JMC Minerals LLP - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: OC427231 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023

FOR

JMC MINERALS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

J.M.C. Ag Limited

T Smith

Mrs M Smith

REGISTERED OFFICE:

Broadfields Farm Park

Chapel Lane

Merstone

Newport

Isle of Wight

PO30 3DA

REGISTERED NUMBER:

OC427231 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

FIXED ASSETS

Tangible assets

4

2,363,756

2,376,913

Investments

5

473

473

2,364,229

2,377,386

CURRENT ASSETS

Debtors

6

35,141

62,148

Cash at bank and in hand

11,871

1,476

47,012

63,624

CREDITORS

Amounts falling due within one year

7

89,720

110,184

NET CURRENT LIABILITIES

(42,708

)

(46,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,321,521

2,330,826

CREDITORS

Amounts falling due after more than one year

8

1,101,432

1,153,596

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,220,089

1,177,230

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

133,194

90,335

MEMBERS' OTHER INTERESTS

Capital accounts

1,086,895

1,086,895

1,220,089

1,177,230

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

133,194

90,335

Members' other interests

1,086,895

1,086,895

1,220,089

1,177,230

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st May 2023.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 20th February 2024 and were signed by:

J.M.C. Ag Limited - Designated member

T Smith - Designated member

1.	STATUTORY INFORMATION

JMC Minerals LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. 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.

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 etc

-

25% on reducing balance

No depreciation is charged on either freehold land or freehold property as in the opinion of the members any depreciation charge would be immaterial. The members undertake an annual review of the freehold properties and any permanent impairment is recognised.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st June 2022

and 31st May 2023

2,324,286

91,144

2,415,430

DEPRECIATION

At 1st June 2022

-

38,517

38,517

Charge for year

-

13,157

13,157

At 31st May 2023

-

51,674

51,674

NET BOOK VALUE

At 31st May 2023

2,324,286

39,470

2,363,756

At 31st May 2022

2,324,286

52,627

2,376,913

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1st June 2022

and 31st May 2023

473

NET BOOK VALUE

At 31st May 2023

473

At 31st May 2022

473

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Trade debtors

35,141

16,884

Other debtors

-

45,264

35,141

62,148

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans and overdrafts

69,543

99,076

Trade creditors

4,796

3,182

Taxation and social security

13,081

4,093

Other creditors

2,300

3,833

89,720

110,184

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.23

31.5.22

£

£

Bank loans

840,373

892,537

Other creditors

261,059

261,059

1,101,432

1,153,596

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

575,533

554,845

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up.