Jordan Cars Holdings Limited 12185540 false 2021-08-01 2022-07-31 2022-07-31 The principal activity of the company is Holding Company Digita Accounts Production Advanced 6.30.9574.0 12185540 2021-08-01 2022-07-31 12185540 2022-07-31 12185540 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2022-07-31 12185540 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 12185540 core:Non-currentFinancialInstruments 2022-07-31 12185540 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 12185540 core:LandBuildings 2022-07-31 12185540 bus:SmallEntities 2021-08-01 2022-07-31 12185540 bus:AuditExemptWithAccountantsReport 2021-08-01 2022-07-31 12185540 bus:FullAccounts 2021-08-01 2022-07-31 12185540 bus:SmallCompaniesRegimeForAccounts 2021-08-01 2022-07-31 12185540 bus:RegisteredOffice 2021-08-01 2022-07-31 12185540 bus:Director1 2021-08-01 2022-07-31 12185540 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-08-01 2022-07-31 12185540 bus:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 12185540 core:LandBuildings 2021-08-01 2022-07-31 12185540 countries:AllCountries 2021-08-01 2022-07-31 12185540 2021-07-31 12185540 core:LandBuildings 2021-07-31 12185540 2020-10-01 2021-07-31 12185540 2021-07-31 12185540 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2021-07-31 12185540 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2021-07-31 12185540 core:Non-currentFinancialInstruments 2021-07-31 12185540 core:Non-currentFinancialInstruments core:AfterOneYear 2021-07-31 12185540 core:LandBuildings 2021-07-31 12185540 core:RestatedAmount 2021-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 12185540

Jordan Cars Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2022

 

Jordan Cars Holdings Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Jordan Cars Holdings Limited

Company Information

Directors

MJM Kirkham

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Jordan Cars Holdings Limited

(Registration number: 12185540)
Balance Sheet as at 31 July 2022

Note

2022
£

(As restated)

2021
£

Fixed assets

 

Tangible assets

4

3,841,282

3,841,282

Investments

5

5,981,881

5,981,881

 

9,823,163

9,823,163

Current assets

 

Cash at bank and in hand

 

89

-

Creditors: Amounts falling due within one year

6

(5,341,343)

(5,341,255)

Net current liabilities

 

(5,341,254)

(5,341,255)

Total assets less current liabilities

 

4,481,909

4,481,908

Creditors: Amounts falling due after more than one year

6

(3,000,000)

(3,000,000)

Provisions for liabilities

(412,769)

(313,704)

Net assets

 

1,069,140

1,168,204

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

1,238,307

1,337,371

Retained earnings

(169,267)

(169,267)

Shareholders' funds

 

1,069,140

1,168,204

For the financial year ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 October 2023
 

MJM Kirkham
Director

 

Jordan Cars Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Jacaranda, Buckhatch Lane, Rettendon Common, Chelmsford, Essex, CM3 8ES.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Departures from Companies Act requirements

The directors have chosen to depart from the Companies Act 2006 in respect of depreciation not being recognised on the freehold property. The directors consider this approach to give a true and fair view as the property is reviewed for impairment and any necessary revaluation in order to accurately reflect its fair value.

 

Jordan Cars Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Prior period errors

Deferred tax recognised in relation to the revaluation of property, plant and equipment was recognised in profit and loss but should have been recognised in the revaluation reserve to match the revaluation. There is no impact on total shareholder funds.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Deferred tax (P&L expense)

-

-

(313,704)

Deferred tax (Revaluation reserve)

-

-

313,704

Profit and loss account brought forward

(313,704)

(313,704)

-

Revaluation reserve brought forward

313,704

313,704

-

    

Interest charged by a third party and then split between group companies and dividends receivable from group companies were incorrectly distributed in the prior year and have been subsequently corrected.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Finance costs (P&L)

-

166,747

-

Amounts owed by group undertakings

(117,836)

(117,836)

88,027

Profit and loss account brought forward

129,836

(88,027)

-

Income from share held in group undertakings (P&L)

-

129,650

-

Interest payable to group companies (P&L)

-

(78,534)

(88,027)

Other creditors

(12,000)

(12,000)

-

-

-

-

    

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 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

Current Tax is recognised in the profit and loss account, 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.

 

Jordan Cars Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

Depreciation

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

Asset class

Depreciation method and rate

Land and buildings

No depreciation

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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 Profit and Loss Account 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.

 

Jordan Cars Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2021

3,841,282

3,841,282

At 31 July 2022

3,841,282

3,841,282

Depreciation

Carrying amount

At 31 July 2022

3,841,282

3,841,282

At 31 July 2021

3,841,282

3,841,282

Included within the net book value of land and buildings above is £3,841,282 (2021 - £3,841,282) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's land and buildings was revalued on 31 July 2020. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £2,190,207 (2021 - £2,190,207).

5

Investments

2022
£

2021
£

Investments in subsidiaries

5,981,881

5,981,881

 

Jordan Cars Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022

6

Creditors

Creditors: amounts falling due within one year

2022
£

(As restated)

2021
£

Due within one year

Trade creditors

3,180

-

Amounts owed to group undertakings

5,300,807

5,327,695

Other creditors

36,000

12,000

Accruals and deferred income

1,356

1,560

5,341,343

5,341,255


Creditors falling due within one year include amounts owed to group undertakings which are repayable on demand but are unlikely to be repaid in full in the next 12 months.

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

3,000,000

3,000,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,000,000 (2021 - £3,000,000).

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

3,000,000

3,000,000