Company registration number 06429617 (England and Wales)
NOTTINGHAM JAGTECH LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NOTTINGHAM JAGTECH LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
NOTTINGHAM JAGTECH LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of the maintenance and repair of motor vehicles.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

L Page
M Wilkinson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Wilkinson
Director
16 July 2024
NOTTINGHAM JAGTECH LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,743
4,088
Current assets
Stocks
32,720
38,499
Debtors
4
33,346
33,021
Cash at bank and in hand
122,765
190,249
188,831
261,769
Creditors: amounts falling due within one year
5
(110,803)
(144,261)
Net current assets
78,028
117,508
Total assets less current liabilities
81,771
121,596
Provisions for liabilities
(689)
(777)
Net assets
81,082
120,819
Capital and reserves
Called up share capital
12
12
Profit and loss reserves
81,070
120,807
Total equity
81,082
120,819

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 16 July 2024 and are signed on its behalf by:
M Wilkinson
Director
Company registration number 06429617 (England and Wales)
NOTTINGHAM JAGTECH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Nottingham Jagtech Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Little Tennis Street, Nottingham, NG2 4EN. The company registration number is 06429617.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Turnover is recognised when services are provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% per annum on a reducing balance basis
Fixtures and fittings
20% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NOTTINGHAM JAGTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
NOTTINGHAM JAGTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
14,485
2,903
12,000
29,388
Additions
-
0
743
-
0
743
At 31 March 2024
14,485
3,646
12,000
30,131
Depreciation and impairment
At 1 April 2023
11,785
2,551
10,964
25,300
Depreciation charged in the year
622
207
259
1,088
At 31 March 2024
12,407
2,758
11,223
26,388
Carrying amount
At 31 March 2024
2,078
888
777
3,743
At 31 March 2023
2,700
352
1,036
4,088
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,805
22,914
Prepayments and accrued income
10,541
10,107
33,346
33,021
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
40,576
35,427
Corporation tax
8,898
29,113
Other taxation and social security
15,999
15,375
Other creditors
42,887
62,953
Accruals and deferred income
2,443
1,393
110,803
144,261
NOTTINGHAM JAGTECH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Operating lease commitments
Lessee
2024
2023
£
£
133,700
11,000
7
Related party transactions

All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.

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