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Company Registration No. 07425191 (England and Wales)
J & B Car Sales Ltd Unaudited accounts for the year ended 30 November 2023
J & B Car Sales Ltd Unaudited accounts Contents
Page
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J & B Car Sales Ltd Company Information for the year ended 30 November 2023
Director
Mr J Dawe
Company Number
07425191 (England and Wales)
Registered Office
Brunel Court 122 Fore Street Saltash Cornwall PL12 6JW United Kingdom
Accountants
Blackwell Bate Ltd Brunel Court 122 Fore Street Saltash Cornwall PL12 6JW
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J & B Car Sales Ltd Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
4,599 
Current assets
Inventories
89,120 
200,354 
Debtors
32,869 
33,737 
Cash at bank and in hand
2,097 
82,474 
124,086 
316,565 
Creditors: amounts falling due within one year
(300,643)
(260,358)
Net current (liabilities)/assets
(176,557)
56,207 
Total assets less current liabilities
(176,557)
60,806 
Creditors: amounts falling due after more than one year
(20,181)
(64,563)
Net liabilities
(196,738)
(3,757)
Capital and reserves
Called up share capital
120,000 
120,000 
Profit and loss account
(316,738)
(123,757)
Shareholders' funds
(196,738)
(3,757)
For the year ending 30 November 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 August 2024 and were signed on its behalf by
Mr J Dawe Director Company Registration No. 07425191
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J & B Car Sales Ltd Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
J & B Car Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 07425191. The registered office is Brunel Court, 122 Fore Street, Saltash, Cornwall, PL12 6JW, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Fixtures & fittings
10% straight line
Computer equipment
25% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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J & B Car Sales Ltd Notes to the Accounts for the year ended 30 November 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 December 2022
5,614 
13,649 
19,263 
Disposals
(5,614)
(13,379)
(18,993)
At 30 November 2023
- 
270 
270 
Depreciation
At 1 December 2022
3,368 
11,296 
14,664 
On disposals
(3,368)
(11,026)
(14,394)
At 30 November 2023
- 
270 
270 
Net book value
At 30 November 2023
- 
- 
- 
At 30 November 2022
2,246 
2,353 
4,599 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
7,650 
365 
Deferred tax asset
29,965 
Other debtors
25,219 
3,407 
32,869 
33,737 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
44,382 
54,866 
Trade creditors
66,097 
71,500 
Taxes and social security
12,859 
8,738 
Other creditors
177,305 
125,254 
300,643 
260,358 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
20,181 
64,563 
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J & B Car Sales Ltd Notes to the Accounts for the year ended 30 November 2023
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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