Jm-Imports Ltd
Jm-Imports Ltd
Registered number: 05776194
Unaudited ABRIDGED Financial Statements
For The Year Ended
30 April 2021
Jm-Imports Ltd
Unaudited Financial Statements
For The Year Ended
30 April 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Statement of Financial Position | 1—2 |
| Notes to the Abridged Financial Statements | 3—4 |
Jm-Imports Ltd
Abridged Statement of Financial Position
As at
30 April 2021
Abridged Statement of Financial Position
Registered number:
05776194
For the year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | (162,755) | (42,670) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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( |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 4 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 141,118 | 72,308 | |||
Page 1
Jm-Imports Ltd
Abridged Statement of Financial Position (continued)
As at
30 April 2021
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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 Income Statement.
-
All of the company's members have consented to the preparation of an Abridged Income Statement and an Abridged Statement of Financial Position for the year end 30 April 2021 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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Director
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
Jm-Imports Ltd
Notes to the Abridged Financial Statements
For The Year Ended
30 April 2021
Notes to the Abridged 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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Income Recognition and Work in Progress
Revenue is recognised at the point at which goods and services are supplied to customers. Where services have been performed/goods ordered and the proportion not invoiced until after the year end, specific revenue is recognised and provided for by reference to the value of work performed.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Short Leasehold Improvements |
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| Plant & Machinery |
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| Fixtures, Fittings, Plant & Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
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 year 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 asset reflects 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.
Page 3
Jm-Imports Ltd
Notes to the Abridged Financial Statements (continued)
For The Year Ended
30 April 2021
1.6.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 11 (2020: 7)
3.
Tangible Assets
| Total | |
|---|---|
| £ | |
| Cost | |
| As at
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| Additions |
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| As at
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| Net Book Value | |
| As at
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| As at
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5.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
|
Amounts advanced | Amounts repaid | Amounts written off | As at
|
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Jurgen Vallons |
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- |
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The above loan was repaid to the Company on 15 September 2021.
6.
General Information
Jm-Imports Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
05776194
. The registered office is Unit 12 Bellway Industrial Estate, Whitley Road, Longbenton, Newcastle upon Tyne, NE12 9SW.
Page 4