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REGISTERED NUMBER: 08859340 (England and Wales)















J & M Cars Ltd

Unaudited Financial Statements for the Year Ended 31 January 2024






J & M Cars Ltd (Registered number: 08859340)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


J & M Cars Ltd

Company Information
for the Year Ended 31 January 2024







Directors: Jason David Gorner
Maxine Caroline Gorner





Registered office: 1 Hove Road
Lytham St Annes
Lancashire
FY8 1TP





Registered number: 08859340 (England and Wales)





Accountants: Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY

J & M Cars Ltd (Registered number: 08859340)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 25,000 25,000
Tangible assets 5 596 795
25,596 25,795

Current assets
Stocks 46,142 45,852
Debtors 6 4,126 7,024
Cash at bank and in hand 13,396 46,703
63,664 99,579
Creditors
Amounts falling due within one year 7 73,645 79,317
Net current (liabilities)/assets (9,981 ) 20,262
Total assets less current liabilities 15,615 46,057

Creditors
Amounts falling due after more than
one year

8

(13,333

)

(23,333

)

Provisions for liabilities 9 (113 ) (151 )
Net assets 2,169 22,573

J & M Cars Ltd (Registered number: 08859340)

Statement of Financial Position - continued
31 January 2024

2024 2023
Notes £    £    £    £   
Capital and reserves
Called up share capital 10 100 100
Retained earnings 2,069 22,473
Shareholders' funds 2,169 22,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2024 and were signed on its behalf by:





Jason David Gorner - Director


J & M Cars Ltd (Registered number: 08859340)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. Statutory information

J & M Cars Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration receivable in respect of car sales, repairs and valeting services rendered by the company during the year.

Goodwill
Amortisation of goodwill has not been provided for by the company as in the opinion of the directors it has an indefinite useful economic life. This accounting policy departs from the requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £2,500 and the profit for the year reduced accordingly.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Stocks
Stocks are measured at cost.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.


J & M Cars Ltd (Registered number: 08859340)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. Accounting policies - continued
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting year . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year.

Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 6 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 February 2023
and 31 January 2024 25,000
Net book value
At 31 January 2024 25,000
At 31 January 2023 25,000

J & M Cars Ltd (Registered number: 08859340)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. Tangible fixed assets
Plant and
machinery
£   
Cost
At 1 February 2023
and 31 January 2024 2,650
Depreciation
At 1 February 2023 1,855
Charge for year 199
At 31 January 2024 2,054
Net book value
At 31 January 2024 596
At 31 January 2023 795

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 4,048 6,953
Other debtors 78 71
4,126 7,024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loan 10,000 10,000
Trade creditors 22,103 28,436
Taxation and social security 11,413 13,166
Other creditors 30,129 27,715
73,645 79,317

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loan 13,333 23,333

J & M Cars Ltd (Registered number: 08859340)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. Provisions for liabilities
2024 2023
£    £   
Deferred tax 113 151

Deferred
tax
£   
Balance at 1 February 2023 151
Credit to Statement of Income and Retained Earnings during year (38 )
Balance at 31 January 2024 113

10. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary 1 100 100