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Registration number: 12624696

JHD Classic Cars Ltd

Unaudited Financial Statements

for the Year Ended 31 May 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

JHD Classic Cars Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

JHD Classic Cars Ltd

Company Information

Directors

B R Garbe

J P Garbe

H E Venn

Registered office

Brgarbe Vialograph Business Park
Maids Moreton
Buckingham
MK18 1SW

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

JHD Classic Cars Ltd

Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

45,751

52,451

Debtors

5

100

100

Cash at bank and in hand

 

9,660

7,338

 

55,511

59,889

Creditors: Amounts falling due within one year

6

(72,038)

(76,588)

Net liabilities

 

(16,527)

(16,699)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(16,627)

(16,799)

Shareholders' deficit

 

(16,527)

(16,699)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................

B R Garbe

Director

Company registration number: 12624696

 

JHD Classic Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brgarbe Vialograph Business Park
Maids Moreton
Buckingham
MK18 1SW
England

The principal activity of the company is being sales of used cars and light motor vehicles.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a loss for the year ended 31 May 2024 and had a net deficit of assets of £16,527 including cash at bank of £9,660 at that date.

After making enquiries, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Although activity levels have remained muted, the company has minimal overheads and ongoing access to sufficient working capital being provided by way of shareholder loans. As such, the Director remains confident that the company will continue to meet all its financial obligations as and when they fall due.

Accordingly, 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 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.

 

JHD Classic Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Stocks

2024
£

2023
£

Stock

45,751

52,451

5

Debtors

2024
£

2023
£

Other debtors

100

100

100

100

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Other creditors

72,038

76,588

 

JHD Classic Cars Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Related party transactions

Other transactions

At 31st May 2024 Other Creditors include an amount of £70,538 (2023: £75,088) relating to advances from shareholders and directors of the company. There are no set repayment terms in place.