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2023-01-31
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No description of principal activities is disclosed
2022-02-01
Sage Accounts Production 21.0 - FRS102_2021
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2023-01-31
08859340
2022-01-31
08859340
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2022-01-31
08859340
2022-01-31
08859340
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2023-01-31
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2023-01-31
08859340
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08859340
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2023-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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2023-01-31
08859340
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2021-02-01
2022-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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08859340
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2022-01-31
08859340
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2023-01-31
08859340
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2022-01-31
08859340
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2022-01-31
08859340
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08859340
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2023-01-31
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2023-01-31
Company registration number:
08859340
J & M Cars Ltd
Unaudited financial statements
31 January 2023
J & M Cars Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
J & M Cars Ltd
Directors and other information
|
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Directors |
Jason David Gorner |
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|
Maxine Gorner |
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Company number |
08859340 |
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Registered office |
1 Hove Road |
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Lytham St Annes |
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FY8 1TP |
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Business address |
1 Hove Road |
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Lytham St Annes |
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FY8 1TP |
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Accountants |
Leach Briely |
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Craven House |
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32 Lee Lane |
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Horwich |
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Bolton |
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BL6 7BY |
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Bankers |
Barclays |
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2-4 Birley Street |
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Blackpool |
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FY1 1DX |
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J & M Cars Ltd
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of J & M Cars Ltd
Year ended 31 January 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J & M Cars Ltd for the year ended 31 January 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of J & M Cars Ltd, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of J & M Cars Ltd and state those matters that we have agreed to state to the board of directors of J & M Cars Ltd, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & M Cars Ltd and its board of directors for our work or for this report.
It is your duty to ensure that J & M Cars Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J & M Cars Ltd. You consider that J & M Cars Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of J & M Cars Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
20 September 2023
J & M Cars Ltd
Statement of financial position
31 January 2023
|
|
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2023 |
|
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|
2022 |
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|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
7 |
25,000 |
|
|
|
25,000 |
|
|
Tangible assets |
|
8 |
795 |
|
|
|
1,060 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
25,795 |
|
|
|
26,060 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
45,852 |
|
|
|
101,267 |
|
|
Debtors |
|
9 |
7,024 |
|
|
|
1,238 |
|
|
Cash at bank and in hand |
|
|
46,703 |
|
|
|
33,029 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
99,579 |
|
|
|
135,534 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
10 |
(
79,315) |
|
|
|
(
106,917) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
20,264 |
|
|
|
28,617 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
46,059 |
|
|
|
54,677 |
|
|
|
|
|
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Creditors: amounts falling due |
|
|
|
|
|
|
|
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|
after more than one year |
|
11 |
|
|
(
23,333) |
|
|
|
(
33,333) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
12 |
|
|
(
151) |
|
|
|
(
201) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
22,575 |
|
|
|
21,143 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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|
|
|
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Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
14 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
|
|
|
22,475 |
|
|
|
21,043 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
22,575 |
|
|
|
21,143 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
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For the year ending 31 January 2023 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2023
, and are signed on behalf of the board by:
Jason David Gorner
Director
Company registration number:
08859340
J & M Cars Ltd
Notes to the financial statements
Year ended 31 January 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Hove Road, Lytham St Annes, FY8 1TP.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable in respect of car sales, repairs and valeting services rendered by the company during the year.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. This accounting policy departs from the usual requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £2,500 and the profit for the year reduced accordingly.
Tangible assets
Tangible assets are initally recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
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Plant and machinery |
- |
25 % |
reducing balance |
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Stocks
Stocks are measured at cost.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and 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 Statement of income and retained earnings.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
6
).
5.
Interest payable and similar expenses
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Bank loan |
|
|
1,072 |
2,158 |
|
Other interest payable and similar expenses |
|
|
- |
3,600 |
|
|
|
|
_______ |
_______ |
|
|
|
|
1,072 |
5,758 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Tax on profit
Major components of tax expense
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
UK current tax expense |
|
5,078 |
7,748 |
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
50) |
(
67) |
|
|
|
_______ |
_______ |
|
Tax on profit |
|
5,028 |
7,681 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 February 2022 and 31 January 2023 |
25,000 |
25,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
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At 1 February 2022 and 31 January 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
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At 31 January 2023 |
25,000 |
25,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 January 2022 |
25,000 |
25,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
8.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 February 2022 and 31 January 2023 |
2,650 |
2,650 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 February 2022 |
1,590 |
1,590 |
|
|
|
|
|
|
Charge for the year |
265 |
265 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 January 2023 |
1,855 |
1,855 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 January 2023 |
795 |
795 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 January 2022 |
1,060 |
1,060 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
6,953 |
1,180 |
|
Other debtors |
|
71 |
58 |
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
7,024 |
1,238 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loan |
|
10,000 |
10,000 |
|
Trade creditors |
|
28,434 |
27,665 |
|
Corporation tax |
|
5,078 |
7,748 |
|
Social security and other taxes |
|
8,088 |
12,543 |
|
Other creditors |
|
27,715 |
48,961 |
|
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
79,315 |
106,917 |
|
|
|
_______ |
_______ |
|
|
|
|
|
11.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loan |
|
23,333 |
33,333 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Provisions
|
|
Deferred tax (note 13) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
At 1 February 2022 |
201 |
201 |
|
|
|
|
Charges against provisions |
(
50) |
(
50) |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
At 31 January 2023 |
151 |
151 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 12) |
|
151 |
201 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
151 |
201 |
|
|
|
_______ |
_______ |
|
|
|
|
|
14.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|