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Filleted

Registration number: 08998724

John Morgan Autoparts Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

John Morgan Autoparts Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

John Morgan Autoparts Limited

Company Information

Directors

Mr J S Morgan

Mr M J Williams

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

John Morgan Autoparts Limited

(Registration number: 08998724)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

120,734

119,524

Current assets

 

Stocks

6

745,314

764,954

Debtors

7

980,213

1,046,324

Cash at bank and in hand

 

12,943,788

11,122,639

 

14,669,315

12,933,917

Creditors: Amounts falling due within one year

8

(5,979,387)

(5,875,861)

Net current assets

 

8,689,928

7,058,056

Net assets

 

8,810,662

7,177,580

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

8,810,661

7,177,579

Total equity

 

8,810,662

7,177,580

For the financial year ending 31 December 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 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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 April 2024 and signed on its behalf by:
 

.........................................
Mr J S Morgan
Director

   
     
 

John Morgan Autoparts Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Old Station Road
Carmarthen
SA31 1LP

These financial statements were authorised for issue by the Board on 7 April 2024.

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.

 

John Morgan Autoparts Limited

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

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures & Fittings

20% Reducing balance

Motor Vehicles

20% Reducing balance

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.

Debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

John Morgan Autoparts Limited

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

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 36 (2022 - 34).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

30,184

26,231

 

John Morgan Autoparts Limited

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

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

46,076

224,052

270,128

Additions

-

43,420

43,420

Disposals

-

(30,300)

(30,300)

At 31 December 2023

46,076

237,172

283,248

Depreciation

At 1 January 2023

33,169

117,435

150,604

Charge for the year

2,582

27,602

30,184

Eliminated on disposal

-

(18,274)

(18,274)

At 31 December 2023

35,751

126,763

162,514

Carrying amount

At 31 December 2023

10,325

110,409

120,734

At 31 December 2022

12,907

106,617

119,524

6

Stocks

2023
£

2022
£

Other inventories

745,314

764,954

7

Debtors

2023
£

2022
£

Trade debtors

973,055

1,039,874

Other debtors

7,158

6,450

980,213

1,046,324

 

John Morgan Autoparts Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

949,962

772,624

Taxation and social security

 

162,784

140,134

Directors' loan account

10

4,488,058

4,560,482

Other creditors

 

378,583

402,621

 

5,979,387

5,875,861

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr J S Morgan

Interest free loan repayable on demand

(4,560,482)

72,424

(4,488,058)

       
     

 

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

Mr J S Morgan

Interest free loan repayable on demand

(4,600,964)

40,482

(4,560,482)