Jemic Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05184428 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

JEMIC LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Robinson

M J Robinson

SECRETARY:

Mrs J Redman

REGISTERED OFFICE:

Unit X1, Rudford Industrial Estate

Ford

Aurndel

West Sussex

BN18 0BF

REGISTERED NUMBER:

05184428 (England and Wales)

ACCOUNTANTS:

Adams Beeny Limited

Chartered Certified Accountants

4 Sudley Road

Bognor Regis

West Sussex

PO21 1EU

FIXED ASSETS

Intangible assets

4

3,000

3,750

Tangible assets

5

37,064

34,189

40,064

37,939

CURRENT ASSETS

Stocks

192,634

182,000

Debtors

6

279,210

273,926

Cash at bank and in hand

39,213

31,975

511,057

487,901

CREDITORS

Amounts falling due within one year

7

503,196

449,833

NET CURRENT ASSETS

7,861

38,068

TOTAL ASSETS LESS CURRENT LIABILITIES

47,925

76,007

CREDITORS

Amounts falling due after more than one year

8

(17,335

)

-

PROVISIONS FOR LIABILITIES

9

-

(2,042

)

NET ASSETS

30,590

73,965

CAPITAL AND RESERVES

Called up share capital

10

3

3

Retained earnings

30,587

73,962

SHAREHOLDERS' FUNDS

30,590

73,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 July 2021 and were signed on its behalf by:

M Robinson - Director

1.	STATUTORY INFORMATION

Jemic Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

15,000

AMORTISATION

At 1 April 2020

11,250

Charge for year

750

At 31 March 2021

12,000

NET BOOK VALUE

At 31 March 2021

3,000

At 31 March 2020

3,750

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

159,418

Additions

25,737

Disposals

(33,192

)

At 31 March 2021

151,963

DEPRECIATION

At 1 April 2020

125,229

Charge for year

12,361

Eliminated on disposal

(22,691

)

At 31 March 2021

114,899

NET BOOK VALUE

At 31 March 2021

37,064

At 31 March 2020

34,189

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2020

15,670

Additions

24,980

Disposals

(15,670

)

At 31 March 2021

24,980

DEPRECIATION

At 1 April 2020

10,713

Charge for year

6,245

Eliminated on disposal

(10,713

)

At 31 March 2021

6,245

NET BOOK VALUE

At 31 March 2021

18,735

At 31 March 2020

4,957

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

250,745

241,934

Other debtors

28,465

31,992

279,210

273,926

There is an unrecognised deferred tax debtor amounting to £6,445 at balancesheet date. This arises from trading losses carried forward.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

50,000

-

Hire purchase contracts and finance leases

3,979

4,956

Trade creditors

227,986

253,847

Taxation and social security

74,125

40,067

Other creditors

147,106

150,963

503,196

449,833

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts and finance leases

17,335

-

9.	PROVISIONS FOR LIABILITIES

31.3.21

31.3.20

£

£

Deferred tax

Accelerated capital allowances

-

2,042

Deferred

tax

£

Balance at 1 April 2020

2,042

Balance at 31 March 2021

2,042

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

3

Ordinary

£1

3

3

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

M Robinson

Balance outstanding at start of year

39,670

39,670

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

39,670

39,670

The loan is interest free and repayable on demand.

12.	RELATED PARTY DISCLOSURES

Included in creditors is £101,500 (2020 £103,500) representing a loan from Mr. M. Robinson`s parents.

It is interest free and repayable on demand.