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REGISTERED NUMBER: SC245180 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

JMC Financial Services Limited

JMC Financial Services Limited (Registered number: SC245180)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JMC Financial Services Limited

Company Information
for the Year Ended 31 May 2024







DIRECTOR: Mr J A McCallum





SECRETARY: Mrs K McCallum





REGISTERED OFFICE: 35A Ritchie Street
West Kilbride
Ayrshire
KA23 9HF





REGISTERED NUMBER: SC245180 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

JMC Financial Services Limited (Registered number: SC245180)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,086 6,358
Investment property 5 123,822 123,822
128,908 130,180

CURRENT ASSETS
Debtors 6 73,797 55,442
Cash at bank and in hand 7,925 840
81,722 56,282
CREDITORS
Amounts falling due within one year 7 116,595 87,272
NET CURRENT LIABILITIES (34,873 ) (30,990 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

94,035

99,190

CREDITORS
Amounts falling due after more than one
year

8

(52,637

)

(55,850

)

PROVISIONS FOR LIABILITIES (1,272 ) (1,590 )
NET ASSETS 40,126 41,750

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 40,026 41,650
SHAREHOLDERS' FUNDS 40,126 41,750

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

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

The director acknowledges his 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.

JMC Financial Services Limited (Registered number: SC245180)

Balance Sheet - continued
31 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 January 2025 and were signed by:





Mr J A McCallum - Director


JMC Financial Services Limited (Registered number: SC245180)

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

1. STATUTORY INFORMATION

JMC Financial Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Going concern
The director manages cash flow on a regular basis to ensure sufficient funds are available to meet commitments as they fall due . Having made the appropriate enquiries the director is satisfied that this will continue to be the case over the next 12 months and beyond and as such has prepared the accounts on a going concern basis.

Fees and commissions earned
Fees and commissions earned comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities.

Fees and commissions are presented, net of value-added tax, rebates, discounts and shared commission.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met. Commissions received on an indemnity basis are recognised over the earning period to which it relates.

Grants
Other income includes income relating to the Coronavirus Job Retention Scheme, which has been utilised in the course of the year. Government grants are recognised on an accruals basis and therefore sums relating to the financial year have been credited to the Profit and Loss Account in the same period as the related expenses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - at variable rates on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Investment property
Investment property 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. Any surplus or deficit on revaluation is recognised in the profit or loss account and ultimately the fair value reserve.

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 June 2023
and 31 May 2024 33,172
DEPRECIATION
At 1 June 2023 26,814
Charge for year 1,272
At 31 May 2024 28,086
NET BOOK VALUE
At 31 May 2024 5,086
At 31 May 2023 6,358

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 123,822
NET BOOK VALUE
At 31 May 2024 123,822
At 31 May 2023 123,822

The Director has considered the fair value of the Investment Property portfolio and is of the view that this accurately reflects the market value as at 31 May 2024.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by related party 20,000 20,000
Amounts due under contracts
for services 52,000 34,000
Other debtors 1,797 1,442
73,797 55,442

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,765 10,494
Taxation and social security 103,713 71,454
Other creditors 3,117 5,324
116,595 87,272

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 52,637 55,850

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,577 19,450

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 62,402 64,950

Bank loans are secured by a bond and floating charge over the assets of the company and by standard security over certain investment properties. Interest is charged at a commercial rate of interest.The bounce back loan is secured over under the terms of the Government scheme.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr J A McCallum
Balance outstanding at start of year (558 ) (340 )
Amounts advanced 1,801 -
Amounts repaid - (218 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,243 (558 )

JMC Financial Services Limited (Registered number: SC245180)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES - continued

Director's loans due to or from the company are unsecured, have no fixed repayment terms and no interest is charged.

12. RELATED PARTY DISCLOSURES

The business premises at 35A Ritchie Street, West Kilbride, Ayrshire are owned by Core Property Solutions (Ayrshire) Ltd. As at 31 May 2024 the sum of £20,000 was due from Core Property Services Ltd. (2023 £20,000)
The company rented storage space from a company in which the company secretary is the sole director and shareholder. Storage costs of £NIL (2023: £NIL).

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J A McCallum.