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Company Registration No. NI608561 (Northern Ireland)
SJM Motors (NI) Ltd Companies House accounts for the year ended 31 August 2024
SJM Motors (NI) Ltd Companies House accounts Contents
Page
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SJM Motors (NI) Ltd Company Information for the year ended 31 August 2024
Director
Samuel James Magee
Company Number
NI608561 (Northern Ireland)
Registered Office
1 Rarone Road Gortaclare Sixmilecross Co Tyrone BT79 0XR N Ireland
Accountants
Allan Montgomery & Co 100 Main Street Fivemiletown Co Tyrone BT75 0PW
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SJM Motors (NI) Ltd Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Called up share capital not paid
1,000 
1,000 
Fixed assets
Tangible assets
2,781 
2,897 
Current assets
Inventories
61,222 
34,831 
Debtors
2,065 
4,892 
Cash at bank and in hand
16,580 
17,153 
79,867 
56,876 
Creditors: amounts falling due within one year
(69,708)
(56,896)
Net current assets/(liabilities)
10,159 
(20)
Total assets less current liabilities
13,940 
3,877 
Provisions for liabilities
Deferred tax
(528)
(550)
Net assets
13,412 
3,327 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
12,412 
2,327 
Shareholders' funds
13,412 
3,327 
For the year ending 31 August 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 May 2025 and were signed on its behalf by
Samuel James Magee Director Company Registration No. NI608561
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SJM Motors (NI) Ltd Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
SJM Motors (NI) Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI608561. The registered office is 1 Rarone Road, Gortaclare, Sixmilecross, Co Tyrone, BT79 0XR, N Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% reducing balance basis
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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SJM Motors (NI) Ltd Notes to the Accounts for the year ended 31 August 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 September 2023
3,504 
Additions
374 
At 31 August 2024
3,878 
Depreciation
At 1 September 2023
607 
Charge for the year
490 
At 31 August 2024
1,097 
Net book value
At 31 August 2024
2,781 
At 31 August 2023
2,897 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
- 
3,832 
Trade debtors
1,148 
- 
Accrued income and prepayments
917 
1,060 
2,065 
4,892 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
4,346 
1,540 
Trade creditors
990 
603 
Taxes and social security
2,358 
- 
Loans from directors
61,414 
54,153 
Accruals
600 
600 
69,708 
56,896 
Creditors due within one year includes director's loan £61,414 (2023 : £54,153)
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SJM Motors (NI) Ltd Notes to the Accounts for the year ended 31 August 2024
7
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
528 
550 
2024 
2023 
£ 
£ 
Provision at start of year
550 
- 
(Credited)/charged to the profit and loss account
(22)
550 
Provision at end of year
528 
550 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
1,000 Ordinary shares (called up unpaid) of £1 each
1,000 
1,000 
9
Average number of employees
During the year the average number of employees was 1 (2023: 1).
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