Company registration number 13303568 (England and Wales)
MJM CARS AND COMMERCIALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MJM CARS AND COMMERCIALS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
MJM CARS AND COMMERCIALS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
78,737
39,725
Current assets
Stocks
119,000
163,700
Debtors
4
30,500
Cash at bank and in hand
23,772
43,093
173,272
206,793
Creditors: amounts falling due within one year
5
(266,199)
(234,963)
Net current liabilities
(92,927)
(28,170)
Net (liabilities)/assets
(14,190)
11,555
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(14,191)
11,554
Total equity
(14,190)
11,555
For the financial year ended 31 March 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 of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 4 March 2025
Mr Marcus Mitchell
Director
Company registration number 13303568 (England and Wales)
MJM CARS AND COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
MJM Cars And Commercials Limited is a private company limited by shares incorporated in England and Wales. The registered office is Gautam House, 1 - 3 Shenley Avenue, Ruislip Manor, Middlesex, HA4 6BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
N/A
Plant and equipment
25% on reducing balances
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
MJM CARS AND COMMERCIALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
61,317
61,317
Additions
20,194
38,333
58,527
At 31 March 2024
20,194
99,650
119,844
Depreciation and impairment
At 1 April 2023
21,592
21,592
Depreciation charged in the year
19,515
19,515
At 31 March 2024
41,107
41,107
Carrying amount
At 31 March 2024
20,194
58,543
78,737
At 31 March 2023
39,725
39,725
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
30,500
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
4,110
2,763
Other creditors
262,089
232,200
266,199
234,963