Registration number: 07208828

JGMArt Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

JGMArt Ltd

Company Information

Directors

Mr FS Guerrini-Maraldi Mrs J Guerrini-Maraldi

Registered office

24 Howie Street London SW11 4AY

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

JGMArt Ltd

(Registration number: 07208828)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	10,008	17,814
Current assets
Stocks	5	204,459	183,155
Debtors	6	54,267	23,479
		258,726	206,634
Creditors: Amounts falling due within one year	7	(587,699)	(561,273)
Net current liabilities		(328,973)	(354,639)
Net liabilities		(318,965)	(336,825)
Capital and reserves
Called up share capital	8	1	1
Retained earnings		(318,966)	(336,826)
Shareholders' deficit		(318,965)	(336,825)

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 22 October 2025 and signed on its behalf by:
 

......................................... Mrs J Guerrini-Maraldi Director

JGMArt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales and Wales .

The address of its registered office is:
24 Howie Street
London
SW11 4AY
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when The amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

JGMArt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Equipment	25% Straight line
Leasehold improvements	10% Straight line
Fixtures and Fittings	25% Reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

JGMArt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

JGMArt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	82,261	10,681	92,942
Additions	-	1,083	1,083
At 31 March 2025	82,261	11,764	94,025
Depreciation
At 1 April 2024	65,343	9,785	75,128
Charge for the year	8,226	663	8,889
At 31 March 2025	73,569	10,448	84,017
Carrying amount
At 31 March 2025	8,692	1,316	10,008
At 31 March 2024	16,918	896	17,814

Included within the net book value of land and buildings above is £8,692 (2024 - £16,918) in respect of short leasehold improvements.
 

5

Stocks

	2025 £	2024 £
Other inventories	204,459	183,155

6

Debtors

	2025 £	2024 £
Trade debtors	2,000	2,340
Other debtors	52,267	21,139
	54,267	23,479

JGMArt Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	51,006	61,367
Trade creditors		-	408
Taxation and social security		1,593	560
Accruals and deferred income		2,049	6,366
Other creditors		533,051	492,572
		587,699	561,273

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1

9	Loans and borrowings

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	51,006	61,367

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £64,755 (2024 - £103,608. The future minimum lease periods under non-cancellable operating leases are:
for one year £38,853 and later than one year but not later than five years £25,902.
 

11	Related party transactions

Included in other creditors is an amount owed to the Directors of £527,997 (£490,375- 2024)