ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Company Registration Number: 00834905

J.C. SHARPE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

J.C. SHARPE LIMITED

REGISTERED NUMBER: 00834905

STATEMENT OF FINANCIAL POSITION

AS AT 31 JANUARY 2026

		2026		2025
Note		£		£

Fixed assets
Tangible assets	5		259,787		258,281
			259,787		258,281
Current assets
Stocks	6	917,915		841,497
Debtors: amounts falling due within one year	7	150,973		108,579
Bank and cash balances		46,364		37,810
		1,115,252		987,886
Creditors: amounts falling due within one year	8	(1,122,215)		(1,027,902)
Net current liabilities			(6,963)		(40,016)
Total assets less current liabilities			252,824		218,265
Creditors: amounts falling due after more than one year	9		-		(3,110)
Provisions for liabilities
Deferred tax	13	(11,154)		(5,966)
			(11,154)		(5,966)
Net assets			241,670		209,189

Capital and reserves
Called up share capital	14	2,000	2,000
Profit and loss account		239,670	207,189
		241,670	209,189

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2026.

Mr S C Puttock	Mrs M E C English
Director	Director

The notes on pages 3 to 10 form part of these financial statements.

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J.C. SHARPE LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JANUARY 2026

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 February 2024	2,000	216,906	218,906
Comprehensive income for the year
Profit for the year	-	35,283	35,283
Contributions by and distributions to owners
Dividends: Equity capital	-	(45,000)	(45,000)

At 1 February 2025	2,000	207,189	209,189
Comprehensive income for the year
Profit for the year	-	53,731	53,731
Contributions by and distributions to owners
Dividends: Equity capital	-	(21,250)	(21,250)
At 31 January 2026	2,000	239,670	241,670

The notes on pages 3 to 10 form part of these financial statements.

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

1.	General information

J.C. Sharpe Limited is a private company, limited by shares, registered in England & Wales. The address of the Company's registered office and its principal place of business is 11 Blundells Road, Tiverton, Devon, EX16 4DB.

The Company's registered number is 00834905.

The presentational currency of the financial statements is Pound Sterling (£).

The principal activity of the Company is that of a motor dealer and related services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

Based on current year trading, current bank balances and existing finance and facilities, the directors believe that the Company will be able to meet its debts as they fall due for the period of 12 months after the approval of these financial statements. They have therefore prepared the financial statements on a going concern basis.

2.3

Turnover

Turnover from the sale of goods is recognised in the Statement of Comprehensive Income, net of discounts and value added tax, when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs when vehicles or parts have been supplied or when a service has been completed.

Commission income is accounted for on a receivable basis.

2.4

Finance costs

Finance costs are charged to the Income Statement in the year in which they are incurred.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

2.Accounting policies (continued)

2.9

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Freehold property	-	1% straight line
				Plant and machinery	-	25% on reducing balance / 10 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.10

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement.

2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.12

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

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 directors maintain oversight of ageing stock profiles and a monthly review of any provision required is performed.

Property, plant and equipment assets

Property, plant and equipment are reviewed for impairment if events or circumstances indicate that the carrying value may not be recoverable. When an impairment review is carried out the recoverable value is determined based on value in use calculations which require estimates to be made of future cash flows.

Incentives and other rebates received from brand partners

The Company receives income in the form of various incentives which are determined by the brand partners. The amount received is generally based on achieving specific objectives such as a specified 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.

Where 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.

Employees

The average monthly number of employees, including directors, during the year was 19 (2025 - 22).

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

5.	Tangible fixed assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost or valuation
At 1 February 2025	281,551	166,704	448,255
Additions	-	13,464	13,464
Disposals	-	(34,238)	(34,238)
At 31 January 2026	281,551	145,930	427,481
Depreciation
At 1 February 2025	43,458	146,516	189,974
Charge for the year on owned assets	2,816	7,673	10,489
Disposals	-	(32,769)	(32,769)
At 31 January 2026	46,274	121,420	167,694
Net book value
At 31 January 2026	235,277	24,510	259,787
At 31 January 2025	238,093	20,188	258,281

6.	Stocks
		2026	2025
		£	£

Vehicle stock	856,800	808,203
Parts and accessories	61,115	33,294
	917,915	841,497

Debtors

					2026	2025
					£	£


Trade debtors	138,453	83,407
Prepayments and accrued income	12,520	15,730
VAT	-	9,442
	150,973	108,579

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J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

8.	Creditors: Amounts falling due within one year
		2026	2025
		£	£

Bank overdrafts	-	35,565
Trade creditors	962,113	896,393
Corporation tax	15,235	8,601
Other taxation and social security	72,276	12,386
Other creditors	15,476	20,210
Bank loans	3,335	10,419
Accruals and deferred income	53,780	44,328
	1,122,215	1,027,902

9.	Creditors: Amounts falling due after more than one year
		2026	2025
		£	£

Bank loans	-	3,110
	-	3,110

10.	Leasing agreements

At the year end, the Company had future total lease payments under non-cancellable operating leases of £12,658 (2025 - £76,058).

11.	Secured debts

Included within trade creditors is vehicle funding amounting to £738,492 (2025 - £735,582). The liability is secured against the vehicles to which it relates.

Page 8

J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

Amounts falling due within one year
Bank loans	3,335	10,419
	3,335	10,419
Amounts falling due 1-2 years
Bank loans	-	3,110
	-	3,110


	3,335	13,529

A bank loan, amounting to £3,335 (2025: £13,529), is a loan underwritten by the Bounce Back Loan Scheme, in which the UK Government had offered to cover the first 12 months of interest payments under the UK Government's Business Interruption Payments (BIP). In addition to this, no repayments needed to be made over the first 12 months. From 2023 onwards, the loan is repayable in equal monthly instalments of £887 until 2026. Interest is charged at 2.5%.

13.	Deferred taxation

		2026
		£

	At beginning of year	(5,966)
	Charged to profit or loss	(5,188)
	At end of year	(11,154)

The provision for deferred taxation is made up as follows:
	2026	2025
	£	£

Accelerated capital allowances	(12,936)	(8,907)
Tax losses carried forward	1,782	2,941
	(11,154)	(5,966)

Page 9

J.C. SHARPE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2026

14.	Share capital
		2026	2025
		£	£

Allotted, called up and fully paid

2,000 (2025 - 2,000) Ordinary shares of £1.00 each	2,000	2,000

15.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £46,328 (2025 - £63,671). At the reporting date there were contributions of £5,628 (2025 - £5,228) outstanding.

16.	Related party transactions
	As at the reporting date an amount of £Nil (2025: £20,210) was owed to a director.

17.	Post balance sheet events

Subsequent to the year end and prior to the approval of the financial statements, 100% of the issued share capital of the Company was transferred to Mr Geoffrey Sharpe, who became the sole shareholder of the Company. This event did not affect the financial position of the Company as at 31 January 2026 and accordingly no adjustment has been made to these financial statements. The Company's directors remain unchanged.

18.	Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2026 was unqualified.

The audit report was signed on 23 September 2026 by Rohan Day (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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