Jolly Automotive Property Services Ltd

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Jolly Automotive Property Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12166131 . The registered office is 19 Clifton Terrace, Taunton, Somerset, TA2 7BL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	20% reducing balance
Office equipment	20% reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Jolly Automotive Property Services Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 March 2025

2.5. Financial Instruments

The company holds the following financial instruments:

Short term trade and other debtors and creditors;

Bank loans; and

Cash and bank balances.

All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecgonised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs and are subsequently carried at amortised cost using the effective interest method.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Long accounting period

The current period is for the 14 months to 31 March 2025. The year end has been changed to be coterminous with the personal tax year. The information in the prior year is not entirely comparable.

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Jolly Automotive Property Services Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 March 2025

3. Average Number of Employees

Average number of employees, including directors, during the period was: 2 (2024: 2)

4. Tangible Assets

	Motor Vehicles	Office equipment	Total
	£	£	£
Cost
As at 1 February 2024	43,138	2,437	45,575
Additions	52,112	2,598	54,710

As at 31 March 2025	95,250	5,035	100,285

Depreciation
As at 1 February 2024	25,469	684	26,153
Provided during the period	13,957	871	14,828

As at 31 March 2025	39,426	1,555	40,981

Net Book Value
As at 31 March 2025	55,824	3,480	59,304

As at 1 February 2024	17,669	1,753	19,422

5. Debtors

	31 March 2025	31 January 2024
	£	£
Due within one year
Trade debtors	2,820	2,820
Prepayments and accrued income	419	494
VAT	5,551	-

	8,790	3,314

6. Creditors: Amounts Falling Due Within One Year

	31 March 2025	31 January 2024
	£	£
Net obligations under finance lease and hire purchase contracts	5,911	536
Bank loans and overdrafts	4,143	4,135
Corporation tax	20,204	13,578
Other taxes and social security	38	38

...CONTINUED

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Jolly Automotive Property Services Ltd

Notes to the Financial Statements (continued)

For the Period 1 February 2024 to 31 March 2025

VAT	-	6,646
Accruals and deferred income	1,760	1,680
Directors' loan accounts	5	126

	32,061	26,739

7. Creditors: Amounts Falling Due After More Than One Year

	31 March 2025	31 January 2024
	£	£
Net obligations under finance lease and hire purchase contracts	41,680	-
Bank loans	17,224	22,056

	58,904	22,056

8. Obligations Under Finance Leases and Hire Purchase

	31 March 2025	31 January 2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	5,911	536
Later than one year and not later than five years	41,680	-

	47,591	536

	47,591	536

9. Share Capital

	31 March 2025	31 January 2024
Allotted, called up and fully paid	£	£
8 Ordinary A shares of £ 1.00 each	8	9
1 Ordinary B shares of £ 1.00 each	1	1
1 Ordinary C shares of £ 1.00 each	1	-

	10	10

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		31 March 2025		31 January 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		59,304		19,422

			59,304		19,422
CURRENT ASSETS
Debtors	5	8,790		3,314
Cash at bank and in hand		27,926		29,267

		36,716		32,581
Creditors: Amounts Falling Due Within One Year	6	(32,061 )		(26,739 )

NET CURRENT ASSETS (LIABILITIES)			4,655		5,842

TOTAL ASSETS LESS CURRENT LIABILITIES			63,959		25,264

Creditors: Amounts Falling Due After More Than One Year	7		(58,904 )		(22,056 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(4,856 )		(4,856 )

NET ASSETS/(LIABILITIES)			199		(1,648 )

CAPITAL AND RESERVES
Called up share capital	9		10		10
Profit and Loss Account			189		(1,658 )

SHAREHOLDERS' FUNDS			199		(1,648)