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Company registration number: SC099682
J.M.T. Manufacturing Limited
Unaudited filleted financial statements
30 June 2024
J.M.T. Manufacturing Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
J.M.T. Manufacturing Limited
Directors and other information
Directors Mr John S Thomson
Mrs Marsha Thomson
Mr Colin Thomson
Mr Brian Thomson
Secretary Brian Thomson
Company number SC099682
Registered office 108 Main Street
Forth
Lanark
ML11 8AB
Business address 108 Main Street
Forth
Lanark
ML11 8AB
Accountants Barrie Scott & Co.
30 Mid Street
Bathgate
West Lothian
EH48 1PT
J.M.T. Manufacturing Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of J.M.T. Manufacturing Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J.M.T. Manufacturing Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of J.M.T. Manufacturing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J.M.T. Manufacturing Limited and state those matters that we have agreed to state to the board of directors of J.M.T. Manufacturing Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J.M.T. Manufacturing Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J.M.T. Manufacturing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J.M.T. Manufacturing Limited. You consider that J.M.T. Manufacturing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J.M.T. Manufacturing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Barrie Scott & Co.
Accountants & Tax Advisers
30 Mid Street
Bathgate
West Lothian
EH48 1PT
21 February 2025
J.M.T. Manufacturing Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 71,388 79,619
_______ _______
71,388 79,619
Current assets
Stocks 335,381 185,999
Debtors 6 172,248 203,166
Cash at bank and in hand 181,293 155,914
_______ _______
688,922 545,079
Creditors: amounts falling due
within one year 7 ( 622,016) ( 463,487)
_______ _______
Net current assets 66,906 81,592
_______ _______
Total assets less current liabilities 138,294 161,211
Provisions for liabilities ( 9,366) ( 11,128)
_______ _______
Net assets 128,928 150,083
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 128,828 149,983
_______ _______
Shareholders funds 128,928 150,083
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 February 2025 , and are signed on behalf of the board by:
Mr Colin Thomson Mr Brian Thomson
Director Director
Company registration number: SC099682
J.M.T. Manufacturing Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is J.M.T. Manufacturing Limited, 108 Main Street, Forth, Lanark, ML11 8AB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2023 59,000 27,316 6,703 79,355 172,374
Additions - 4,130 - - 4,130
_______ _______ _______ _______ _______
At 30 June 2024 59,000 31,446 6,703 79,355 176,504
_______ _______ _______ _______ _______
Depreciation
At 1 July 2023 23,895 22,415 6,190 40,255 92,755
Charge for the year 1,180 1,355 51 9,775 12,361
_______ _______ _______ _______ _______
At 30 June 2024 25,075 23,770 6,241 50,030 105,116
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2024 33,925 7,676 462 29,325 71,388
_______ _______ _______ _______ _______
At 30 June 2023 35,105 4,901 513 39,100 79,619
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 154,178 179,452
Other debtors 18,070 23,714
_______ _______
172,248 203,166
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 186,854 107,455
Corporation tax 18,447 12,590
Social security and other taxes 37,754 20,449
Other creditors 378,961 322,993
_______ _______
622,016 463,487
_______ _______
8. Directors advances, credits and guarantees
Included in creditors is £375,461 owed to the directors (30 June 2023: £319,784). John Thomson is owed £56,115 (30 June 2023: £48,090), Marsha Thomson is owed £27,568 (30 June 2023: £24,068), Colin Thomson is owed £147,074 (30 June 2023: 123,748) and Brian Thomson is owed £144,704 (30 June 2023: £123,878). These loans are interest free and have no fixed term of repayment.
9. Controlling party
The directors Colin Thomson and Brian Thomson each own 30% of the company's issued share capital and together control the company.