2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 30,000 30,000 xbrli:pure xbrli:shares iso4217:GBP 07301403 2023-08-01 2024-07-31 07301403 2024-07-31 07301403 2023-07-31 07301403 2022-08-01 2023-07-31 07301403 2023-07-31 07301403 2022-07-31 07301403 core:NetGoodwill 2023-08-01 2024-07-31 07301403 core:MotorVehicles 2023-08-01 2024-07-31 07301403 bus:Director1 2023-08-01 2024-07-31 07301403 bus:Director2 2023-08-01 2024-07-31 07301403 core:NetGoodwill 2024-07-31 07301403 core:MotorVehicles 2023-07-31 07301403 core:MotorVehicles 2024-07-31 07301403 core:WithinOneYear 2024-07-31 07301403 core:WithinOneYear 2023-07-31 07301403 core:AfterOneYear 2024-07-31 07301403 core:AfterOneYear 2023-07-31 07301403 core:ShareCapital 2024-07-31 07301403 core:ShareCapital 2023-07-31 07301403 core:RetainedEarningsAccumulatedLosses 2024-07-31 07301403 core:RetainedEarningsAccumulatedLosses 2023-07-31 07301403 core:MotorVehicles 2023-07-31 07301403 bus:Director1 2023-07-31 07301403 bus:Director1 2024-07-31 07301403 bus:Director2 2023-07-31 07301403 bus:Director2 2024-07-31 07301403 bus:Director1 2022-07-31 07301403 bus:Director1 2023-07-31 07301403 bus:Director2 2022-07-31 07301403 bus:Director2 2023-07-31 07301403 bus:Director1 2022-08-01 2023-07-31 07301403 bus:Director2 2022-08-01 2023-07-31 07301403 bus:SmallEntities 2023-08-01 2024-07-31 07301403 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07301403 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 07301403 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07301403 bus:FullAccounts 2023-08-01 2024-07-31 07301403 core:OfficeEquipment 2023-08-01 2024-07-31 07301403 core:OfficeEquipment 2023-07-31 07301403 core:OfficeEquipment 2024-07-31
COMPANY REGISTRATION NUMBER: 07301403
JTC AUTOS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
JTC AUTOS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
21,922
29,501
CURRENT ASSETS
Stocks
208,576
408,617
Debtors
7
313,350
202,328
Cash at bank and in hand
73,440
---------
---------
521,926
684,385
CREDITORS: Amounts falling due within one year
8
89,678
198,336
---------
---------
NET CURRENT ASSETS
432,248
486,049
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
454,170
515,550
CREDITORS: Amounts falling due after more than one year
9
62,320
91,945
PROVISIONS
4,165
5,957
---------
---------
NET ASSETS
387,685
417,648
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
387,585
417,548
---------
---------
SHAREHOLDERS FUNDS
387,685
417,648
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
JTC AUTOS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr J Coulby
Director
Company registration number: 07301403
JTC AUTOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23a Freeman Road, North Hykeham, Lincoln, LN6 9AP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
30,000
--------
Amortisation
At 1 August 2023 and 31 July 2024
30,000
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
6. TANGIBLE ASSETS
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 August 2023
28,448
18,515
46,963
Additions
22,982
22,982
Disposals
( 28,448)
( 28,448)
--------
--------
--------
At 31 July 2024
22,982
18,515
41,497
--------
--------
--------
Depreciation
At 1 August 2023
5,195
12,267
17,462
Charge for the year
5,746
1,562
7,308
Disposals
( 5,195)
( 5,195)
--------
--------
--------
At 31 July 2024
5,746
13,829
19,575
--------
--------
--------
Carrying amount
At 31 July 2024
17,236
4,686
21,922
--------
--------
--------
At 31 July 2023
23,253
6,248
29,501
--------
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
243,100
167,000
Other debtors
70,250
35,328
---------
---------
313,350
202,328
---------
---------
8. CREDITORS: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
42,326
30,000
Trade creditors
8,893
70,594
Corporation tax
4,661
49,232
Social security and other taxes
32,798
44,967
Other creditors
1,000
3,543
--------
---------
89,678
198,336
--------
---------
9. CREDITORS: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
62,320
91,945
--------
--------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Coulby
15,587
19,538
35,125
Ms K Nicholson
15,586
19,539
35,125
--------
--------
--------
31,173
39,077
70,250
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Coulby
27,628
( 12,041)
15,587
Ms K Nicholson
27,628
( 12,042)
15,586
--------
--------
--------
55,256
( 24,083)
31,173
--------
--------
--------