JMT Finance Limited
JMT Finance Limited
Registered number: 12286188
Unaudited Financial Statements
For The Year Ended
31 October 2021
A K E Tax & Accountancy Ltd
Chartered Certified Accountants & Registered Auditors
2nd Floor, 15 The Broadway
Hatfield
Hertfordshire
AL9 5HZ
JMT Finance Limited
Unaudited Financial Statements
For The Year Ended
31 October 2021
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 2—3 |
Notes to the Financial Statements | 4—6 |
JMT Finance Limited
Balance Sheet
As at
31 October 2021
Balance Sheet
Registered number:
12286188
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2021 | 2020 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Investments | 3 |
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CURRENT ASSETS | |||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 5 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 6 |
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Share premium account |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 6,398,755 | 1,812,532 | |||
JMT Finance Limited
Balance Sheet (continued)
As at
31 October 2021
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 4 to 6 form part of these financial statements.
JMT Finance Limited
Notes to the Financial Statements
For The Year Ended
31 October 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and net of discounts. Turnover includes revenue earned from the interest receivable on finance provided and security document fees on those loans.
Rendering of services
Turnover from the rendering of services is recognised by reference to the interest charged over the duration of the contract. Turnover is only recognised as interest income for the period the loan has covered in the accounting period. Turnover from security document fees is recognised at the point the agreement is signed.
1.3.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.4.
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.
1.5.
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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2020: 1)
JMT Finance Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
3.
Investments
Unlisted | |
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£ | |
Cost | |
As at
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12,575 |
As at
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12,575 |
Provision | |
As at
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- |
As at
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Net Book Value | |
As at
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12,575 |
As at
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12,575 |
Investments consists of 25% of the issued share capital of Prospect Estates Limited.
4.
Debtors
2021 | 2020 | ||
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£ | £ | ||
Due within one year | |||
Other debtors | 820,970 | 174,640 | |
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Due after more than one year | |||
Other debtors | 5,433,193 | 1,880,382 | |
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5.
Creditors: Amounts Falling Due Within One Year
2021 | 2020 | ||
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£ | £ | ||
Trade creditors |
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Amounts owed to participating interests | - | 169,379 | |
Other creditors | 1,800 | 72,220 | |
Taxation and social security | 101,047 | 5,968 | |
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JMT Finance Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2021
7.
Related Party Transactions
J E Lund
The above is a related party by virtue of being a director.
During the year, the director incurred expenses on behalf of the company and drew against his account.
At the balance sheet date, he was owed £Nil (2020: £70,400) by the company.
Dividends were voted in the period of £171,362 (2020: £Nil).
No interest has been charged on this loan during the period.
T L Lund
The above is a related party by virtue of being a participator.
At the balance sheet date, she owed £Nil (2020: £20) to the company.
No interest has been charged on this loan during the period.
Prospect Estates Limited
The above is a related party by virtue of common control.
During the year, the related party incurred expenses on behalf of the company.
At the balance sheet date, the related party was owed £Nil (2020: £169,379) by the company.
Dividends were received from the related party totalling £4,327,130 (2020: £1,780,000) in the period.
No interest has been charged on this loan during the period.
Paddico (267) Limited
The above is a related party by virtue of being under common control.
During the year the Company advanced a commercial loan to the related party amounting to £360,900 (2020; £Nil).
Interest is charged at 3% per annum on this loan.
8.
Ultimate Controlling Party
The ultimate controlling party is J E Lund by virtue of his majority shareholding.
9.
General Information
JMT Finance Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12286188
. The registered office is Prospect Court, 2 Courthouse Street, Otley, West Yorkshire, LS21 1AQ.