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Company registration number: 10866141
www.JMBMotorsport.com Ltd
Unaudited filleted financial statements
31 July 2023
www.JMBMotorsport.com Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
www.JMBMotorsport.com Ltd
Directors and other information
Director J Burden
Company number 10866141
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
www.JMBMotorsport.com Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of www.JMBMotorsport.com Ltd
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of www.JMBMotorsport.com Ltd for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of www.JMBMotorsport.com Ltd, as a body, in accordance with the terms of our engagement letter dated 1 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of www.JMBMotorsport.com Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than www.JMBMotorsport.com Ltd and its director as a body for our work or for this report.
It is your duty to ensure that www.JMBMotorsport.com Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of www.JMBMotorsport.com Ltd. You consider that www.JMBMotorsport.com Ltd 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 financial statements of www.JMBMotorsport.com Ltd. 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 statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
18 October 2024
www.JMBMotorsport.com Ltd
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 431 1,944
Investments 6 74,255 50,950
_________ _________
74,686 52,894
Current assets
Stocks 264,043 294,173
Debtors 7 284,296 337,398
Cash at bank and in hand 89 20,284
_________ _________
548,428 651,855
Creditors: amounts falling due
within one year 8 ( 1,043,101) ( 873,877)
_________ _________
Net current liabilities ( 494,673) ( 222,022)
_________ _________
Total assets less current liabilities ( 419,987) ( 169,128)
Creditors: amounts falling due
after more than one year 9 ( 142,132) ( 173,578)
_________ _________
Net liabilities ( 562,119) ( 342,706)
_________ _________
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 562,219) ( 342,806)
_________ _________
Shareholder deficit ( 562,119) ( 342,706)
_________ _________
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 October 2024 , and are signed on behalf of the board by:
J Burden
Director
Company registration number: 10866141
www.JMBMotorsport.com Ltd
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis which assumes the continued support of the director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulateddepreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluationless any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - Straight line over three years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less anyaccumulated impairment losses. Listed investments are measured at fair value with changes in fairvalue being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amountbeing estimated where such indicators exist. Where the carrying value exceeds the recoverableamount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal ateach reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to thecontractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangementconstitutes a financing transaction, where it is recognised at the present value of the future paymentsdiscounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which therelated service is provided. Prepaid contributions are recognised as an asset to the extent that theprepayment will lead to a reduction in future payments or a cash refund.When contributions are not expected to be settled wholly within 12 months of the end of the reportingdate in which the employees render the related service, the liability is measured on a discountedpresent value basis. The unwinding of the discount is recognised in finance costs in profit or loss in theperiod in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2022 and 31 July 2023 5,603 5,603
_________ _________
Depreciation
At 1 August 2022 3,659 3,659
Charge for the year 1,513 1,513
_________ _________
At 31 July 2023 5,172 5,172
_________ _________
Carrying amount
At 31 July 2023 431 431
_________ _________
At 31 July 2022 1,944 1,944
_________ _________
6. Investments
Loans to group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 August 2022 50,440 510 50,950
Additions 23,305 - 23,305
_________ _________ _________
At 31 July 2023 73,745 510 74,255
_________ _________ _________
Impairment
At 1 August 2022 and 31 July 2023 - - -
_________ _________ _________
Carrying amount
At 31 July 2023 73,745 510 74,255
_________ _________ _________
At 31 July 2022 50,440 510 50,950
_________ _________ _________
7. Debtors
2023 2022
£ £
Trade debtors 39,415 89,677
Other debtors 244,881 247,721
_________ _________
284,296 337,398
_________ _________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 47,672 44,014
Trade creditors 221,298 181,625
Corporation tax 92,014 82,458
Social security and other taxes 85,765 131,749
Other creditors 596,352 434,031
_________ _________
1,043,101 873,877
_________ _________
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 142,132 173,578
_________ _________
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
J Burden 169,422 5,991 - 175,413
_________ _________ _________ _________
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
J Burden 6,980 229,380 ( 66,938) 169,422
_________ _________ _________ _________