J & M Tubes Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04275005 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

J & M TUBES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M Gower

P B Gower

L D Richards

SECRETARY:

M Gower

REGISTERED OFFICE:

Unit 31

Central Trading Estate

Cable Street

Wolverhampton

West Midlands

WV2 2RL

REGISTERED NUMBER:

04275005 (England and Wales)

ACCOUNTANTS:

Crombies Accountants Limited

Chartered Accountants

34 Waterloo Road

Wolverhampton

West Midlands

WV1 4DG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,172

1,238

2,172

1,238

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

6

97,493

73,484

Prepayments and accrued income

256

-

Cash at bank

65,336

58,164

165,585

134,148

CREDITORS

Amounts falling due within one year

7

77,459

36,207

NET CURRENT ASSETS

88,126

97,941

TOTAL ASSETS LESS CURRENT LIABILITIES

90,298

99,179

CREDITORS

Amounts falling due after more than one year

8

38,333

48,611

NET ASSETS

51,965

50,568

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

51,865

50,468

SHAREHOLDERS' FUNDS

51,965

50,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2022 and were signed on its behalf by:

P B Gower - Director

1.	STATUTORY INFORMATION

J & M Tubes 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 2001, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% - 25% on reducing balance

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.

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 6 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2020

and 30 November 2021

140,400

AMORTISATION

At 1 December 2020

and 30 November 2021

140,400

NET BOOK VALUE

At 30 November 2021

-

At 30 November 2020

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Office

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 December 2020

10,065

1,186

468

11,719

Additions

-

700

800

1,500

At 30 November 2021

10,065

1,886

1,268

13,219

DEPRECIATION

At 1 December 2020

9,601

701

179

10,481

Charge for year

116

178

272

566

At 30 November 2021

9,717

879

451

11,047

NET BOOK VALUE

At 30 November 2021

348

1,007

817

2,172

At 30 November 2020

464

485

289

1,238

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

92,171

62,346

Other debtors

5,322

11,138

97,493

73,484

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

1,389

Trade creditors

47,785

19,647

Taxation and social security

15,575

11,595

Other creditors

4,099

3,576

77,459

36,207

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

38,333

48,611