Company registration number 00398067 (England and Wales)
L.E. JACKSON (COACHWORKS) LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
L.E. JACKSON (COACHWORKS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
L.E. JACKSON (COACHWORKS) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
658,445
622,312
Current assets
Stocks
137,126
97,077
Debtors
113,236
328,771
Cash at bank and in hand
440,062
221,639
690,424
647,487
Creditors: amounts falling due within one year
(484,437)
(501,753)
Net current assets
205,987
145,734
Total assets less current liabilities
864,432
768,046
Creditors: amounts falling due after more than one year
(14,177)
(26,511)
Provisions for liabilities
(11,842)
(6,389)
Net assets
838,413
735,146
Capital and reserves
Called up share capital
5
2,202
2,202
Revaluation reserve
6
576,025
576,025
Profit and loss reserves
260,186
156,919
Total equity
838,413
735,146
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
L.E. JACKSON (COACHWORKS) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 November 2024 and are signed on its behalf by:
P M Jackson
Director
Company registration number 00398067 (England and Wales)
L.E. JACKSON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
L.E. Jackson (Coachworks) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Queens Road, Loughborough, Leicester, LE11 1HD.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum of valuation
Plant and machinery
12.5% reducing balance
Fixtures, fittings & equipment
10% reducing balance
Motor vehicles
25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials, work in progress and, where applicable, direct labour costs.
L.E. JACKSON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.9
Retirement benefits
The company operates a defined contribution scheme for the benefit of its directors. Contributions payable are charged to the profit and loss account in the year they are payable.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants of a revenue nature are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are credited to a deferred income account and are recognised as income systematically over the asset's expected useful life.
L.E. JACKSON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
16
3
Sale of division
In July 2023, the company disposed of its eutectic refrigeration division and recognised a net gain of £188,284 after the deduction of legal fees.
L.E. JACKSON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Tangible fixed assets
Total
£
Cost or valuation
At 1 June 2023
852,921
Additions
62,797
Disposals
(24,242)
At 31 May 2024
891,476
Depreciation and impairment
At 1 June 2023
230,609
Depreciation charged in the year
22,869
Eliminated in respect of disposals
(20,447)
At 31 May 2024
233,031
Carrying amount
At 31 May 2024
658,445
At 31 May 2023
622,312
Freehold properties were valued by the company directors at £600,000 on an open market basis, as at 31 May 2021. It is the director's opinion that the fair value of the investment properties has not materially changed. The director's therefore consider that all investment properties owned by the company are included in the financial statements at fair value.
The revaluation surplus is disclosed in note 5.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2024
2023
£
£
Cost
105,571
105,571
Accumulated depreciation
(97,818)
(95,707)
Carrying value
7,753
9,864
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,202
2,202
2,202
2,202
L.E. JACKSON (COACHWORKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
6
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
576,025
576,025
7
Operating lease commitments
At the reporting end date, the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases in the sum of £4,085 (2023: £9,531).