J.M.C._AG_LIMITED

J.M.C. AG LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 6

J.M.C. AG LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2016

- 1 -

2016

2015

Notes

£

Fixed assets

Intangible assets

2

40,000

60,000

Tangible assets

2

5,673,240

5,510,889

Investments

2

1

-

5,713,241

5,570,889

Current assets

Stocks

89,167

91,250

Debtors

3

1,867,950

1,930,952

Cash at bank and in hand

113,354

113,324

2,070,471

2,135,526

Creditors: amounts falling due within one year

4

(2,036,975)

(1,935,083)

Net current assets

33,496

200,443

Total assets less current liabilities

5,746,737

5,771,332

Creditors: amounts falling due after more than one year

5

(2,122,385)

(2,674,954)

Provisions for liabilities

(279,800)

(280,700)

3,344,552

2,815,678

Capital and reserves

Called up share capital

6

300

Profit and loss account

3,344,252

2,815,378

Shareholders' funds

3,344,552

2,815,678

J.M.C. AG LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

30 SEPTEMBER 2016

- 2 -

For the financial year ended 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

-

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

-

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 16 June 2017

Mr J W Smith

Director

Company Registration No. 02418351

J.M.C. AG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 3 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties on an existing use open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

- at various rates

Computer equipment

- 33% on cost

Fixtures, fittings and equipment

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

J.M.C. AG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

1

Accounting policies

(Continued)

- 4 -

1.8

Stock

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

1.9

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.10

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.11

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

J.M.C. AG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 5 -

2

Fixed assets

Intangible assets

Tangible assets

Investments

Total

£

Cost

At 1 October 2015

100,000

8,963,766

-

9,063,766

Additions

-

2,053,535

1

2,053,536

Disposals

-

(1,213,378)

-

(1,213,378)

At 30 September 2016

100,000

9,803,923

1

9,903,924

Depreciation

At 1 October 2015

40,000

3,452,877

-

3,492,877

On disposals

-

(466,866)

-

(466,866)

Charge for the year

20,000

1,144,672

-

1,164,672

At 30 September 2016

60,000

4,130,683

-

4,190,683

Net book value

At 30 September 2016

40,000

5,673,240

1

5,713,241

At 30 September 2015

60,000

5,510,889

-

5,570,889

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

%

Subsidiary undertakings

J.M.C Aggregates Limited

England and Wales

Ordinary

100.00

The first year accounts for J.M.C Aggregates Limited have not yet been prepared. To date the company has been dormant.

3

Debtors

Debtors include an amount of £609,994 (2015 - £689,853) which is due after more than one year.

4

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £1,236,866 (2015 - £1,404,502).

J.M.C. AG LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2016

- 6 -

5

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £2,122,385 (2015 - £2,674,954).

6

Share capital

2016

2015

£

Allotted, called up and fully paid

300 Ordinary shares of £1 each

300

7

Related party relationships and transactions

Advances and credits to the director

During the year the company made the following loans to the director:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

£

Mr J W Smith

3.00

227,175

89,051

7,345

53,729

269,842

227,175

89,051

7,345

53,729

269,842

J.M.C._AG_LIMITED - Accounts

J.M.C._AG_LIMITED - Accounts