Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-013falsefalseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05126573 2023-04-01 2024-03-31 05126573 2022-04-01 2023-03-31 05126573 2024-03-31 05126573 2023-03-31 05126573 c:Director2 2023-04-01 2024-03-31 05126573 d:PlantMachinery 2023-04-01 2024-03-31 05126573 d:PlantMachinery 2024-03-31 05126573 d:PlantMachinery 2023-03-31 05126573 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05126573 d:CurrentFinancialInstruments 2024-03-31 05126573 d:CurrentFinancialInstruments 2023-03-31 05126573 d:Non-currentFinancialInstruments 2024-03-31 05126573 d:Non-currentFinancialInstruments 2023-03-31 05126573 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05126573 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05126573 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05126573 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05126573 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 05126573 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05126573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 05126573 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 05126573 d:ShareCapital 2024-03-31 05126573 d:ShareCapital 2023-03-31 05126573 d:RetainedEarningsAccumulatedLosses 2024-03-31 05126573 d:RetainedEarningsAccumulatedLosses 2023-03-31 05126573 c:OrdinaryShareClass1 2023-04-01 2024-03-31 05126573 c:OrdinaryShareClass1 2024-03-31 05126573 c:OrdinaryShareClass1 2023-03-31 05126573 c:FRS102 2023-04-01 2024-03-31 05126573 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05126573 c:FullAccounts 2023-04-01 2024-03-31 05126573 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05126573 d:WithinOneYear 2024-03-31 05126573 d:WithinOneYear 2023-03-31 05126573 d:BetweenOneFiveYears 2024-03-31 05126573 d:BetweenOneFiveYears 2023-03-31 05126573 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05126573









A J CARS (LONDON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
A J CARS (LONDON) LIMITED
REGISTERED NUMBER: 05126573

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
414
2

  
414
2

Current assets
  

Stocks
  
163,811
158,403

Debtors: amounts falling due within one year
 5 
34,902
-

Cash at bank and in hand
 6 
17,124
254,101

  
215,837
412,504

Creditors: amounts falling due within one year
 7 
(83,133)
(94,064)

Net current assets
  
 
 
132,704
 
 
318,440

Total assets less current liabilities
  
133,118
318,442

Creditors: amounts falling due after more than one year
 8 
(11,667)
(21,667)

  

Net assets
  
121,451
296,775


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
120,451
295,775

  
121,451
296,775


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2024.
Page 1

 
A J CARS (LONDON) LIMITED
REGISTERED NUMBER: 05126573
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024





Stephen Terry Townsend
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

A J Cars (London) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 05126573. The address of the registered office is 291 Green Lanes, London N13 4XS.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 April 2023
331


Additions
518



At 31 March 2024

849



Depreciation


At 1 April 2023
329


Charge for the year on owned assets
106



At 31 March 2024

435



Net book value



At 31 March 2024
414



At 31 March 2023
2


5.


Debtors

2024
2023
£
£


Trade debtors
19,620
-

Prepayments and accrued income
15,282
-

34,902
-


Page 6

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
17,124
254,101

Less: bank overdrafts
(10,000)
(10,000)

7,124
244,101



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
10,000
10,000

Trade creditors
8,145
-

Corporation tax
3,635
43,266

Other taxation and social security
10,195
15,792

Other creditors
49,208
25,006

Accruals and deferred income
1,950
-

83,133
94,064



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667

11,667
21,667


Page 7

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£


Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
1,667
11,667


1,667
11,667


11,667
21,667



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



11.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
44,096
-

Later than 1 year and not later than 5 years
54,123
-

98,219
-

Page 8

 
A J CARS (LONDON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Related party transactions

Included within Other Creditors at the year end are loan amounts of £48,968 (2023: £14,176) due to the company Directors. The loans are unsecured, free of interest and repayable on demand.


13.


Controlling party

From 8 June 2023 the company has been under the control of AJ Cars Holdings Ltd, a company registered in England and Wales. The company is under no overall control in the current or previous year.
The registered office of AJ Cars Holdings Ltd 291 Green Lanes, London, N13 4XS.

 
Page 9