Jams (M/CR) Limited
Registered number: 07547472
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Intangible assets 3 66,700 66,700
Tangible assets 4 6,614 8,819
73,314 75,519
Current assets
Stocks 36,750 46,873
Debtors 5 - 909
Cash at bank and in hand 170,755 184,756
207,505 232,538
Creditors: amounts falling due within one year 6 (191,337) (224,417)
Net current assets 16,168 8,121
Net assets 89,482 83,640
Capital and reserves
Called up share capital 100 100
Profit and loss account 89,382 83,540
Shareholder's funds 89,482 83,640
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Wajid Mahmood
Director
Approved by the board on 25 April 2025
Jams (M/CR) Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2024 66,700
At 31 March 2025 66,700
Amortisation
At 31 March 2025 -
Net book value
At 31 March 2025 66,700
At 31 March 2024 66,700
Goodwill represents the purchased value of previous business and is carried in the accounts at its historic value on 1 March 2011. Goodwill is not amortised as the director is of the opinion that its carrying value is fully recoverable.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2024 1,054 14,420 15,474
At 31 March 2025 1,054 14,420 15,474
Depreciation
At 1 April 2024 1,018 5,637 6,655
Charge for the year 9 2,196 2,205
At 31 March 2025 1,027 7,833 8,860
Net book value
At 31 March 2025 27 6,587 6,614
At 31 March 2024 36 8,783 8,819
5 Debtors 2025 2024
£ £
Other debtors - 909
6 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 6,318 12,113
Trade creditors 84,696 122,318
Corporation tax - 2,826
Other taxes and social security costs 8,361 7,024
Accruals and deferred income 1,134 1,263
Director`s account 88,900 41,932
Other creditors 1,928 36,941
191,337 224,417
7 Controlling party
The company was controlled throughout the current and previous period by its sole director, Mr Wajid Mahmood, by virtue of his 100% holding of the isssued ordinary share capital of the company.
8 Other information
Jams (M/CR) Limited is a private company limited by shares and incorporated in England. Its registered office is:
92 Longford Road West
Reddish
Cheshire
SK5 6HY
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