JAMES AND JACK TRADING LTD

Company Registration Number:
10647049 (England and Wales)

Unaudited statutory accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

JAMES AND JACK TRADING LTD

Contents of the Financial Statements

for the Period Ended 31 March 2024

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 12

JAMES AND JACK TRADING LTD

Company Information

for the Period Ended 31 March 2024




Director: Innocent Chatsaka Pfupa
Registered office: 111 Ainsworth Way
Ainsworth Way
Ormesby
Middlesbrough
England
TS7 9QD
Company Registration Number: 10647049 (England and Wales)

JAMES AND JACK TRADING LTD

Directors' Report Period Ended 31 March 2024

The directors present their report with the financial statements of the company for the period ended 31 March 2024

Principal Activities

The company's principal activity during the period was the buying and reselling of cars.

Political and charitable donations

The company's made no charitable donations during the period. No political donations were made.

Company policy on the employment of disabled persons

JAMES AND JACK TRADING LTD is an equal opportunities employer and is fully committed to a policy of treating all its employeesandjobapplicants equally, regardless of whether they have a disability. Discrimination against disabled people is unlawfulunderDisabilityDiscrimination Act 1995.

Directors

The directors shown below have held office during the whole of the period from 01 April 2023 to 31 March 2024
Innocent Chatsaka Pfupa

This report was approved by the board of directors on 11 January 2025
And Signed On Behalf Of The Board By:

Name: Innocent Chatsaka Pfupa
Status: Director

JAMES AND JACK TRADING LTD

Profit and Loss Account

for the Period Ended 31 March 2024


Notes

2024
£

2023
£
Turnover 45,142 45,130
Cost of sales ( 16,255 ) ( 30,491 )
Gross Profit or (Loss) 28,887 14,639
Distribution Costs ( 5,613 ) ( 4,086 )
Administrative Expenses ( 14,417 ) ( 5,799 )
Operating Profit or (Loss) 8,857 4,754
Interest Payable and Similar Charges ( 831 ) ( 385 )
Profit or (Loss) Before Tax 8,026 4,369
Tax on Profit ( 1,525 ) ( 830 )
Profit or (Loss) for Period 6,501 3,539

The notes form part of these financial statements

JAMES AND JACK TRADING LTD

Balance sheet

As at 31 March 2024


Notes

2024
£

2023
£
Fixed assets
Total fixed assets: - -
Current assets
Stocks: 6,551 12,711
Debtors: 5 14,828 7,602
Cash at bank and in hand: 693 117
Total current assets: 22,072 20,430
Creditors: amounts falling due within one year: 6 ( 6,814 ) ( 2,491 )
Net current assets (liabilities): 15,258 17,939
Total assets less current liabilities: 15,258 17,939
Creditors: amounts falling due after more than one year: 7 ( 5,500 ) ( 11,182 )
Total net assets (liabilities): 9,758 6,757

The notes form part of these financial statements

JAMES AND JACK TRADING LTD

Balance sheet continued

As at 31 March 2024


Notes

2024
£

2023
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 9,658 6,657
Shareholders funds: 9,758 6,757

For the year ending 31 March 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 11 January 2025
And Signed On Behalf Of The Board By:

Name: Innocent Chatsaka Pfupa
Status: Director

The notes form part of these financial statements

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    a. Turnover
    i. 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.

    b. Sale of goods
    i. Turnover from sale of goods is recognised when the significant risks and rewards of ownership of goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery of goods.

    c. Rendering services
    i. Turnover from rendering of services is recognised by reference to the stage of completion of the 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 expenseswhenthe outcome of a contract cannot be estimated.

    Tangible fixed assets depreciation policy

    Tangible Fixed Assets and Depreciation
    Tangible fixes assets are stated at cost less depreciation. 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:
    1. Fixtures and Fittings 25% on WDV

    Intangible fixed assets amortisation policy

    Taxation
    i. Income tax expense represents the sum of the tax currently payable and deferred tax.
    ii. The tax currently payable is based on taxable profit of the year. Taxable profit differs from profit as reported in the statement of comprehensive income because items of income or expenses that are taxable or deductible in other year items that 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.

    iii.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 is probable that taxable profit 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.

    iv. Deferred tax assetsand 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 ontax 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.

    v. Current or deferred tax for the year is recognised in profit or loss,except when they are 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 inother comprehensive income or directly in equity respectively.

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 2. Employees


    2024

    2023
    Average number of employees during the period 0 0

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

  • 3. Off balance sheet disclosure

    No

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Dividends


2024
£

2023
£
Dividends paid 3,500 3,500

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Debtors


2024
£

2023
£
Trade debtors 14,828 7,602
Total 14,828 7,602

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

6.Creditors: amounts falling due within one year note


2024
£

2023
£
Taxation and social security 3,314 2,491
Other creditors 3,500
Total 6,814 2,491

JAMES AND JACK TRADING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2024

7.Creditors: amounts falling due after more than one year


2024
£

2023
£
Bank loans and overdrafts 5,500 11,182
Total 5,500 11,182