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Registered number: 01510606













 
J. S. M. ENGINEERING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 OCTOBER 2024




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
J. S. M. ENGINEERING LIMITED
 


CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 11



 
J. S. M. ENGINEERING LIMITED
REGISTERED NUMBER:01510606


BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
799,666
841,142

Investment property
 5 
-
284,210

  
799,666
1,125,352

Non-current assets
  

Debtors due after more than one year
 6 
211,031
112,922

Current assets
  

Debtors due within one year
 6 
398,754
1,018,034

Cash at bank and in hand
  
4,349
4,186

  
403,103
1,022,220

  

Creditors: amounts falling due within one year
 7 
(988,601)
(1,235,293)

Net current liabilities
  
 
 
(585,498)
 
 
(213,073)

Total assets less current liabilities
  
425,199
1,025,201

Creditors: amounts falling due after more than one year
 8 
(19,696)
(108,611)

  

Net assets
  
405,503
916,590


Capital and reserves
  

Called up share capital 
  
500
500

Revaluation Reserve
  
237,872
469,633

Profit and loss account
  
167,131
446,457

  
405,503
916,590



Page 1


 
J. S. M. ENGINEERING LIMITED
REGISTERED NUMBER:01510606

    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 June 2025.




................................................
Mr A J S Busuttil
Company secretary and director

The notes on pages 3 to 11 form part of these financial statements.


Page 2


 
J. S. M. ENGINEERING LIMITED


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
23 Glaisdale Drive East
Bilborough
Nottingham
NG8 4GU

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The directors have not identified any critical judgements or key sources of estimation uncertainty in preparing these financial statements.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date, the company had net current liabilities of £585,498 (2023 - £213,073). The directors have expressed their willingness to continue to support the company and therefore the financial statements have been prepared on the going concern basis.


Page 3


 
J. S. M. ENGINEERING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Retentions are recognised as income when the company has earned the right to consideration. The retention is net of any remedial costs.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


Page 4


 
J. S. M. ENGINEERING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


Page 5


 
J. S. M. ENGINEERING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.


Leasehold property
-
Over the remaining life of lease
Plant and equipment
-
20%
and 10% straight line.
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
20%
and 10% straight line.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.


Page 6


 
J. S. M. ENGINEERING LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 50).


Page 7


 
J. S. M. ENGINEERING LIMITED


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Tangible fixed assets





Leasehold property
Plant and equipment
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 November 2023
801,720
126,073
168,059
14,164
1,110,016


Disposals
-
-
(13,358)
(3,964)
(17,322)



At 31 October 2024

801,720
126,073
154,701
10,200
1,092,694



Depreciation


At 1 November 2023
22,586
105,471
131,273
9,544
268,874


Charge for the year on owned assets
22,586
4,458
13,802
630
41,476


Disposals
-
-
(13,358)
(3,964)
(17,322)



At 31 October 2024

45,172
109,929
131,717
6,210
293,028



Net book value



At 31 October 2024
756,548
16,144
22,984
3,990
799,666



At 31 October 2023
779,134
20,602
36,786
4,620
841,142

Revaluation
The fair value of the company's leasehold property was revalued on 31 January 2023 by an independent valuer. The name of the independent valuer is Fisher Hargreaves Proctor Limited. The independent valuer based the valuations on other similar transactions which had taken place in the same area and adjusted these amounts for the building's individual features.
The directors believe this valuation represent the fair value of the property at the balance sheet date.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £503,901 (2023 - £534,707).


Page 8


 
J. S. M. ENGINEERING LIMITED


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Investment property


2023

£





At 1 November 2023
284,210


Disposals
(284,210)



At 31 October 2024
-





6.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
35,720
57,525

Deferred tax asset
175,311
55,397

211,031
112,922


2024
2023
£
£

Due within one year

Trade debtors
281,124
570,348

Other debtors
117,630
447,686

398,754
1,018,034



Page 9


 
J. S. M. ENGINEERING LIMITED


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Loans and borrowings
183,786
96,179

Trade creditors
162,886
318,070

Amounts owed to group undertakings
340,338
512,298

Other taxation and social security
38,598
45,907

Obligations under finance lease and hire purchase contracts
4,653
12,534

Other creditors
227,981
214,387

Accruals and deferred income
30,359
35,918

988,601
1,235,293


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
4,653
12,533

Bank loans
-
23,119

4,653
35,652

Details of security provided:

Bank loans were secured via a legal charge from National Westminster Bank PLC dated 17 October 2007. This is a fixed charge over all leasehold property. Bank loans were repaid in the year.
Hire purchase contracts are secured against the assets they relate to.


Page 10


 
J. S. M. ENGINEERING LIMITED


NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Loans and borrowings
10,012
95,144

Net obligations under finance leases and hire purchase contracts
9,684
13,467

19,696
108,611


The following liabilities were secured:

2024
2023
£
£



Hire purchase contracts
9,684
13,467

Bank loans
-
75,172

9,684
88,639

Details of security provided:

Bank loans were secured via a legal charge from National Westminster Bank PLC dated 17 October 2007. This is a fixed charge over all leasehold property. Bank loans were repaid in the year.
Hire purchase contracts are secured against the assets they relate to.


9.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
725
725

Later than 1 year and not later than 5 years
2,900
2,900

Later than 5 years
20,844
21,569

24,469
25,194


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 October 2024 was unqualified.

The audit report was signed on 25 June 2025 by Mr James Haywood ACA (Senior Statutory Auditor) on behalf of Page Kirk LLP.

 

Page 11