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Registered number: 07483379
J & S Lunt Motor Services Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Allen Rose
Chartered Certified Accountants
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Director S J Lunt
Secretary D P Jones
Company Number 07483379
Registered Office 176 Queen Street
Walsall
West Midlands
WS2 9NX
Accountants Allen Rose
Chartered Certified Accountants
Creative Industries Building, Mammoth Drive
Wolverhampton Science Park
Wolverhampton
West Midlands
WV10 9TG
Page 1
Page 2
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of J & S Lunt Motor Services Limited for the year ended 31 January 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of J & S Lunt Motor Services Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of J & S Lunt Motor Services Limited , as a body, in accordance with the terms of our engagement letter dated 17 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of J & S Lunt Motor Services Limited and state those matters that we have agreed to state to the directors of J & S Lunt Motor Services Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & S Lunt Motor Services Limited and its directors as a body for our work or for this report.
It is your duty to ensure that J & S Lunt Motor Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of J & S Lunt Motor Services Limited . You consider that J & S Lunt Motor Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of J & S Lunt Motor Services Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
10th September 2024
Allen Rose
Chartered Certified Accountants
Creative Industries Building, Mammoth Drive
Wolverhampton Science Park
Wolverhampton
West Midlands
WV10 9TG
Page 2
Page 3
Balance Sheet
Registered number: 07483379
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 115,352 117,198
115,352 117,198
CURRENT ASSETS
Stocks 5 6,500 8,500
Debtors 6 268,527 258,137
Cash at bank and in hand 320,394 331,511
595,421 598,148
Creditors: Amounts Falling Due Within One Year 7 (398,673 ) (390,522 )
NET CURRENT ASSETS (LIABILITIES) 196,748 207,626
TOTAL ASSETS LESS CURRENT LIABILITIES 312,100 324,824
NET ASSETS 312,100 324,824
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 312,099 324,823
SHAREHOLDERS' FUNDS 312,100 324,824
Page 3
Page 4
For the year ending 31 January 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
S J Lunt
Director
10th September 2024
The notes on pages 5 to 7 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
J & S Lunt Motor Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07483379 . The registered office is 176 Queen Street, Walsall, West Midlands, WS2 9NX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 15% Reducing balance
Computer Equipment 33% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 5
Page 6
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 24,513 166,397 18,291 9,271 218,472
Additions 15,790 8,833 - 3,189 27,812
As at 31 January 2024 40,303 175,230 18,291 12,460 246,284
Depreciation
As at 1 February 2023 7,236 76,205 12,832 5,001 101,274
Provided during the period 3,583 23,283 820 1,972 29,658
As at 31 January 2024 10,819 99,488 13,652 6,973 130,932
Net Book Value
As at 31 January 2024 29,484 75,742 4,639 5,487 115,352
As at 1 February 2023 17,277 90,192 5,459 4,270 117,198
5. Stocks
2024 2023
£ £
Materials 6,500 8,500
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 79,216 66,948
Prepayments and accrued income 15,919 13,913
Other debtors 122,279 170,779
Directors' loan accounts 51,113 6,497
268,527 258,137
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 144,838 150,348
Corporation tax 16,214 33,665
Other taxes and social security 2,995 3,216
VAT 23,342 23,487
Accruals and deferred income 211,284 179,806
398,673 390,522
Page 6
Page 7
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 February 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mr Stephen Lunt 6,497 114,616 70,000 - 51,113
The above loan is unsecured, repayable on demand and interest is charged at 2%.
Page 7