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Registered number: 12166131
Jolly Automotive Property Services Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Cooper Associates Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12166131
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,422 23,024
19,422 23,024
CURRENT ASSETS
Debtors 5 3,314 35,186
Cash at bank and in hand 29,267 29,520
32,581 64,706
Creditors: Amounts Falling Due Within One Year 6 (26,739 ) (37,003 )
NET CURRENT ASSETS (LIABILITIES) 5,842 27,703
TOTAL ASSETS LESS CURRENT LIABILITIES 25,264 50,727
Creditors: Amounts Falling Due After More Than One Year 7 (22,056 ) (26,702 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (4,856 ) (4,375 )
NET (LIABILITIES)/ASSETS (1,648 ) 19,650
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account (1,658 ) 19,640
SHAREHOLDERS' FUNDS (1,648) 19,650
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Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr W Jolly
Director
18th April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Jolly Automotive Property Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12166131 . The registered office is 19 Clifton Terrace, Taunton, Somerset, TA2 7BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Office equipment 20% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Financial Instruments
The company holds the following financial instruments:
  • Short term trade and other debtors and creditors;
  • Bank loans; and
  • Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Motor Vehicles Office equipment Total
£ £ £
Cost
As at 1 February 2023 43,138 1,173 44,311
Additions - 1,264 1,264
As at 31 January 2024 43,138 2,437 45,575
Depreciation
As at 1 February 2023 21,052 235 21,287
Provided during the period 4,417 449 4,866
As at 31 January 2024 25,469 684 26,153
Net Book Value
As at 31 January 2024 17,669 1,753 19,422
As at 1 February 2023 22,086 938 23,024
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,820 34,692
Prepayments and accrued income 494 494
3,314 35,186
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 536 828
Bank loans and overdrafts 4,135 4,136
Corporation tax 13,578 19,594
Other taxes and social security 38 38
VAT 6,646 9,809
Accruals and deferred income 1,680 1,625
Directors' loan accounts 126 973
26,739 37,003
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 511
Bank loans 22,056 26,191
22,056 26,702
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 536 828
Later than one year and not later than five years - 511
536 1,339
536 1,339
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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