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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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2023-07-01
2024-06-30
10636398
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10636398
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10636398
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10636398
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10636398
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10636398
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Company registration number:
10636398
(England and Wales)
Jeeparts-UK Limited
Unaudited filleted financial statements
for the year ended
30 June 2024
Jeeparts-UK Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Jeeparts-UK Limited
Directors and other information
|
|
|
|
Directors |
Mr D Copeman |
|
|
Mr G Copeman |
|
|
Mr G Everitt |
|
|
|
|
|
|
|
Secretary |
Miss H Everitt |
|
|
|
|
|
|
|
Company number |
10636398 |
|
|
|
|
|
|
|
Registered office |
The Old Coach Works |
|
|
Little Tey |
|
|
Colchester |
|
|
Essex |
|
|
CO6 1HX |
|
|
|
|
|
|
|
Accountants |
Griffin Chapman |
|
|
4 & 5 The Cedars, Apex 12 |
|
|
Old Ipswich Road |
|
|
Colchester |
|
|
Essex |
|
|
CO7 7QR |
|
|
|
Jeeparts-UK Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Jeeparts-UK Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Jeeparts-UK Limited for the year ended 30 June 2024 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 board of directors of Jeeparts-UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Jeeparts-UK Limited and state those matters that we have agreed to state to the board of directors of Jeeparts-UK Limited 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 Jeeparts-UK Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Jeeparts-UK Limited 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 profit of Jeeparts-UK Limited. You consider that Jeeparts-UK Limited 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 Jeeparts-UK Limited. 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.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
21 November 2024
Jeeparts-UK Limited
Statement of financial position
30 June 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Tangible assets |
|
6 |
5,167 |
|
|
|
6,889 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
5,167 |
|
|
|
6,889 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
140,652 |
|
|
|
141,296 |
|
|
Debtors |
|
7 |
32,143 |
|
|
|
1,537 |
|
|
Cash at bank and in hand |
|
|
25,819 |
|
|
|
19,463 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
198,614 |
|
|
|
162,296 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
209,212) |
|
|
|
(
218,635) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
10,598) |
|
|
|
(
56,339) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
5,431) |
|
|
|
(
49,450) |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
822) |
|
|
|
- |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
6,253) |
|
|
|
(
49,450) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
10 |
|
|
3 |
|
|
|
3 |
Profit and loss account |
|
|
|
|
(
6,256) |
|
|
|
(
49,453) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
6,253) |
|
|
|
(
49,450) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge 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
15 October 2024
, and are signed on behalf of the board by:
Mr G Copeman
Director
Company registration number:
10636398
Jeeparts-UK Limited
Notes to the financial statements
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Coach Works, Little Tey, Colchester, Essex, CO6 1HX.
The principal activity of the company continues to be that of the sale of Jeep, Dodge and GMC vehicle parts.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
Goodwill |
- |
Straight line over 5 years
|
Combined other intangible assets |
- |
Straight line over 5 years |
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Plant and machinery |
- |
25% Reducing balance |
|
|
Fittings fixtures and equipment |
- |
25% Reducing balance and
33% straight line |
|
|
Motor vehicles |
- |
25% Reducing balance
|
|
|
|
|
|
|
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.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment 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 reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2023:
7
).
5.
Intangible assets
|
|
Goodwill |
Other intangible assets |
Total |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 July 2023 and 30 June 2024 |
10,000 |
15,000 |
25,000 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 July 2023 and 30 June 2024 |
10,000 |
15,000 |
25,000 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 June 2024 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
- |
- |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 July 2023 and 30 June 2024 |
6,500 |
28,105 |
2,500 |
37,105 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 July 2023 |
5,279 |
22,981 |
1,956 |
30,216 |
|
|
|
|
Charge for the year |
305 |
1,281 |
136 |
1,722 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2024 |
5,584 |
24,262 |
2,092 |
31,938 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 June 2024 |
916 |
3,843 |
408 |
5,167 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 30 June 2023 |
1,221 |
5,124 |
544 |
6,889 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
23,220 |
607 |
|
Other debtors |
|
8,923 |
930 |
|
|
|
_______ |
_______ |
|
|
|
32,143 |
1,537 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank and other loans |
|
50,294 |
51,407 |
|
Trade creditors |
|
10,557 |
17,221 |
|
Taxation and social security |
|
11,728 |
10,571 |
|
Other creditors |
|
136,633 |
139,436 |
|
|
|
_______ |
_______ |
|
|
|
209,212 |
218,635 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by way of a legal charge dated 3 August 2017 in the name of NatWest Bank, which includes fixed and floating charges over the company property and assets.
9.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Bank loans |
|
822 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
The bank loan is secured by way of a legal charge dated 3 August 2017 in the name of NatWest Bank, which includes fixed and floating charges over the company property and assets.
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
3 |
|
3 |
|
3 |
|
3 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Going concern
The company has net liabilities of £6,253 at the year end. The directors have given assurance that funding will continue to be made available to meet normal working capital requirements within the 12 months from the date of approval of these financial statements. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. Should this basis prove to be inappropriate the accounts would require adjustments to be made to reduce the value of the assets to their recoverable amount, to provide for further liabilities which might arise and to reclassify fixed assets as current assets.