purchase contracts. The amounts are secured upon the assets to which the liabilities relate.
12
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
13
88,359
40,111
13
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
59,622
11,374
Revaluations
28,737
28,737
88,359
40,111
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 July 2023
40,111
Charge to profit or loss
48,248
Liability at 30 June 2024
88,359
The deferred tax liability set out above is expected to reverse over the life of the assets concerned.
14
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
15
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
620,160
620,160
Non distributable profits reserve represents revaluation of investment property less associated deferred tax on that gain.
G.J.M.S. HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
16
Related party transactions
The company has operated loan accounts with companies under common control and with companies under the separate control of the directors.
As at 30 June 2024 the company was owed £82,078 (2023 - £78,748) by connected companies, and £5,600 (2023 - £5,600) by companies under the separate control of the directors.
2024-06-302023-07-01falsefalsefalse29 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr S A AtkinsonMr M J Atkinson039297182023-07-012024-06-30039297182024-06-30039297182023-06-3003929718core:IntangibleAssetsOtherThanGoodwill2024-06-3003929718core:IntangibleAssetsOtherThanGoodwill2023-06-3003929718core:OtherPropertyPlantEquipment2024-06-3003929718core:OtherPropertyPlantEquipment2023-06-3003929718core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3003929718core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3003929718core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3003929718core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3003929718core:CurrentFinancialInstruments2024-06-3003929718core:CurrentFinancialInstruments2023-06-3003929718core:ShareCapital2024-06-3003929718core:ShareCapital2023-06-3003929718core:FurtherSpecificReserve1ComponentTotalEquity2024-06-3003929718core:FurtherSpecificReserve1ComponentTotalEquity2023-06-3003929718core:RetainedEarningsAccumulatedLosses2024-06-3003929718core:RetainedEarningsAccumulatedLosses2023-06-3003929718bus:Director12023-07-012024-06-3003929718core:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-3003929718core:PlantMachinery2023-07-012024-06-3003929718core:FurnitureFittings2023-07-012024-06-30039297182022-01-012023-06-3003929718core:IntangibleAssetsOtherThanGoodwill2023-06-3003929718core:OtherPropertyPlantEquipment2023-06-3003929718core:OtherPropertyPlantEquipment2023-07-012024-06-30039297182023-06-3003929718core:Non-currentFinancialInstruments2024-06-3003929718core:Non-currentFinancialInstruments2023-06-3003929718bus:PrivateLimitedCompanyLtd2023-07-012024-06-3003929718bus:FRS1022023-07-012024-06-3003929718bus:AuditExemptWithAccountantsReport2023-07-012024-06-3003929718bus:Director22023-07-012024-06-3003929718bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3003929718bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP