Company No:
Contents
| DIRECTOR | Joseph Cornish |
| REGISTERED OFFICE | 22 Chancery Lane |
| London | |
| WC2A 1LS | |
| United Kingdom |
| COMPANY NUMBER | 09289854 (England and Wales) |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
|
|
|
| Investments | 4 |
|
|
|
| 1,666,131 | 1,627,051 | |||
| Current assets | ||||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 471,637 | 207,165 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current liabilities | (21,113) | (217,680) | ||
| Total assets less current liabilities | 1,645,018 | 1,409,371 | ||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Director's responsibilities:
The financial statements of JMC Films Limited (registered number:
|
Joseph Cornish
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
JMC Films Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised in the period in which services are provided.
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Plant and machinery etc. |
|
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Investments
Investments which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Interim dividends are recognised when paid to the company's shareholders. Final dividends are recognised as a liability in the financial statements when approved by the members.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including the director |
|
|
| Plant and machinery etc. | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 November 2023 |
|
|
|
| At 31 October 2024 |
|
|
|
| Accumulated depreciation | |||
| At 01 November 2023 |
|
|
|
| Charge for the financial year |
|
|
|
| At 31 October 2024 |
|
|
|
| Net book value | |||
| At 31 October 2024 |
|
|
|
| At 31 October 2023 |
|
|
| Listed investments | Total | ||
| £ | £ | ||
| Cost or valuation before impairment | |||
| At 01 November 2023 |
|
|
|
| Additions |
|
|
|
| Disposals | (
|
(
|
|
| Movement in fair value |
|
|
|
| At 31 October 2024 |
|
|
|
| Carrying value at 31 October 2024 |
|
|
|
| Carrying value at 31 October 2023 |
|
|
The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £1,525,880 .
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year | (
|
(
|
|
| (Charged)/credited to the Profit and Loss Account | (
|
|
|
| At the end of financial year | (
|
(
|
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Balance owed to the director brought forward | 199,057 | 44,023 | |
| Repayments made to the director during the year | (403,636) | (253,348) | |
| Advances made to the company during the year | 444,637 | 408,382 | |
| Balance owed to director carried forward | 240,058 | 199,057 |
During the year, the director advanced a loan to the company of £444,637 (2023 - £408,382). During the year, the company repaid £403,636 (2023 - £253,348) to the director. The loan from the director is interest free and repayable on demand. However, if the director loan account becomes overdrawn, the loan is interest bearing at HMRC's official rate of interest and is repayable on demand. At the balance sheet date the amount due to the director was £240,058 (2023- £199,057).