Registered number
12395900
A J Autos Bournemouth Ltd
Unaudited Filleted Accounts
31 March 2024
A J Autos Bournemouth Ltd
Registered number: 12395900
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 7,995 9,225
Tangible assets 4 2,584 3,545
10,579 12,770
Current assets
Stocks 386,785 301,562
Cash at bank and in hand 65,620 152,284
452,405 453,846
Creditors: amounts falling due within one year 5 (224,685) (242,789)
Net current assets 227,720 211,057
Total assets less current liabilities 238,299 223,827
Creditors: amounts falling due after more than one year 6 (12,297) (23,329)
Net assets 226,002 200,498
Capital and reserves
Called up share capital 33 33
Profit and loss account 225,969 200,465
Shareholders' funds 226,002 200,498
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Jackson
Director
Approved by the board on 20 June 2024
A J Autos Bournemouth Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% and 33% straight line basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 12,300
At 31 March 2024 12,300
Amortisation
At 1 April 2023 3,075
Provided during the year 1,230
At 31 March 2024 4,305
Net book value
At 31 March 2024 7,995
At 31 March 2023 9,225
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 6,127
At 31 March 2024 6,127
Depreciation
At 1 April 2023 2,582
Charge for the year 961
At 31 March 2024 3,543
Net book value
At 31 March 2024 2,584
At 31 March 2023 3,545
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,950 9,846
Trade creditors 1,900 1,253
Taxation and social security costs 19,456 24,810
Other creditors 192,379 206,880
224,685 242,789
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,297 23,329
7 Related party transactions
At the balance sheet date Mr A Jackson (director) was owed £189,746 (2023: £201,445) by the company.
8 Controlling party
The company is under the control of it's sole director Mr A Jackson who owns 100% of the issued voting share capital.
9 Other information
A J Autos Bournemouth Ltd is a private company limited by shares and incorporated in England. Its registered office is:
164 West Way
Bournemouth
Dorset
BH9 3DY
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