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REGISTERED NUMBER: 13601024 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

JCT Prestige Cars Ltd

JCT Prestige Cars Ltd (Registered number: 13601024)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


JCT Prestige Cars Ltd (Registered number: 13601024)

Balance Sheet
31st December 2023

2023 2022
Notes £ £ £ £
Fixed assets
Intangible assets 5 1,514 -
Tangible assets 6 43,419 53,684
44,933 53,684

Current assets
Stocks 1,172,393 921,697
Debtors 7 7,599 14,629
Cash at bank 243,020 184,880
1,423,012 1,121,206
Creditors
Amounts falling due within one year 8 1,032,218 672,750
Net current assets 390,794 448,456
Total assets less current liabilities 435,727 502,140

Creditors
Amounts falling due after more than one
year

9

(308,150

)

(443,705

)

Provisions for liabilities (10,855 ) (13,421 )
Net assets 116,722 45,014

Capital and reserves
Called up share capital 10 100 100
Retained earnings 11 116,622 44,914
Shareholders' funds 116,722 45,014

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

JCT Prestige Cars Ltd (Registered number: 13601024)

Balance Sheet - continued
31st December 2023


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 8th February 2024 and were signed on its behalf by:





Mr J A Taylor - Director


JCT Prestige Cars Ltd (Registered number: 13601024)

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


1. Statutory information

JCT Prestige Cars Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13601024

Registered office: Archdale Barn
14 Back Lane
West Winch
King's Lynn
Norfolk
PE33 0LF

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.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

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.

Personalised plates is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 20% p.a. reducing balance

JCT Prestige Cars Ltd (Registered number: 13601024)

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


3. Accounting policies - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 balance sheet date.


JCT Prestige Cars Ltd (Registered number: 13601024)

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


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employees and directors

The average number of employees during the year was 1 (2022 - 3 ) .

5. Intangible fixed assets
Personalised
plates
£
Cost
Additions 1,514
At 31st December 2023 1,514
Net book value
At 31st December 2023 1,514

JCT Prestige Cars Ltd (Registered number: 13601024)

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


6. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1st January 2023 1,065 64,801 74 65,940
Additions - - 3,299 3,299
At 31st December 2023 1,065 64,801 3,373 69,239
Depreciation
At 1st January 2023 103 12,150 3 12,256
Charge for year 144 13,163 257 13,564
At 31st December 2023 247 25,313 260 25,820
Net book value
At 31st December 2023 818 39,488 3,113 43,419
At 31st December 2022 962 52,651 71 53,684

7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 7,599 -
Other debtors - 14,629
7,599 14,629

8. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts 11,555 10,222
Trade creditors 147,109 181,831
Taxation and social security 66,966 1,011
Other creditors 806,588 479,686
1,032,218 672,750

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Hire purchase contracts 32,150 43,705
Amounts owed to group undertakings 276,000 400,000
308,150 443,705

JCT Prestige Cars Ltd (Registered number: 13601024)

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


10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

11. Reserves

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.

12. Controlling party

Chenery Taylor Management Company Ltd incorporated in England and Wales.