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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01578802
2023-04-01
2024-03-31
01578802
2024-03-31
01578802
2023-03-31
01578802
2022-04-01
2023-03-31
01578802
2023-03-31
01578802
2022-03-31
01578802
core:PlantMachinery
2023-04-01
2024-03-31
01578802
core:FurnitureFittings
2023-04-01
2024-03-31
01578802
core:MotorVehicles
2023-04-01
2024-03-31
01578802
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
01578802
bus:Director1
2023-04-01
2024-03-31
01578802
core:PlantMachinery
2023-03-31
01578802
core:FurnitureFittings
2023-03-31
01578802
core:MotorVehicles
2023-03-31
01578802
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-03-31
01578802
core:PlantMachinery
2024-03-31
01578802
core:FurnitureFittings
2024-03-31
01578802
core:MotorVehicles
2024-03-31
01578802
core:WithinOneYear
2024-03-31
01578802
core:WithinOneYear
2023-03-31
01578802
core:AfterOneYear
2024-03-31
01578802
core:AfterOneYear
2023-03-31
01578802
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-03-31
01578802
core:ShareCapital
2024-03-31
01578802
core:ShareCapital
2023-03-31
01578802
core:SharePremium
2024-03-31
01578802
core:SharePremium
2023-03-31
01578802
core:RevaluationReserve
2024-03-31
01578802
core:RevaluationReserve
2023-03-31
01578802
core:CapitalRedemptionReserve
2024-03-31
01578802
core:CapitalRedemptionReserve
2023-03-31
01578802
core:RetainedEarningsAccumulatedLosses
2024-03-31
01578802
core:RetainedEarningsAccumulatedLosses
2023-03-31
01578802
core:PlantMachinery
2023-03-31
01578802
core:FurnitureFittings
2023-03-31
01578802
core:MotorVehicles
2023-03-31
01578802
bus:SmallEntities
2023-04-01
2024-03-31
01578802
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
01578802
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
01578802
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
01578802
bus:FullAccounts
2023-04-01
2024-03-31
01578802
core:ComputerEquipment
2023-04-01
2024-03-31
01578802
core:ComputerEquipment
2024-03-31
01578802
core:ComputerEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
01578802
Filleted Unaudited Financial Statements |
|
Year ended 31st March 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 9 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
D & J Autos Limited |
|
Year ended 31st March 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 D & J Autos Limited for the year ended 31st March 2024, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of D & J Autos Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of D & J Autos Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D & J Autos Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that D & J Autos 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 loss of D & J Autos Limited. You consider that D & J Autos 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 D & J Autos 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
21 January 2025
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
1,387,114 |
1,389,418 |
|
|
|
|
|
Current assets
Stocks |
196,756 |
|
228,935 |
Debtors |
6 |
11,408 |
|
11,619 |
Cash at bank and in hand |
245 |
|
686 |
|
--------- |
|
--------- |
|
208,409 |
|
241,240 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
650,206 |
|
581,571 |
|
--------- |
|
--------- |
Net current liabilities |
|
441,797 |
340,331 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
945,317 |
1,049,087 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
12,500 |
22,500 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
105,789 |
129,133 |
|
|
--------- |
------------ |
Net assets |
|
827,028 |
897,454 |
|
|
--------- |
------------ |
|
|
|
|
Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
|
371 |
371 |
Share premium account |
|
34,998 |
34,998 |
Revaluation reserve |
|
1,061,015 |
1,037,671 |
Capital redemption reserve |
|
131 |
131 |
Profit and loss account |
|
(
269,487) |
(
175,717) |
|
|
------------ |
------------ |
Shareholders funds |
|
827,028 |
897,454 |
|
|
------------ |
------------ |
|
|
|
|
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 comprehensive income has not been delivered.
For the year ending 31st March 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 were approved by the
board of directors
and authorised for issue on
17 January 2025
, and are signed on behalf of the board by:
Company registration number:
01578802
Notes to the Financial Statements |
|
Year ended 31st March 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 Leighton Road, Billington, Leighton Buzzard, Bedfordshire, LU7 9BN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The year end Statement of Financial Position reflects a net current liability position. The director is of the view that the going concern policy remians valid, despite the net current liability position, this view supported by the total net asset position and the ongoing financial support provided to the company to include the unsecured director loan funding.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for vehicles supplied and vehicle maintenance services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of vehicles is recognised when the significant risks and rewards of ownership of the goods 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 tax currently payable and any deferred tax provision. The tax currently payable is based on taxable profit for the year. Taxable profit can differ from profit as reported in the statement of comprehensive income because of adjustment for items that are not taxable or deductible. The company's liability for current tax is calculated using tax rates in force at the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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 |
- |
20% reducing balance |
|
Fixtures and fittings |
- |
20% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
Computer equipment |
- |
25% straight line |
|
|
|
|
An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.
Impairment of fixed assets
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.
Stocks
Stocks of vehicles are stated at the lower of cost and net realisable value. Cost is computed on an actual basis. Net realisable value is based on estimated selling price less estimated cost of disposal. Stocks of workshop parts and consumables are calculated on an average cost basis.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2023:
3
).
5.
Tangible assets
|
Freehold property |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
|
At 1 Apr 2023 and 31 Mar 2024 |
1,378,000 |
52,159 |
5,136 |
7,750 |
3,241 |
1,446,286 |
|
------------ |
-------- |
------- |
------- |
------- |
------------ |
Depreciation |
|
|
|
|
|
|
At 1 Apr 2023 |
– |
41,924 |
4,342 |
7,361 |
3,241 |
56,868 |
Charge for the year |
– |
2,046 |
160 |
98 |
– |
2,304 |
|
------------ |
-------- |
------- |
------- |
------- |
------------ |
At 31 Mar 2024 |
– |
43,970 |
4,502 |
7,459 |
3,241 |
59,172 |
|
------------ |
-------- |
------- |
------- |
------- |
------------ |
Carrying amount |
|
|
|
|
|
|
At 31 Mar 2024 |
1,378,000 |
8,189 |
634 |
291 |
– |
1,387,114 |
|
------------ |
-------- |
------- |
------- |
------- |
------------ |
At 31 Mar 2023 |
1,378,000 |
10,235 |
794 |
389 |
– |
1,389,418 |
|
------------ |
-------- |
------- |
------- |
------- |
------------ |
|
|
|
|
|
|
|
Included in freehold property is a value of £1,378,000 which is attributable to revalued freehold land and buildings. The valuation was initially provided by the directors on 15 April 2020, on the basis of a report of equal date, by Kirkby Diamond, an appropriately qualified firm of chartered valuation surveyors. This was provided on the basis of open market value. The company has adopted the provisions set out in FRS 102 with regard to these freehold land and buildings. As the report provided gave a specific value during a recent period, the directors believe this revalued amount to still be appropriate in the accounts.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property |
|
£ |
At 31st March 2024 |
|
Aggregate cost |
211,196 |
Aggregate depreciation |
(118,819) |
|
--------- |
Carrying value |
92,377 |
|
--------- |
|
|
At 31st March 2023 |
|
Aggregate cost |
211,196 |
Aggregate depreciation |
(114,595) |
|
--------- |
Carrying value |
96,601 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
11,408 |
11,619 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
230,590 |
255,173 |
Trade creditors |
22,440 |
18,418 |
Social security and other taxes |
2,757 |
676 |
Other creditors |
394,419 |
307,304 |
|
--------- |
--------- |
|
650,206 |
581,571 |
|
--------- |
--------- |
|
|
|
Included in bank loans and overdrafts above is a total of £220,590 of bank overdraft, secured on the assets of the company.
The company obtained a bounceback loan facility on 02 June 2020 for a principal sum of £50,000. A capital and interest repayment holiday was scheduled for the period of 12 months from this date. The above bank loans falling due within one year amounted to £10,000 (2023: £10,000).
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
12,500 |
22,500 |
|
-------- |
-------- |
|
|
|
The company obtained a bounceback loan facility on 02 June 2020 for a principal sum of £50,000. A capital and interest repayment holiday was scheduled for the period of 12 months from this date. The above bank loans falling due after more than one year amounted to £12,500 (2023: £22,500).
A fixed rate of 2.5% above base is applicable to the bounceback loan facility.
9.
Directors' advances, credits and guarantees
Included in creditors is a loan advanced to the company by one of the directors, namely
Mr J P Day
with a year end balance of £319,412 (2023 £241,357) owing by the company to the director. The above loan is interest free and has no fixed terms for repayment, except for the fact that the balance is expected to be repaid within twelve months after the balance sheet date.
10.
Related party transactions
Grovebury Asset Management Limited is a company related to D and J Autos Limited by virtue of common directorships and family control. Included in other creditors as at 31 March 2024, was a balance of £48,641 (2023: £46,705) owing from D and J Autos Ltd to Grovebury Asset Management Ltd. There are no formal repayment terms and no interest is charged on this loan. One of the directors provides unlimited personal guarantees to the company as part of the bank security arrangements.