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COMPANY REGISTRATION NUMBER: NI605240

JM Electrics Ltd

Filleted Unaudited Financial Statements

31 December 2024

JM Electrics Ltd

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 75,798 | 43,381

Current assets

Debtors | 7 | 333,089 |  | 158,873
Cash at bank and in hand | 64,429 |  | 182,686
| --------- |  | ---------
| 397,518 |  | 341,559

Creditors: amounts falling due within one year | 8 | 141,557 |  | 107,562
| --------- |  | ---------
Net current assets |  | 255,961 | 233,997
|  | --------- | ---------
Total assets less current liabilities |  | 331,759 | 277,378

Provisions

Taxation including deferred tax |  | 18,950 | –
|  | --------- | ---------
Net assets |  | 312,809 | 277,378
|  | --------- | ---------

Capital and reserves

Called up share capital |  | 100 | 100
Profit and loss account |  | 312,709 | 277,278
|  | --------- | ---------
Shareholders funds |  | 312,809 | 277,378
|  | --------- | ---------

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.
For the year ending 31 December 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 .

JM Electrics Ltd

Statement of Financial Position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

Mr. J Moore
Director

Company registration number: NI605240

JM Electrics Ltd

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 95 Old Ballygowan Road, Comber, Co. Down, BT23 5RX, Northern Ireland.
2. Statement of compliance
J M Electrics Limited is a limited liability company incorporated in Northern Ireland. The registered office is 95 Old Ballygowan Road, Comber, BT23 5RX. The financial statements have been prepared in accordance with applicable accounting standards.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Consequently, actual results may differ from these estimates. Significant Judgements To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Going concern In order to assess whether it is appropriate for the company to be reported as a going concern, the directors apply judgement, having undertaken appropriate enquiries and having considered the business activities and the company's principal risks and uncertainties. In arriving at this judgement there are a large number of assumptions and estimates involved. This includes management's expectations of revenue, timing and quantum of any future capital expenditure and estimates and cost of future funding. Key Sources of Estimation Uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key estimates that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Revenue recognition Revenue comprises the fair value of consideration received or receivable for the sale of services. The timing of revenue on electrical services depends on the assessed stage of completion of service activity at the balance sheet date. This assessment requires the total revenues and costs to be estimated based on the current progress of the project. Impairment Goodwill is tested for impairment in accordance with the accounting policy for goodwill set out below. The recoverable amount of goodwill is determined based on value in use. This calculation requires the use of estimates and projections. Depreciation The company's balance sheet reflects a tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. There have been no significant revisions to the estimated lives during the current financial year. Bad debts The company assesses whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost - these include trade debtors. If there is objective evidence of impairment, the company recognises a bad debt in its statement of income immediately. However, it in making that assessment, events may subsequently occur which could indicate that a trade debtor has become impaired, or a previously impaired debt has become recoverable.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:

| Plant and machinery | - | 25% reducing balance
| Fixtures and fittings | - | 25% reducing balance
| Motor vehicles | - | 25% reducing balance

Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 as a finance cost 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 January 2024 and 31 December 2024 | 153,798
| ---------
Amortisation |
At 1 January 2024 and 31 December 2024 | 153,798
| ---------
Carrying amount |
At 31 December 2024 | –
| ---------
At 31 December 2023 | –
| ---------

6. Tangible assets

| Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 January 2024 | 30,551 | 21,269 | 102,796 | 154,616
Additions | 584 | – | 57,100 | 57,684
| -------- | -------- | --------- | ---------
At 31 December 2024 | 31,135 | 21,269 | 159,896 | 212,300
| -------- | -------- | --------- | ---------
Depreciation |  |  |  |
At 1 January 2024 | 24,563 | 18,760 | 67,912 | 111,235
Charge for the year | 1,643 | 628 | 22,996 | 25,267
| -------- | -------- | --------- | ---------
At 31 December 2024 | 26,206 | 19,388 | 90,908 | 136,502
| -------- | -------- | --------- | ---------
Carrying amount |  |  |  |
At 31 December 2024 | 4,929 | 1,881 | 68,988 | 75,798
| -------- | -------- | --------- | ---------
At 31 December 2023 | 5,988 | 2,509 | 34,884 | 43,381
| -------- | -------- | --------- | ---------

7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 316,157 | 148,927
Other debtors | 16,932 | 9,946
| --------- | ---------
| 333,089 | 158,873
| --------- | ---------

8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 10,247 | 4,145
Corporation tax | 48,562 | 37,012
Social security and other taxes | 79,531 | 63,142
Other creditors | 3,217 | 3,263
| --------- | ---------
| 141,557 | 107,562
| --------- | ---------

9. Related party transactions
The directors confirm that the company did not engage in transactions with any related parties that were not conducted under normal market conditions.
10. Controlling party
During the period under review, Mr. John Moore acquired control of the company.