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Registered number: NI653317
Jackson Auto Repairs Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
A I McCullagh & Co
6 Agars Road
Lisburn
Co Antrim
BT28 2TQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: NI653317
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,894 86,733
78,894 86,733
CURRENT ASSETS
Stocks 5 6,955 6,665
Debtors 6 17,752 15,807
Cash at bank and in hand 29,050 34,087
53,757 56,559
Creditors: Amounts Falling Due Within One Year 7 (30,862 ) (29,051 )
NET CURRENT ASSETS (LIABILITIES) 22,895 27,508
TOTAL ASSETS LESS CURRENT LIABILITIES 101,789 114,241
Creditors: Amounts Falling Due After More Than One Year 8 (4,125 ) (6,375 )
NET ASSETS 97,664 107,866
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 97,663 107,865
SHAREHOLDERS' FUNDS 97,664 107,866
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The financial statements were approved by the board of directors on 27 February 2025 and were signed on its behalf by:
Mr Stephen Jackson
Director
27/02/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Jackson Auto Repairs Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI653317 . The registered office is 16 Craig Crescent, Lisburn, Co Antrim, BT28 1HB.
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:
Leasehold 10% straight line
Plant & Machinery 10% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 20% Straight line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable.
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.
Current tax for the year is recognised in profit or loss.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 5,528 101,015 17,833 5,032 129,408
Additions - 8,088 - - 8,088
As at 31 May 2024 5,528 109,103 17,833 5,032 137,496
Depreciation
As at 1 June 2023 2,250 34,870 1,660 3,895 42,675
Provided during the period 552 10,898 3,958 519 15,927
As at 31 May 2024 2,802 45,768 5,618 4,414 58,602
Net Book Value
As at 31 May 2024 2,726 63,335 12,215 618 78,894
As at 1 June 2023 3,278 66,145 16,173 1,137 86,733
5. Stocks
2024 2023
£ £
Stock 6,955 6,665
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,425 3,948
Prepayments and accrued income 2,160 7,692
Rent deposit 4,167 4,167
17,752 15,807
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,250 3,882
Trade creditors 12,239 10,155
Corporation tax 1,681 2,050
Other taxes and social security 1,407 1,447
VAT 8,118 6,098
Credit card 1,714 1,300
Pension contributions (NEST) 204 398
Accruals and deferred income 3,249 3,721
30,862 29,051
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,125 6,375
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,250 3,882
Later than one year and not later than five years 4,125 6,375
6,375 10,257
6,375 10,257
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 10,000 -
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