Company Registration No. NI052331 (Northern Ireland)
J&G Motor Factors Limited
Unaudited accounts
for the year ended 31 December 2023
J&G Motor Factors Limited
Unaudited accounts
Contents
J&G Motor Factors Limited
Company Information
for the year ended 31 December 2023
Directors
Jacinta Henderson
Joseph Henderson
Company Number
NI052331 (Northern Ireland)
Registered Office
62 - 64 North Street
Lurgan
Co Armagh
BT67 9AH
Northern Ireland
Accountants
Martina Harbinson
2 Kiln Lodge
Lurgan
Craigavon
Armagh
BT66 6HT
J&G Motor Factors Limited
Statement of financial position
as at 31 December 2023
Intangible assets
30,000
35,000
Tangible assets
55,118
56,440
Inventories
106,563
104,100
Cash at bank and in hand
268,659
194,522
Creditors: amounts falling due within one year
(71,449)
(61,273)
Net current assets
433,880
354,372
Net assets
518,998
445,812
Called up share capital
3
3
Profit and loss account
518,995
445,809
Shareholders' funds
518,998
445,812
For the 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. 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 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 of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by
Joseph Henderson
Director
Company Registration No. NI052331
J&G Motor Factors Limited
Notes to the Accounts
for the year ended 31 December 2023
J&G Motor Factors Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI052331. The registered office is 62 - 64 North Street, Lurgan, Co Armagh, BT67 9AH, Northern Ireland.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Cash flow statement because it is classified as a small company.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
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:
Land & buildings
0% Straight Line
Plant & machinery
15% Straight Line
Motor vehicles
25% Straight Line
Leasing and Hire Purchases
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
J&G Motor Factors Limited
Notes to the Accounts
for the year ended 31 December 2023
Stocks have been valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Trade and other debtors are initially at fair valued thereafter state at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cot of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company , being invested with pension fund managers.
Taxation and Deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
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.
Share Capital of the company
Ordinary Share Capital
The ordinary she capital of the company is presented as equity.
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
J&G Motor Factors Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill
At 31 December 2023
70,000
At 31 December 2023
40,000
At 31 December 2023
30,000
At 31 December 2022
35,000
5
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
51,049
30,192
1,800
83,041
At 31 December 2023
51,049
30,192
1,800
83,041
At 1 January 2023
-
25,073
1,528
26,601
Charge for the year
-
1,281
41
1,322
At 31 December 2023
-
26,354
1,569
27,923
At 31 December 2023
51,049
3,838
231
55,118
At 31 December 2022
51,049
5,119
272
56,440
Amounts falling due within one year
Trade debtors
80,146
70,610
Accrued income and prepayments
18,157
14,147
Other debtors
31,804
32,266
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
101,874
88,670
Taxes and social security
45,872
42,067
Loans from directors
(93,599)
(87,739)
J&G Motor Factors Limited
Notes to the Accounts
for the year ended 31 December 2023
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).