J S Motors (Oxford) Ltd Filleted accounts for Companies House (small and micro)

JS MOTORS OXFORD LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08305056

J S Motors (Oxford) Ltd

Filleted Unaudited Abridged Financial Statements

31 March 2020

J S Motors (Oxford) Ltd

Balance Sheet

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	6		295,451	290,250

Current assets

Stocks	3,000	3,000
Debtors	60,396	46,126
Cash at bank and in hand	151,787	52,855
	---------	---------
	215,183	101,981

Creditors: amounts falling due within one year	168,838		105,774
	---------		---------
Net current assets/(liabilities)		46,345	( 3,793)
		---------	---------
Total assets less current liabilities		341,796	286,457

Creditors: amounts falling due after more than one year	207,971	235,019
	---------	---------
Net assets	133,825	51,438
	---------	---------

Capital and reserves

Called up share capital	4	4
Profit and loss account	133,821	51,434
	---------	--------
Shareholders funds	133,825	51,438
	---------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the balance sheet for the year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

J S Motors (Oxford) Ltd

Balance Sheet (continued)

31 March 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 19 October 2020 , and are signed on behalf of the board by:

Mr E J Forde	Mr B P Walker
Director	Director

Company registration number: 08305056

J S Motors (Oxford) Ltd

Notes to the Abridged Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Station Field Industrial Estate, Kidlington, Oxon, OX5 1JD, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2019: 8 ).

5. Intangible assets

	£
Cost
At 1 April 2019 and 31 March 2020	80,000
	--------
Amortisation
At 1 April 2019 and 31 March 2020	80,000
	--------
Carrying amount
At 31 March 2020	–
	--------
At 31 March 2019	–
	--------

6. Tangible assets

	£
Cost
At 1 April 2019	331,822
Additions	16,877
Disposals	( 1,000)
	---------
At 31 March 2020	347,699
	---------
Depreciation
At 1 April 2019	41,572
Charge for the year	11,359
Disposals	( 683)
	---------
At 31 March 2020	52,248
	---------
Carrying amount
At 31 March 2020	295,451
	---------
At 31 March 2019	290,250
	---------

7. Directors' advances, credits and guarantees

As at 31 March 2020 a balance of £4 was owed by the directors (2019: £4)

8. Related party transactions

The company was under the joint control of the directors throughout the current and previous years. During the year the company supplied and received services from JS Motor Services Ltd,a company owned by the directors. The value of services supplied was £1,027 (2019:£930) and received £6,046 (2019: £4,414). The company also had an inter company loan account with JS Motor Services Ltd, and the net balance due to JS Motors (Oxford) Ltd at 31/03/20 was £9,960 (31/03/19: £9,960).