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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
Page
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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
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J&G Motor Factors Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
30,000 
35,000 
Tangible assets
55,118 
56,440 
85,118 
91,440 
Current assets
Inventories
106,563 
104,100 
Debtors
130,107 
117,023 
Cash at bank and in hand
268,659 
194,522 
505,329 
415,645 
Creditors: amounts falling due within one year
(71,449)
(61,273)
Net current assets
433,880 
354,372 
Net assets
518,998 
445,812 
Capital and reserves
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
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J&G Motor Factors Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
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.
Cash flow statement
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
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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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J&G Motor Factors Limited Notes to the Accounts for the year ended 31 December 2023
Stocks
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
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
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
Employee benefits
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
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.
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J&G Motor Factors Limited Notes to the Accounts for the year ended 31 December 2023
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 January 2023
70,000 
At 31 December 2023
70,000 
Amortisation
At 1 January 2023
35,000 
Charge for the year
5,000 
At 31 December 2023
40,000 
Net book value
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 
Depreciation
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 
Net book value
At 31 December 2023
51,049 
3,838 
231 
55,118 
At 31 December 2022
51,049 
5,119 
272 
56,440 
6
Debtors
2023 
2022 
£ 
£ 
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 
130,107 
117,023 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
12,872 
13,016 
Trade creditors
101,874 
88,670 
Taxes and social security
45,872 
42,067 
Loans from directors
(93,599)
(87,739)
Accruals
4,430 
5,259 
71,449 
61,273 
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J&G Motor Factors Limited Notes to the Accounts for the year ended 31 December 2023
8
Share capital
2023 
2022 
£ 
£ 
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).
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