| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| John Nichol (Cars) Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| John Nichol (Cars) Limited |
| John Nichol (Cars) Limited (Registered number: 01446133) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| John Nichol (Cars) Limited |
| Company Information |
| for the Year Ended 31 May 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 14 Amherst Avenue |
| London |
| W13 8NQ |
| John Nichol (Cars) Limited (Registered number: 01446133) |
| Balance Sheet |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| John Nichol (Cars) Limited (Registered number: 01446133) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| John Nichol (Cars) Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the value of sales to customers in the year excluding value added tax. |
| Tangible fixed assets |
| No depreciation is provided on the freehold building as the company follows a policy of continual renewal and maintenance of the building which the director believes has an economic life and residual value such that its depreciation is not significant. |
| Depreciation is provided on other tangible fixed assets on the reducing balance basis at 25% per annum in order to write off the cost over their estimated useful lives. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| John Nichol (Cars) Limited (Registered number: 01446133) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| The company's property is subject to a charge. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Trade debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | SECURED BORROWINGS |
| The balance due to the company's supplier of petrol and oil is secured by a charge over the company's property. |
| 8. | CONROL OF COMPANY |
| The company is controlled by J S Nichol. |