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JKM Motor Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

Registration number: 4456400

 

JKM Motor Services Limited

Contents

Statement of financial position

1 to 2

Notes to the Financial Statements

3 to 9

 

JKM Motor Services Limited

(Registration number: 4456400)
Statement of financial position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,160

3,603

Tangible assets

5

229,042

207,113

 

231,202

210,716

Current assets

 

Stocks

6

29,344

24,500

Debtors

7

2,038

5,706

Cash at bank and in hand

 

138,660

103,072

 

170,042

133,278

Creditors: Amounts falling due within one year

8

(123,452)

(97,718)

Net current assets

 

46,590

35,560

Total assets less current liabilities

 

277,792

246,276

Creditors: Amounts falling due after more than one year

8

(19,278)

(29,044)

Provisions for liabilities

(8,740)

(7,023)

Net assets

 

249,774

210,209

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

249,674

210,109

Shareholders' funds

 

249,774

210,209

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

JKM Motor Services Limited

(Registration number: 4456400)
Statement of financial position as at 30 June 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Directors' responsibilities:

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

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

Approved and authorised by the Board on 6 September 2023 and signed on its behalf by:
 

.........................................

Mrs K Burch
Director

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Bolde Close
Copnor
Portsmouth
Hampshire
PO3 5RD

These financial statements were authorised for issue by the Board on 6 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Equipment

25% Reducing Balance

Office Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Tenants Improvements

straight line over 50 years

Long Leasehold

straight line over 50 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

28,873

28,873

At 30 June 2023

28,873

28,873

Amortisation

At 1 July 2022

25,270

25,270

Amortisation charge

1,443

1,443

At 30 June 2023

26,713

26,713

Carrying amount

At 30 June 2023

2,160

2,160

At 30 June 2022

3,603

3,603

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

250,750

185,677

16,800

453,227

Additions

-

10,196

31,146

41,342

Disposals

-

(3,800)

-

(3,800)

At 30 June 2023

250,750

192,073

47,946

490,769

Depreciation

At 1 July 2022

82,431

159,343

4,340

246,114

Charge for the year

5,016

7,820

6,557

19,393

Eliminated on disposal

-

(3,780)

-

(3,780)

At 30 June 2023

87,447

163,383

10,897

261,727

Carrying amount

At 30 June 2023

163,303

28,690

37,049

229,042

At 30 June 2022

168,319

26,334

12,460

207,113

6

Stocks

2023
£

2022
£

Raw materials and consumables

27,844

24,500

Work in progress

1,500

-

29,344

24,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,038

5,706

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

10,648

10,648

Trade creditors

 

45,632

35,162

Taxation and social security

 

60,912

46,766

Accruals and deferred income

 

2,850

2,800

Other creditors

 

3,410

2,342

 

123,452

97,718

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

19,278

29,044

 

JKM Motor Services Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

19,278

29,044

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,648

10,648

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £28,972 (2022 - £1,521).