6 31/01/2023 2023-01-31 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08859340 2022-02-01 2023-01-31 08859340 2023-01-31 08859340 2022-01-31 08859340 2021-02-01 2022-01-31 08859340 2022-01-31 08859340 core:PlantMachinery 2022-02-01 2023-01-31 08859340 core:NetGoodwill 2022-02-01 2023-01-31 08859340 bus:RegisteredOffice 2022-02-01 2023-01-31 08859340 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 08859340 bus:LeadAgentIfApplicable 2022-02-01 2023-01-31 08859340 bus:Director1 2022-02-01 2023-01-31 08859340 bus:Director2 2022-02-01 2023-01-31 08859340 core:NetGoodwill 2023-01-31 08859340 core:PlantMachinery 2022-01-31 08859340 core:PlantMachinery 2023-01-31 08859340 core:WithinOneYear 2023-01-31 08859340 core:WithinOneYear 2022-01-31 08859340 core:AfterOneYear 2023-01-31 08859340 core:AfterOneYear 2022-01-31 08859340 core:UKTax 2022-02-01 2023-01-31 08859340 core:UKTax 2021-02-01 2022-01-31 08859340 core:ShareCapital 2023-01-31 08859340 core:ShareCapital 2022-01-31 08859340 core:RetainedEarningsAccumulatedLosses 2023-01-31 08859340 core:RetainedEarningsAccumulatedLosses 2022-01-31 08859340 bus:OrdinaryShareClass1 core:ShareCapital 2023-01-31 08859340 bus:OrdinaryShareClass1 core:ShareCapital 2022-01-31 08859340 core:DeferredTaxation 2022-02-01 2023-01-31 08859340 core:NetGoodwill 2022-01-31 08859340 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 08859340 core:AcceleratedTaxDepreciationDeferredTax 2022-01-31 08859340 core:PlantMachinery 2022-01-31 08859340 core:DeferredTaxation 2022-01-31 08859340 core:DeferredTaxation 2023-01-31 08859340 bus:SmallEntities 2022-02-01 2023-01-31 08859340 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08859340 bus:FullAccounts 2022-02-01 2023-01-31 08859340 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08859340 bus:PrivateLimitedCompanyLtd 2022-02-01 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
Directors Jason David Gorner
Maxine Gorner
Company number 08859340
Registered office 1 Hove Road
Lytham St Annes
FY8 1TP
Business address 1 Hove Road
Lytham St Annes
FY8 1TP
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Barclays
2-4 Birley Street
Blackpool
FY1 1DX
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
2023 2022
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
Creditors: amounts falling due
after more than one year 11 ( 23,333) ( 33,333)
Provisions for liabilities 12 ( 151) ( 201)
_______ _______
Net assets 22,575 21,143
_______ _______
Capital and reserves
Called up share capital 14 100 100
Profit and loss account 22,475 21,043
_______ _______
Shareholders funds 22,575 21,143
_______ _______
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:
Plant and machinery - 25 % reducing balance
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
At 1 February 2022 and 31 January 2023 - -
_______ _______
Carrying amount
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
_______ _______ _______ _______