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REGISTERED NUMBER: 03683564 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

JAMES PAUL (CAR SALES) LIMITED

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JAMES PAUL (CAR SALES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: D T Parker





SECRETARY: J Parker





REGISTERED OFFICE: Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY





BUSINESS ADDRESS: Guildford Road
Bucks Green
Horsham
West Sussex
RH12 3JP





REGISTERED NUMBER: 03683564 (England and Wales)

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 273,756 229,163

CURRENT ASSETS
Stocks 1,132,699 1,217,165
Debtors 5 27,328 80,422
Cash at bank and in hand 234,393 106,131
1,394,420 1,403,718
CREDITORS
Amounts falling due within one year 6 260,643 312,256
NET CURRENT ASSETS 1,133,777 1,091,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,407,533

1,320,625

CREDITORS
Amounts falling due after more than one
year

7

(53,211

)

(29,441

)

PROVISIONS FOR LIABILITIES 8 (2,021 ) (2,171 )
NET ASSETS 1,352,301 1,289,013

CAPITAL AND RESERVES
Called up share capital 9 300 300
Retained earnings 1,352,001 1,288,713
SHAREHOLDERS' FUNDS 1,352,301 1,289,013

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

BALANCE SHEET - continued
30 APRIL 2024


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 director and authorised for issue on 15 November 2024 and were signed by:





D T Parker - Director


JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

James Paul (Car Sales) Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue is measured at fair value of the consideration received or receivable. Revenue represents amounts receivable from selling vehicles.

Revenue is recognised when the vehicles are sold and legal title has passed.

Workshop revenue represents amounts received from vehicle repairs and maintenance.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Tenant's improvements - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Tenant's
property leasehold improvements
£    £    £   
COST
At 1 May 2023 165,391 32,335 60,938
Additions - - 12,539
At 30 April 2024 165,391 32,335 73,477
DEPRECIATION
At 1 May 2023 9,845 32,335 43,720
Charge for year 703 - 7,279
At 30 April 2024 10,548 32,335 50,999
NET BOOK VALUE
At 30 April 2024 154,843 - 22,478
At 30 April 2023 155,546 - 17,218

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 54,148 41,010 68,000 421,822
Additions 458 10,053 53,000 76,050
At 30 April 2024 54,606 51,063 121,000 497,872
DEPRECIATION
At 1 May 2023 48,697 35,500 22,562 192,659
Charge for year 3,027 3,567 16,881 31,457
At 30 April 2024 51,724 39,067 39,443 224,116
NET BOOK VALUE
At 30 April 2024 2,882 11,996 81,557 273,756
At 30 April 2023 5,451 5,510 45,438 229,163

Included in cost of land and buildings is freehold land of £ 130,223 (2023 - £ 130,223 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 65,000
Additions 53,000
At 30 April 2024 118,000
DEPRECIATION
At 1 May 2023 5,668
Charge for year 16,693
Reclassification/transfer 14,645
At 30 April 2024 37,006
NET BOOK VALUE
At 30 April 2024 80,994
At 30 April 2023 59,332

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,984 57,545
Other debtors 22,344 22,877
27,328 80,422

JAMES PAUL (CAR SALES) LIMITED (REGISTERED NUMBER: 03683564)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 20,893 9,529
Trade creditors 82,582 158,434
Taxation and social security 97,147 84,615
Other creditors 60,021 59,678
260,643 312,256

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 53,211 29,441

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,021 2,171

Deferred
tax
£   
Balance at 1 May 2023 2,171
Credit to Statement of Income and Retained Earnings during year (150 )
Balance at 30 April 2024 2,021

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary shares £1 300 300