Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-3037312022-12-01falseNo description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09330240 2022-12-01 2023-11-30 09330240 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2022-12-01 2023-11-30 09330240 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2022-12-01 2023-11-30 09330240 2021-12-01 2022-11-30 09330240 2023-11-30 09330240 c:KeyManagementIndividualGroup2 c:OtherTransactionType2 2023-11-30 09330240 c:KeyManagementIndividualGroup1 c:OtherTransactionType1 2023-11-30 09330240 2022-11-30 09330240 d:Director1 2022-12-01 2023-11-30 09330240 c:Buildings c:LongLeaseholdAssets 2022-12-01 2023-11-30 09330240 c:Buildings c:LongLeaseholdAssets 2023-11-30 09330240 c:Buildings c:LongLeaseholdAssets 2022-11-30 09330240 c:PlantMachinery 2022-12-01 2023-11-30 09330240 c:PlantMachinery 2023-11-30 09330240 c:PlantMachinery 2022-11-30 09330240 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09330240 c:OfficeEquipment 2022-12-01 2023-11-30 09330240 c:OfficeEquipment 2023-11-30 09330240 c:OfficeEquipment 2022-11-30 09330240 c:OfficeEquipment c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09330240 c:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 09330240 c:ComputerSoftware 2023-11-30 09330240 c:ComputerSoftware 2022-11-30 09330240 c:OtherResidualIntangibleAssets 2022-12-01 2023-11-30 09330240 c:CurrentFinancialInstruments 2023-11-30 09330240 c:CurrentFinancialInstruments 2022-11-30 09330240 c:Non-currentFinancialInstruments 2023-11-30 09330240 c:Non-currentFinancialInstruments 2022-11-30 09330240 c:CurrentFinancialInstruments c:WithinOneYear 2023-11-30 09330240 c:CurrentFinancialInstruments c:WithinOneYear 2022-11-30 09330240 c:Non-currentFinancialInstruments c:AfterOneYear 2023-11-30 09330240 c:Non-currentFinancialInstruments c:AfterOneYear 2022-11-30 09330240 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-11-30 09330240 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-11-30 09330240 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2023-11-30 09330240 c:Non-currentFinancialInstruments c:BetweenTwoFiveYears 2022-11-30 09330240 c:ShareCapital 2023-11-30 09330240 c:ShareCapital 2022-11-30 09330240 c:RetainedEarningsAccumulatedLosses 2023-11-30 09330240 c:RetainedEarningsAccumulatedLosses 2022-11-30 09330240 d:FRS102 2022-12-01 2023-11-30 09330240 d:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 09330240 d:FullAccounts 2022-12-01 2023-11-30 09330240 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 09330240 2 2022-12-01 2023-11-30 09330240 c:ComputerSoftware c:OwnedIntangibleAssets 2022-12-01 2023-11-30 09330240 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 09330240










JJ PREMIUM CARS LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
JJ PREMIUM CARS LTD
REGISTERED NUMBER:09330240

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 4 
-
235

Tangible fixed assets
 5 
574,056
624,492

  
574,056
624,727

Current assets
  

Stocks
  
3,664,221
3,585,011

Debtors: amounts falling due within one year
 6 
544,725
533,590

Cash at bank and in hand
  
141,963
171,000

  
4,350,909
4,289,601

Creditors: amounts falling due within one year
 7 
(4,082,131)
(3,797,960)

Net current assets
  
 
 
268,778
 
 
491,641

Total assets less current liabilities
  
842,834
1,116,368

Creditors: amounts falling due after more than one year
 8 
(227,791)
(353,758)

Provisions for liabilities
  

Deferred tax
  
(119,304)
(120,265)

Net assets
  
495,739
642,345


Capital and reserves
  

Called up share capital 
  
110
110

Profit and loss account
  
495,629
642,235

  
495,739
642,345


Page 1

 
JJ PREMIUM CARS LTD
REGISTERED NUMBER:09330240
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr J S Leuridan-Herrera
Director

Date: 29 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

JJ Premium Cars Ltd (“the company”) is a private company limited by shares incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information. 
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
20%
straight line basis

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2%
straight line basis
Plant and machinery
-
20%
straight line basis
Office equipment
-
20%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the
Page 5

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 37 (2022 - 31).

Page 7

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 December 2022
1,201



At 30 November 2023

1,201



Amortisation


At 1 December 2022
966


Charge for the year on owned assets
235



At 30 November 2023

1,201



Net book value



At 30 November 2023
-



At 30 November 2022
235



Page 8

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost


At 1 December 2022
46,096
612,082
170,503
828,681


Additions
15,893
66,387
37,146
119,426


Disposals
-
(3,242)
-
(3,242)



At 30 November 2023

61,989
675,227
207,649
944,865



Depreciation


At 1 December 2022
952
109,390
93,847
204,189


Charge for the year on owned assets
1,240
135,950
29,484
166,674


Disposals
-
(54)
-
(54)



At 30 November 2023

2,192
245,286
123,331
370,809



Net book value



At 30 November 2023
59,797
429,941
84,318
574,056



At 30 November 2022
45,144
502,692
76,656
624,492


6.


Debtors

2023
2022
£
£


Trade debtors
140,209
152,376

Other debtors
402,507
362,553

Called up share capital not paid
10
10

Prepayments and accrued income
1,999
18,651

544,725
533,590


Page 9

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
8,550
-

Other loans
3,320,250
3,143,017

Trade creditors
347,906
358,356

Corporation tax
40,074
-

Other taxation and social security
141,924
26,420

Other creditors
215,952
262,692

Accruals and deferred income
7,475
7,475

4,082,131
3,797,960


Bank overdrafts of £8,550 (2022: £nil) are unsecured.
Other loans of £444,664 (2022: £365,583) are unsecured.


Secured creditors

Other loans of £2,875,586 (2022: £2,777,434) are secured on the stock of the company.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
227,791
353,758

227,791
353,758


Other loans of £227,791 (2022: £353,758) are unsecured.

Page 10

 
JJ PREMIUM CARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
3,320,250
3,143,017

Amounts falling due 1-2 years

Other loans
227,791
321,164

Amounts falling due 2-5 years

Other loans
-
32,594


3,548,041
3,496,775



10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £4,067 (2022: £2,647) were payable to the fund at the balance sheet date and included in other creditors.


11.


Transactions with directors

During the year monies were loaned to the director by the company. Advances to the director totalled £309,733 (2022: £582,314) and repayments totalled £306,595 (2022: £416,000). At the balance sheet date £262,140 (2022: £252,832) was owed by the director. Interest of £6,170 (2022: £4,611) has been charged on this balance. This amount is included within other debtors.


12.


Related party transactions

Included within other debtors is a balance owed by Mechanic Man Ltd, a company with a shareholder in common totalling £46,124 (2022: £32,316 included within other creditors). 
Also included within other debtors is a balance owed by Wings Bodyshop Ltd, a company with a director and shareholder in common totalling £47,481 (2022: £74,182 included within other creditors). 
All balances are unsecured, interest free and repayable on demand. 

 
Page 11