J C Motorwise Limited 07742780 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is repair and sale of second hand cars. Digita Accounts Production Advanced 6.30.9574.0 true 07742780 2023-09-01 2024-08-31 07742780 2024-08-31 07742780 bus:Director3 1 2024-08-31 07742780 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 07742780 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 07742780 core:CurrentFinancialInstruments 2024-08-31 07742780 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 07742780 core:Non-currentFinancialInstruments 2024-08-31 07742780 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 07742780 core:MotorVehicles 2024-08-31 07742780 core:PlantMachinery 2024-08-31 07742780 bus:SmallEntities 2023-09-01 2024-08-31 07742780 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07742780 bus:FilletedAccounts 2023-09-01 2024-08-31 07742780 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07742780 bus:RegisteredOffice 2023-09-01 2024-08-31 07742780 bus:Director3 2023-09-01 2024-08-31 07742780 bus:Director3 1 2023-09-01 2024-08-31 07742780 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07742780 core:MotorVehicles 2023-09-01 2024-08-31 07742780 core:PlantMachinery 2023-09-01 2024-08-31 07742780 countries:EnglandWales 2023-09-01 2024-08-31 07742780 2023-08-31 07742780 bus:Director3 1 2023-08-31 07742780 core:MotorVehicles 2023-08-31 07742780 core:PlantMachinery 2023-08-31 07742780 2022-09-01 2023-08-31 07742780 2023-08-31 07742780 bus:Director3 1 2023-08-31 07742780 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 07742780 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 07742780 core:CurrentFinancialInstruments 2023-08-31 07742780 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07742780 core:Non-currentFinancialInstruments 2023-08-31 07742780 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 07742780 core:MotorVehicles 2023-08-31 07742780 core:PlantMachinery 2023-08-31 07742780 bus:Director3 1 2022-09-01 2023-08-31 07742780 bus:Director3 1 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 07742780

J C Motorwise Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

J C Motorwise Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

J C Motorwise Limited

(Registration number: 07742780)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

18,082

24,109

Current assets

 

Stocks

5

57,250

92,450

Debtors

6

24,159

12,896

Cash at bank and in hand

 

8,099

26,398

 

89,508

131,744

Creditors: Amounts falling due within one year

7

(25,236)

(50,013)

Net current assets

 

64,272

81,731

Total assets less current liabilities

 

82,354

105,840

Creditors: Amounts falling due after more than one year

7

(79,290)

(91,021)

Net assets

 

3,064

14,819

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,964

14,719

Shareholders' funds

 

3,064

14,819

 

J C Motorwise Limited

(Registration number: 07742780)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 October 2024
 

.........................................
Mr J Wise
Director

 

J C Motorwise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite I Windrush Court
Abingdon Business Park
Abingdon
Oxfordshire
OX14 1SY
United Kingdom

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of second hand cars. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises.

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

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:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

 

J C Motorwise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 1 (2023 - 1).

 

J C Motorwise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

19,044

40,855

59,899

At 31 August 2024

19,044

40,855

59,899

Depreciation

At 1 September 2023

11,833

23,957

35,790

Charge for the year

1,803

4,224

6,027

At 31 August 2024

13,636

28,181

41,817

Carrying amount

At 31 August 2024

5,408

12,674

18,082

At 31 August 2023

7,211

16,898

24,109

5

Stocks

2024
£

2023
£

Other inventories

57,250

92,450

6

Debtors

Current

2024
£

2023
£

Trade debtors

84

-

Other debtors

24,075

12,896

 

24,159

12,896

 

J C Motorwise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,533

11,486

Taxation and social security

 

466

3,581

Other creditors

 

237

34,946

 

25,236

50,013

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

79,290

91,021

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,290

10,037

Bank overdrafts

12,794

-

Hire purchase contracts

1,449

1,449

24,533

11,486

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

19,016

Hire purchase contracts

8,406

9,855

Other borrowings

70,884

62,150

79,290

91,021

 

J C Motorwise Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr J Wise

Directors transactions

896

30,187

(15,317)

15,766

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr J Wise

Directors transactions

(473)

33,703

(32,334)

896