Jcm Specialist Cars Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05324698 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2023

for

Jcm Specialist Cars Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J C Milner

SECRETARY:

Mrs C L Milner

REGISTERED OFFICE:

Unit 15

Hunsdale Business Park

Ellerker

East Yorkshire

HU15 2DB

REGISTERED NUMBER:

05324698 (England and Wales)

ACCOUNTANTS:

360 Accountants Limited

18-19 Albion Street

Hull

East Yorkshire

HU1 3TG

BANKERS:

HSBC Bank Plc

Merit House

Priory Park West

Saxon Way

Hessle

East Yorkshire

HU13 9PB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,504

3,154

2,504

3,154

CURRENT ASSETS

Stocks

328,659

330,966

Debtors

3,514

3,513

Cash at bank

122,359

84,941

454,532

419,420

CREDITORS

Amounts falling due within one year

284,899

236,744

NET CURRENT ASSETS

169,633

182,676

TOTAL ASSETS LESS CURRENT LIABILITIES

172,137

185,830

CREDITORS

Amounts falling due after more than one year

(22,500

)

(32,500

)

PROVISIONS FOR LIABILITIES

7

(664

)

(836

)

NET ASSETS

148,973

152,494

CAPITAL AND RESERVES

Called up share capital

8

100

100

Other reserves

100,000

100,000

Retained earnings

48,873

52,394

SHAREHOLDERS' FUNDS

148,973

152,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 October 2023 and were signed by:

J C Milner - Director

1.	STATUTORY INFORMATION

Jcm Specialist Cars Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2022

and 28 February 2023

30,000

AMORTISATION

At 1 March 2022

and 28 February 2023

30,000

NET BOOK VALUE

At 28 February 2023

-

At 28 February 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2022

and 28 February 2023

11,609

DEPRECIATION

At 1 March 2022

8,455

Charge for year

650

At 28 February 2023

9,105

NET BOOK VALUE

At 28 February 2023

2,504

At 28 February 2022

3,154

6.

LOANS

An analysis of the maturity of loans is given below:

28/2/23

28/2/22

£

£

Amounts falling due within one year or on demand:

Bank loans

10,000

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

12,500

22,500

7.	PROVISIONS FOR LIABILITIES

28/2/23

28/2/22

£

£

Deferred tax

664

836

Deferred

tax

£

Balance at 1 March 2022

836

Provided during year

(172

)

Balance at 28 February 2023

664

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28/2/23

28/2/22

value:

£

£

100

Ordinary

£1

100

100