ACCOUNTS - Final Accounts

JML INDUSTRIES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-07-01 07655118 2017-07-01 2018-06-30 07655118 2016-07-01 2017-06-30 07655118 2018-06-30 07655118 2017-06-30 07655118 c:Director1 2017-07-01 2018-06-30 07655118 c:RegisteredOffice 2017-07-01 2018-06-30 07655118 d:FurnitureFittings 2017-07-01 2018-06-30 07655118 d:FurnitureFittings 2018-06-30 07655118 d:FurnitureFittings 2017-06-30 07655118 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 07655118 d:OfficeEquipment 2017-07-01 2018-06-30 07655118 d:OfficeEquipment 2018-06-30 07655118 d:OfficeEquipment 2017-06-30 07655118 d:OfficeEquipment d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 07655118 d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 07655118 d:CurrentFinancialInstruments 2017-06-30 07655118 d:Non-currentFinancialInstruments 2018-06-30 07655118 d:Non-currentFinancialInstruments 2017-06-30 07655118 d:ShareCapital 2018-06-30 07655118 d:ShareCapital 2017-06-30 07655118 d:RetainedEarningsAccumulatedLosses 2018-06-30 07655118 d:RetainedEarningsAccumulatedLosses 2017-06-30 07655118 c:FRS102 2017-07-01 2018-06-30 07655118 c:AuditExempt-NoAccountantsReport 2017-07-01 2018-06-30 07655118 c:FullAccounts 2017-07-01 2018-06-30 07655118 c:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 iso4217:GBP xbrli:pure

Registered number: 07655118

JML INDUSTRIES LIMITED

UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

JML INDUSTRIES LIMITED

Company Information

Director	Liangyin Liu


Registered number	07655118


Registered office	3rd Floor
	12 Gough Square
	London
	EC4A 3DW

JML INDUSTRIES LIMITED

Registered number: 07655118

Balance sheet

As at 30 June 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		-		767
			-		767
Current assets
Debtors	5	18,769		25,351
Cash at bank and in hand		4,152		3,250
		22,921		28,601
Creditors: amounts falling due within one year	6	(706,013)		(611,726)
Net current liabilities			(683,092)		(583,125)
Total assets less current liabilities			(683,092)		(582,358)

Net liabilities			(683,092)		(582,358)

Capital and reserves
Called up share capital	2	2
Profit and loss account	(683,094)	(582,360)
	(683,092)	(582,358)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

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JML INDUSTRIES LIMITED

Registered number: 07655118

Balance sheet (continued)

As at 30 June 2018

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2018.

Liangyin Liu

Director

The notes on pages 3 to 7 form part of these financial statements.

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JML INDUSTRIES LIMITED

Notes to the financial statements

For the Year Ended 30 June 2018

1.	General information

JML Industries Limited is a private company limited by share capital and incorporated in England and Wales. The company's registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The company has ceased to trade since the year end and it is the intention that the company be wound up in due course. Accordingly, the accounts have been prepared on a break up basis.

2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures & fittings	-	20% straight line
				Office equipment	-	20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

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JML INDUSTRIES LIMITED

Notes to the financial statements

For the Year Ended 30 June 2018

2.Accounting policies (continued)

2.5

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account..

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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JML INDUSTRIES LIMITED

Notes to the financial statements

For the Year Ended 30 June 2018

2.Accounting policies (continued)

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

2.11

Operating leases

Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.12

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.13

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 4).

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JML INDUSTRIES LIMITED

Notes to the financial statements

For the Year Ended 30 June 2018

4.	Tangible fixed assets

	Fixtures & fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 July 2017	380	899	1,279
At 30 June 2018	380	899	1,279
Depreciation
At 1 July 2017	152	360	512
Charge for the year	76	180	256
Impairment charge	152	359	511
At 30 June 2018	380	899	1,279
Net book value
At 30 June 2018	-	-	-
At 30 June 2017	228	539	767

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JML INDUSTRIES LIMITED

Notes to the financial statements

For the Year Ended 30 June 2018

Debtors

					2018	2017
					£	£

Due after more than one year
Other debtors	12,500	12,500
	12,500	12,500
Due within one year
Trade debtors	-	43
Other debtors	-	616
Prepayments and accrued income	6,269	12,192
	18,769	25,351

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Other loans	700,624	590,098
Trade creditors	-	11,962
Other taxation and social security	1,370	879
Other creditors	44	4,812
Accruals and deferred income	3,975	3,975
	706,013	611,726

7.	Related party transactions
	During the year, the Director, Liangyin Liu, has provided a loan to the company. At the year end, the balance owed to the director was £700,624 (2017: £590,098). The loan is interest free and repayable on demand.

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