Registered number
11483279
JAP AUTO IMPORTS LTD
Unaudited Filleted Accounts
31 July 2023
JAP AUTO IMPORTS LTD
Registered number: 11483279
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Current assets
Stocks 18,374 21,049
Debtors 3 - 210
Cash at bank and in hand 18 687
18,392 21,946
Creditors: amounts falling due within one year 4 (91,815) (67,497)
Net current liabilities (73,423) (45,551)
Total assets less current liabilities (73,423) (45,551)
Creditors: amounts falling due after more than one year 5 (9,770) (12,778)
Net liabilities (83,193) (58,329)
Capital and reserves
Profit and loss account (83,193) (58,329)
Shareholder's funds (83,193) (58,329)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Kevin Stout
Director
Approved by the board on 4 October 2024
JAP AUTO IMPORTS LTD
Notes to the Accounts
for the year ended 31 July 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 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 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. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company - -
3 Debtors 2023 2022
£ £
Trade debtors - 210
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,044 2,604
Trade creditors 81 -
Taxation and social security costs 854 1,053
Other creditors 84,836 63,840
91,815 67,497
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,770 12,778
6 Other information
JAP AUTO IMPORTS LTD is a private company limited by shares and incorporated in England. Its registered office is:
367 Chester Road
Little Sutton
Ellesmere Port
Cheshire
CH66 1SE
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