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REGISTERED NUMBER: 08938109 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2024

FOR

JSM (UK) LTD

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


JSM (UK) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







Directors: S Griffiths
Mrs G M Griffiths
A Griffiths
A J Griffiths





Registered office: 11 St. Albans Road
Gloucester
GL2 5FW





Registered number: 08938109 (England and Wales)

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

BALANCE SHEET
31ST MAY 2024

31.5.24 31.5.23
Notes £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 327,219 611,183
327,219 611,183

Current assets
Stocks 6 737,817 960,388
Debtors 7 1,612,993 1,225,690
Cash at bank 406,193 963,892
2,757,003 3,149,970
Creditors
Amounts falling due within one year 8 1,028,405 1,805,163
Net current assets 1,728,598 1,344,807
Total assets less current liabilities 2,055,817 1,955,990

Provisions for liabilities 10 80,500 41,500
Net assets 1,975,317 1,914,490

Capital and reserves
Called up share capital 11 1,000 1,000
Retained earnings 1,974,317 1,913,490
Shareholders' funds 1,975,317 1,914,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

BALANCE SHEET - continued
31ST MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:





A J Griffiths - Director


JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024


1. Statutory information

JSM (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are recognised at cost less depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, at the following rates:-

Freehold buildings2% straight line
Plant & machinery20% reducing balance
Computer equipment33% straight line

Freehold land is not depreciated.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs & other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


2. Accounting policies - continued
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 group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. Employees (including directors)

The average number of employees during the year was 28 (2023 - 25 ) .

4. Intangible fixed assets
Goodwill
£
Cost
At 1st June 2023
and 31st May 2024 170,000
Amortisation
At 1st June 2023
and 31st May 2024 170,000
Net book value
At 31st May 2024 -
At 31st May 2023 -

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


5. Tangible fixed assets
Freehold Plant & Computer
property machinery equipment Totals
£ £ £ £
Cost
At 1st June 2023 463,625 179,335 188,904 831,864
Additions - 246,316 18,019 264,335
Disposals (463,625 ) - - (463,625 )
At 31st May 2024 - 425,651 206,923 632,574
Depreciation
At 1st June 2023 24,819 73,797 122,065 220,681
Charge for year - 70,371 39,122 109,493
Eliminated on disposal (24,819 ) - - (24,819 )
At 31st May 2024 - 144,168 161,187 305,355
Net book value
At 31st May 2024 - 281,483 45,736 327,219
At 31st May 2023 438,806 105,538 66,839 611,183

6. Stocks
31.5.24 31.5.23
£ £
Stocks 737,817 960,388

7. Debtors: amounts falling due within one year
31.5.24 31.5.23
£ £
Trade debtors 1,082,826 982,400
Other debtors 513,498 138,828
Corporation tax - 87,793
Social security & other taxes 16,669 16,669
1,612,993 1,225,690

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


8. Creditors: amounts falling due within one year
31.5.24 31.5.23
£ £
Trade creditors 515,866 292,663
Amounts owed to group undertakings 198,962 660,000
Corporation tax 115,100 84,900
Social security & other taxes 75,828 110,948
Accruals 122,649 138,841
Directors' loan accounts - 517,811
1,028,405 1,805,163

9. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£ £
Within one year - 5,411

10. Provisions for liabilities
31.5.24 31.5.23
£ £
Deferred tax 80,500 41,500

Deferred tax
£
Balance at 1st June 2023 41,500
Accelerated capital allowances 39,000
Balance at 31st May 2024 80,500

11. Called up share capital

Allotted, called up and fully paid shares

31.5.24 31.5.23
No. £    No. £   
Ordinary A shares of £1 each 520 520 520 520
Ordinary B shares of £1 each 150 150 150 150
Ordinary C shares of £1 each 150 150 150 150
Ordinary D shares of £1 each 90 90 90 90
Ordinary E shares of £1 each 90 90 90 90
1,000 1,000 1,000 1,000

JSM (UK) LTD (REGISTERED NUMBER: 08938109)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024


12. Contingent liabilities

There were no contingent liabilities as at 31st May 2024.

13. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The Directors
During the year, the directors of the company used a current account to record amounts due to them and amounts drawn by them. The balance at the year end was £nil (2023: £517,811 owed by the company). At the year end, the balances were transferred to the holding company, JSM Innovations Group Ltd.

14. Ultimate controlling party

The company is controlled by JSM Innovations Group Ltd, which is the ultimate holding company.
Company registration number: 14001885
Company registered office: 11 St. Albans Road, Gloucester, GL2 5FW