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Registration number: 10253380

J T Car Sales Worksop Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

J T Car Sales Worksop Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

J T Car Sales Worksop Ltd

Company Information

Director

Mr Cemal Erkurtulus

Registered office

35 Potter Street
Worksop
Nottinghamshire
S80 2AE

 

J T Car Sales Worksop Ltd

Director's Report for the Year Ended 30 June 2024

The director presents his report and the financial statements for the year ended 30 June 2024.

Director of the company

The director who held office during the year was as follows:

Mr Cemal Erkurtulus

Principal activity

The principal activity of the company is Selling second hand cars

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 2 October 2024
 

.........................................
Mr Cemal Erkurtulus
Director

 

J T Car Sales Worksop Ltd

(Registration number: 10253380)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

8,808

10,358

Current assets

 

Stocks

6

294,073

239,234

Debtors

7

11,838

66,525

Cash at bank and in hand

 

53,305

44,872

 

359,216

350,631

Creditors: Amounts falling due within one year

8

(249,503)

(231,344)

Net current assets

 

109,713

119,287

Total assets less current liabilities

 

118,521

129,645

Creditors: Amounts falling due after more than one year

8

(177,361)

(175,937)

Net liabilities

 

(58,840)

(46,292)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(58,841)

(46,293)

Shareholders' deficit

 

(58,840)

(46,292)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 2 October 2024
 

.........................................
Mr Cemal Erkurtulus
Director

 

J T Car Sales Worksop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
35 Potter Street
Worksop
Nottinghamshire
S80 2AE

These financial statements were authorised for issue by the director on 2 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The accounts are stated in GBP and rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

J T Car Sales Worksop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Plant & Machinery

4 year Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J T Car Sales Worksop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 6).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,009

3,452

 

J T Car Sales Worksop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

4,811

17,436

22,247

Additions

-

1,459

1,459

At 30 June 2024

4,811

18,895

23,706

Depreciation

At 1 July 2023

4,158

7,731

11,889

Charge for the year

218

2,791

3,009

At 30 June 2024

4,376

10,522

14,898

Carrying amount

At 30 June 2024

435

8,373

8,808

At 30 June 2023

653

9,705

10,358

6

Stocks

2024
£

2023
£

Other inventories

294,073

239,234

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,838

66,090

Prepayments

-

435

 

11,838

66,525

 

J T Car Sales Worksop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

164,123

197,000

Trade creditors

 

21,407

7,130

Taxation and social security

 

8,666

10,803

Accruals and deferred income

 

900

1,048

Other creditors

 

54,407

15,363

 

249,503

231,344

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

177,361

175,937

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

177,361

175,937

Current loans and borrowings

2024
£

2023
£

Bank borrowings

108,333

60,179

Other borrowings

55,790

136,821

164,123

197,000