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Registered number: 01227224
J.P. (Automatic Transmissions) Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Arcadia Accountancy Limited
C/O Arcadia Accountancy Ltd
1 Manship Green
Shepton Mallet
Somerset
BA4 5RL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01227224
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 264,644 267,563
Investments 5 5,000 -
269,644 267,563
CURRENT ASSETS
Stocks 6 313,191 283,097
Debtors 7 222,861 249,261
Cash at bank and in hand 431,820 411,413
967,872 943,771
Creditors: Amounts Falling Due Within One Year 8 (313,177 ) (270,040 )
NET CURRENT ASSETS (LIABILITIES) 654,695 673,731
TOTAL ASSETS LESS CURRENT LIABILITIES 924,339 941,294
PROVISIONS FOR LIABILITIES
Deferred Taxation (362 ) (726 )
NET ASSETS 923,977 940,568
CAPITAL AND RESERVES
Called up share capital 9 72,387 72,387
Share premium account 1,424 1,424
Profit and Loss Account 850,166 866,757
SHAREHOLDERS' FUNDS 923,977 940,568
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms E L Palmer
Director
24/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
J.P. (Automatic Transmissions) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01227224 . The registered office is 4a & 4b Peartree Industrial Estate, Bath Road, Upper Langford, Bristol, BS40 5DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight line
Plant & Machinery 15% straight line
Motor Vehicles 20% straight line
Fixtures & Fittings 15% straight line
Computer Equipment 33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 374,540 387,292 21,182 783,014
Additions - 12,388 - 12,388
As at 30 April 2024 374,540 399,680 21,182 795,402
Depreciation
As at 1 May 2023 112,751 381,518 21,182 515,451
Provided during the period 6,150 9,157 - 15,307
As at 30 April 2024 118,901 390,675 21,182 530,758
Net Book Value
As at 30 April 2024 255,639 9,005 - 264,644
As at 1 May 2023 261,789 5,774 - 267,563
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5. Investments
Unlisted
£
Cost
As at 1 May 2023 -
Additions 5,000
As at 30 April 2024 5,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 5,000
As at 1 May 2023 -
6. Stocks
2024 2023
£ £
Stock 313,191 283,097
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 182,467 210,782
Other debtors 40,394 38,479
222,861 249,261
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 159,288 109,036
Corporation tax 29,043 33,584
Taxation and social security costs 21,258 32,762
Other creditors 2,459 2,459
Directors' loan accounts 101,129 92,199
313,177 270,040
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 72,387 72,387
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10. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr B D Palmer 27,821 8,450 - - 36,271
Ms E L Palmer 24,636 480 - - 25,116
Mr P C Crummay 39,742 - - - 39,742
The combined total of director's loan account balances of £101,129 (2023: £92,199) is included in other creditors. At no stage during the year was the director's loan account overdrawn, and interest has been charged at the agreed rate. There are no fixed repayment terms.
11. Ultimate Controlling Party
The company's ultimate controlling party is B D Palmer by virtue of his majority ownership of the issued share capital in the company.
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