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Registered Number: 12581263
England and Wales

 

 

 

AJ CARS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2023

End date: 31 May 2024
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts AJ Cars Limited for the year ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AJ Cars Limited for the year ended 31 May 2024 which comprise of the Profit and Loss Account, the Balance Sheet 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of AJ Cars Limited , as a body, in accordance with the terms of our engagement letter dated 28 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of AJ Cars Limited and state those matters that we have agreed to state to the Board of Directors of AJ Cars Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AJ Cars Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AJ Cars Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit AJ Cars Limited. You consider that AJ Cars 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 accounts of AJ Cars 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 accounts.



....................................................

Mayfair Associates London Ltd

69 Banstead Road
Carshalton
SM5 3NP
28 January 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 19,301    17,206 
Tangible fixed assets 4 37,373    32,543 
56,674    49,749 
Current assets      
Debtors 120,008    110,895 
Cash at bank and in hand 17,251    18,642 
137,259    129,537 
Creditors: amount falling due within one year (78,284)   (54,745)
Net current assets 58,975    74,792 
 
Total assets less current liabilities 115,649    124,541 
Creditors: amount falling due after more than one year (114,734)   (124,143)
Net assets 915    398 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 815    298 
Shareholders' funds 915    398 
 


For the 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.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 28 January 2025 and were signed by:


-------------------------------
Jaljit Shonpal
Director
2
General Information
AJ Cars Limited is a private company, limited by shares, registered in England and Wales, registration number 12581263, registration address 193 Valley Road, London, SW16 2XH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Straight Line
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 0).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 June 2023 18,112    18,112 
Additions 5,915    5,915 
Disposals  
At 31 May 2024 24,027    24,027 
Amortisation
At 01 June 2023 906    906 
Charge for year 3,820    3,820 
On disposals  
At 31 May 2024 4,726    4,726 
Net book values
At 31 May 2024 19,301    19,301 
At 31 May 2023 17,206    17,206 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 June 2023 46,279    6,138    1,239    53,656 
Additions 8,650    6,500    357    15,507 
Disposals      
At 31 May 2024 54,929    12,638    1,596    69,163 
Depreciation
At 01 June 2023 17,704    2,973    436    21,113 
Charge for year 8,836    1,604    237    10,677 
On disposals      
At 31 May 2024 26,540    4,577    673    31,790 
Net book values
Closing balance as at 31 May 2024 28,389    8,061    923    37,373 
Opening balance as at 01 June 2023 28,575    3,165    803    32,543 


5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

3