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REGISTERED NUMBER: 11722211 (England and Wales)









Financial Statements

for the Year Ended 31 May 2023

for

J2P Autos Ltd

J2P Autos Ltd (Registered number: 11722211)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


J2P Autos Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J Goldie
P Hilburn
J Hilburn





REGISTERED OFFICE: 28 Church Road
Stanmore
Middlesex
HA7 4XR





REGISTERED NUMBER: 11722211 (England and Wales)





ACCOUNTANTS: Parker Cavendish
Chartered Accountants
28 Church Road
Stanmore
Middlesex
HA7 4XR

J2P Autos Ltd (Registered number: 11722211)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 5 6,898 13,794
Tangible assets 6 2,473 4,946
9,371 18,740

CURRENT ASSETS
Debtors 7 1,883,299 1,636,885
Cash at bank 82,137 202,317
1,965,436 1,839,202
CREDITORS
Amounts falling due within one year 8 (1,995,892 ) (1,899,606 )
NET CURRENT LIABILITIES (30,456 ) (60,404 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,085

)

(41,664

)

CREDITORS
Amounts falling due after more than one
year

9

(20,000

)

(30,000

)
NET LIABILITIES (41,085 ) (71,664 )

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings (41,385 ) (71,964 )
SHAREHOLDERS' FUNDS (41,085 ) (71,664 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:



J Hilburn - Director


J2P Autos Ltd (Registered number: 11722211)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

J2P Autos Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when the service is provided.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
These financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support of the directors and external lenders.

J2P Autos Ltd (Registered number: 11722211)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 June 2022
and 31 May 2023 34,482
AMORTISATION
At 1 June 2022 20,688
Charge for year 6,896
At 31 May 2023 27,584
NET BOOK VALUE
At 31 May 2023 6,898
At 31 May 2022 13,794

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 12,365
DEPRECIATION
At 1 June 2022 7,419
Charge for year 2,473
At 31 May 2023 9,892
NET BOOK VALUE
At 31 May 2023 2,473
At 31 May 2022 4,946

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,446,955 1,359,543
Other debtors 436,344 277,342
1,883,299 1,636,885

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Taxation and social security 19,630 5,768
Other creditors 1,966,262 1,883,838
1,995,892 1,899,606

J2P Autos Ltd (Registered number: 11722211)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,000 30,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 14,080 24,827
Between one and five years - 14,080
14,080 38,907

11. RELATED PARTY DISCLOSURES

Included within other creditors at the year end is capital introduced aggregating £147,773 (2022: £216,835) due to the directors P Hilburn, J Hilburn and J Goldie which has been provided unsecured and is repayable on demand.

Accrued interest of 10% on capital introduced has been charged by the directors' during the year amounting to £18,719 (2022: £67,994).