Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Capital redemption reserve | 58,000 | 58,000 | |||||
Profit and loss account | |||||||
Shareholder's funds | |||||||
Mr J H Dauphin | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Going concern | ||||||||
The directors have assessed and concluded that the group have adequate resources to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. In light of the statement above, the directors have therefore prepared the financial statements on a going concern basis. |
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Turnover | ||||||||
Incentives and other rebates from brand partners | ||||||||
The company receives income in the form of various incentives which are determined by brand partners. The amount received is generally based on achieving specific objectives such as a specificed sales volume, as well as other objectives including maintaining brand partner standards which may include, but are not limited to, retail centre image and design requirements, customer satisfaction survey results and training standards. Objectives are generally set and measured on either a quarterly or annual basis. When incentives are based on a specific sales volume or number of registrations, the related income is recognised as a reduction in cost of sales when it is reasonably certain that the income has been earned. This is generally the later of the date the related vehicles are sold or registered or when it is reasonably certain that the related target will be met. Where incentives are linked to retail centre image and design requirements, customer satisfaction survey results or training standards, they are recognised as a reduction in cost of sales when it is reasonably certain that the incentive will be received for the relevant period. The company may also receive contributions towards advertising, promotional and rent expenditure. Where such contributions are received they are recognised as a reduction in the related expenditure in the period to which they relate. |
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Government grants | ||||||||
Government grant income is accounted for on an accruals basis. | ||||||||
Tangible fixed assets | ||||||||
Leasehold land and buildings | over the lease term | |||||||
Plant and machinery | 10% - 33% on cost | |||||||
Fixtures and fittings | 10% - 50% on cost | |||||||
Motor vehicles | 33% on cost | |||||||
Computer equipment | 33% - 50% on cost | |||||||
Consignment stock | ||||||||
Consignment stock vehicles that are regarded effectively as being under control of the company and, in accordance with FRS 102, are included within stock on the Balance Sheet. Although legal title has not passed to the company, the corresponding liability is included in trade creditors and is secured directly on the vehicles to which it relates. | ||||||||
Stock valuation | ||||||||
Stock valuation is regularly monitored against age profile and market demand. Management use a number of market tools during the appraisal process including Glass' and CAP valuation guides. The director maintains oversight of ageing stock profiles and a monthly review of any provision required is performed. Used vehicle stocks are stated at part exchange value less any adjustment to reflect over or under allowance on exchange value and adjusted for market conditions. A key source of estimation uncertainity is the valuation of used vehicle stock. The director values used stock on a vehicle by vehicle basis having due regard to vehicle mileage and condition, and the market value indicated by relevant trade guides. These valuations assume that demand for used vehicles is consistent with that seen in previous years. Parts stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis. Net realisable value is the price at which the stock can be realised in the normal course of business after allowing for the costs of realisation. Provision is made for obsolete, slow-moving and defective stock. |
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Debtors | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Leased assets | ||||||||
Pensions | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery etc | Motor vehicles | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 1 January 2024 | - | |||||||
Additions | ||||||||
Disposals | - | ( |
- | ( |
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At 31 December 2024 | ||||||||
Depreciation | ||||||||
At 1 January 2024 | - | |||||||
Charge for the year | ||||||||
On disposals | - | ( |
- | ( |
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At 31 December 2024 | ||||||||
Net book value | ||||||||
At 31 December 2024 | ||||||||
At 31 December 2023 | - | |||||||
4 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
Amounts due after more than one year included above | - | |||||||
Included in other debtors above are prepayments and accrued income of £220,665 (2023: £96,820). | ||||||||
5 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Other creditors | ||||||||
Included in other creditors above are accruals of £54,055 (2023: £66,746). | ||||||||
6 | Secured debts | 2024 | 2023 | |||||
£ | £ | |||||||
The following secured debts are included within creditors: | ||||||||
Vehicle funding | 297,344 | 467,219 | ||||||
7 | Share capital | 2024 | 2023 | |||||
£ | £ | |||||||
Allotted, called up and fully paid share capital: | ||||||||
14,250 ordinary A share of £1 each | 14,250 | 14,250 | ||||||
750 ordinary shares of £1 each | 750 | 750 | ||||||
15,000 | 15,000 | |||||||
8 | Other financial commitments | 2024 | 2023 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
9 | Loans to directors | |||||||
Description and conditions | B/fwd | Paid | Repaid | C/fwd | ||||
£ | £ | £ | £ | |||||
( |
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54,411 | 94,471 | (144,724) | 4,158 | |||||
Included within other debtors are the above loans to directors. The loans are unsecured and are repayable on demand. Interest has been charged on the loans at the HMRC authorised rate for beneficial loans. | ||||||||
10 | Other information | |||||||
Jaydee Motors Limited is a private company limited by shares and incorporated in England. Its registered number is: 04327345, and its registered office is: | ||||||||
Oxford Road | ||||||||
Bodicote | ||||||||
Banbury | ||||||||
Oxfordshire | ||||||||
OX15 4AB |