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Registered number: 07502303
JM Glazing Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2025
Pam Fox Accountancy Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07502303
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 20,986 20,986
Investments 5 300,608 135,609
321,594 156,595
CURRENT ASSETS
Debtors 6 37,742 44,147
Cash at bank and in hand 1,019,985 721,792
1,057,727 765,939
Creditors: Amounts Falling Due Within One Year 7 (238,474 ) (210,386 )
NET CURRENT ASSETS (LIABILITIES) 819,253 555,553
TOTAL ASSETS LESS CURRENT LIABILITIES 1,140,847 712,148
NET ASSETS 1,140,847 712,148
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 1,140,845 712,146
SHAREHOLDERS' FUNDS 1,140,847 712,148
Page 1
Page 2
For the year ending 31 January 2025 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Justin Fais
Director
17/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
JM Glazing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07502303 . The registered office is 54 Beauchamp Road, Sutton, Surrey, SM1 2PZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 February 2024 87,805 44,992 132,797
As at 31 January 2025 87,805 44,992 132,797
Depreciation
As at 1 February 2024 87,805 24,006 111,811
As at 31 January 2025 87,805 24,006 111,811
Net Book Value
As at 31 January 2025 - 20,986 20,986
As at 1 February 2024 - 20,986 20,986
5. Investments
Joint Ventures
£
Cost
As at 1 February 2024 135,609
Additions 164,999
As at 31 January 2025 300,608
Provision
As at 1 February 2024 -
As at 31 January 2025 -
Net Book Value
As at 31 January 2025 300,608
As at 1 February 2024 135,609
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors - 11,583
Other debtors 37,742 32,564
37,742 44,147
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 14,200 23,992
Other loans 2,192 3,089
Corporation tax 199,682 183,305
Other taxes and social security 20,208 -
Directors' loan accounts 2,192 -
238,474 210,386
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
Page 5