Registered number
05633068
J B CAR SALES (WESTHOUGHTON) LTD
Filleted Accounts
30 November 2023
J B CAR SALES (WESTHOUGHTON) LTD
Registered number: 05633068
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,240 9,410
Current assets
Stocks 199,250 206,490
Cash at bank and in hand 84,657 115,590
283,907 322,080
Creditors: amounts falling due within one year 4 (102,913) (150,294)
Net current assets 180,994 171,786
Total assets less current liabilities 188,234 181,196
Creditors: amounts falling due after more than one year 5 (32,760) (38,125)
Provisions for liabilities (1,376) (1,788)
Net assets 154,098 141,283
Capital and reserves
Called up share capital 100 100
Profit and loss account 153,998 141,183
Shareholders' funds 154,098 141,283
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Broxson
Director
Approved by the board on 28 August 2024
J B CAR SALES (WESTHOUGHTON) LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 15% per annum reducing balance basis
Motor vehicles 25% per annum reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 12,762 13,750 26,512
At 30 November 2023 12,762 13,750 26,512
Depreciation
At 1 December 2022 10,926 6,176 17,102
Charge for the year 276 1,894 2,170
At 30 November 2023 11,202 8,070 19,272
Net book value
At 30 November 2023 1,560 5,680 7,240
At 30 November 2022 1,836 7,574 9,410
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,170 5,010
Trade creditors and accruals 8,477 7,845
Corporation tax 25,017 23,038
Other taxes and social security costs 14,011 12,326
Other creditors - directors' loan accounts 50,238 102,075
102,913 150,294
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 32,760 38,125
6 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
7 Contingent liabilities
There were no contingent liabilities in existence at the year end.
8 Controlling party
The controlling parties are Mr J Broxson and Mr K Broxson, by virtue of ownership of 80% of the company's issued ordinary share capital.
9 Other information
J B CAR SALES (WESTHOUGHTON) LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
J B CAR SALES (WESTHOUGHTON) LTD 05633068 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 Mr J Broxson No description of principal activity 05633068 2021-12-01 2022-11-30 05633068 core:WithinOneYear 2022-11-30 05633068 core:AfterOneYear 2022-11-30 05633068 core:ShareCapital 2022-11-30 05633068 core:RetainedEarningsAccumulatedLosses 2022-11-30 05633068 2022-12-01 2023-11-30 05633068 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05633068 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05633068 bus:Director40 2022-12-01 2023-11-30 05633068 1 2022-12-01 2023-11-30 05633068 2 2022-12-01 2023-11-30 05633068 core:PlantMachinery 2022-12-01 2023-11-30 05633068 core:Vehicles 2022-12-01 2023-11-30 05633068 countries:England 2022-12-01 2023-11-30 05633068 bus:FRS102 2022-12-01 2023-11-30 05633068 bus:FilletedAccounts 2022-12-01 2023-11-30 05633068 2023-11-30 05633068 core:WithinOneYear 2023-11-30 05633068 core:AfterOneYear 2023-11-30 05633068 core:ShareCapital 2023-11-30 05633068 core:RetainedEarningsAccumulatedLosses 2023-11-30 05633068 core:PlantMachinery 2023-11-30 05633068 core:Vehicles 2023-11-30 05633068 2022-11-30 05633068 core:PlantMachinery 2022-11-30 05633068 core:Vehicles 2022-11-30 iso4217:GBP xbrli:pure