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Registered Number: 10796656
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 May 2023

for

JOL CARPARTS LIMITED

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 9,081    10,171 
9,081    10,171 
Current assets      
Stocks 4 36,800    35,000 
Debtors 5 389    383 
Cash at bank and in hand 42,100    35,044 
79,289    70,427 
Creditors: amount falling due within one year 6 (68,568)   (47,310)
Net current assets 10,721    23,117 
 
Total assets less current liabilities 19,802    33,288 
Creditors: amount falling due after more than one year 7 (18,000)   (27,000)
Provisions for liabilities 8 (1,797)   (1,494)
Net assets 5    4,794 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 3    4,792 
Shareholder's funds 5    4,794 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 March 2024 and were signed on its behalf by:


-------------------------------
Janis Peips
Director
1
General Information
JOL Carparts Limited is a private company, limited by shares, registered in England and Wales, registration number 10796656, registration address Oberon House, Ferries Street, HULL, East Yorkshire, HU9 1RL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 20% Straight Line
Plant and Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £   £
At 01 June 2022 2,850    4,983    13,267    3,973    25,073 
Additions       991    991 
Disposals        
At 31 May 2023 2,850    4,983    13,267    4,964    26,064 
Depreciation
At 01 June 2022 568    2,582    10,001    1,751    14,902 
Charge for year 142    480    816    643    2,081 
On disposals        
At 31 May 2023 710    3,062    10,817    2,394    16,983 
Net book values
Closing balance as at 31 May 2023 2,140    1,921    2,450    2,570    9,081 
Opening balance as at 01 June 2022 2,282    2,401    3,266    2,222    10,171 


4.

Stocks

2023
£
  2022
£
Stocks 36,800    35,000 
36,800    35,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 389    383 
389    383 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 20,275    13 
Bank Loans & Overdrafts 9,000    9,000 
Corporation Tax 13,423    12,973 
PAYE & Social Security 1,975    572 
Accrued Expenses 828    2,473 
Other Creditors 475    374 
Wages & Salaries Control Account  
Directors' Current Accounts 15,089    15,124 
VAT 7,503    6,781 
68,568    47,310 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 18,000    27,000 
18,000    27,000 

8.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 1,797    1,494 
1,797    1,494 

2