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Registration number: 04128129

IJC Car Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

IJC Car Sales Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

IJC Car Sales Limited

Company Information

Director

I Corby

Registered office

Legbourne Road
Louth
Lincs
LN11 8ES

 

IJC Car Sales Limited

(Registration number: 04128129)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

376,802

376,514

Current assets

 

Stocks

6

251,075

294,041

Debtors

7

89,216

62,770

Cash at bank and in hand

 

4,544

1,711

 

344,835

358,522

Creditors: Amounts falling due within one year

8

(99,947)

(74,422)

Net current assets

 

244,888

284,100

Total assets less current liabilities

 

621,690

660,614

Creditors: Amounts falling due after more than one year

8

(134,439)

(151,610)

Provisions for liabilities

(16,109)

(12,188)

Net assets

 

471,142

496,816

Capital and reserves

 

Called up share capital

2

2

Revaluation reserve

58,461

58,461

Retained earnings

412,679

438,353

Shareholders' funds

 

471,142

496,816

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.

Director's 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 Director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 August 2024
 

.........................................
I Corby
Director

 

IJC Car Sales Limited

Notes to the Unaudited 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 and Wales and the company registration number is 04128129.

The address of its registered office is:
Legbourne Road
Louth
Lincs
LN11 8ES

These financial statements were authorised for issue by the director on 8 August 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

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.

Government grants

Government grant income relating to the Coronavirus Job Retention Scheme, and the small business grant are included as income in the accounting period to which they relate.

Tax

The tax expense for the period comprises current and deferred 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.

 

IJC Car Sales Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold Land and Buildings

No depreciation is charged

Plant and Machinery

20% reducing balance basis

Fixtures and Fittings

20% reducing balance basis

Office Equipment

33.33% reducing balance basis

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.

Trade 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.

 

IJC Car Sales Limited

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

Trade 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 the Director) during the year, was 6 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,361

2,677

 

IJC Car Sales Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

343,576

113,568

457,144

Additions

-

2,649

2,649

At 31 December 2023

343,576

116,217

459,793

Depreciation

At 1 January 2023

-

80,630

80,630

Charge for the year

-

2,361

2,361

At 31 December 2023

-

82,991

82,991

Carrying amount

At 31 December 2023

343,576

33,226

376,802

At 31 December 2022

343,576

32,938

376,514

Included within the net book value of land and buildings above is £343,576 (2022 - £343,576) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

251,075

294,041

7

Debtors

Current

2023
£

2022
£

Prepayments

6,398

12,934

Other debtors

82,818

49,836

 

IJC Car Sales Limited

Notes to the Unaudited 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

 

Bank loans and overdrafts

9

66,735

35,567

Trade creditors

 

5,407

7,636

Taxation and social security

 

12,294

16,934

Other creditors

 

15,511

12,910

Accruals and deferred income

 

-

1,375

 

99,947

74,422

Due after one year

 

Loans and borrowings

9

134,439

151,610

Creditors include bank loans and overdrafts which are secured of £9,324 (2022 - £35,567).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

134,439

151,610

Creditors include bank loans and overdrafts which are secured of £119,049 (2022 - £151,610).

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

134,439

151,610

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,863

20,553

Bank overdrafts

47,872

15,014

66,735

35,567

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £40,000 per each ordinary share

 

80,000

 

80,000

         
 

IJC Car Sales Limited

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

11

Related party transactions

Transactions with the Director

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

I Corby

49,835

160,543

(127,560)

82,818

         
       

 

2022

At 1 January 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2022
£

I Corby

95,840

92,977

(138,982)

49,835