GJB Automotives Limited Filleted accounts for Companies House (small and micro)

GJB AUTOMOTIVES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 12144328

GJB Automotives Limited

Filleted Unaudited Financial Statements

31 March 2020

GJB Automotives Limited

Financial Statements

Period from 7 August 2019 to 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

GJB Automotives Limited

Statement of Financial Position

31 March 2020

	31 Mar 20
Note	£

Fixed assets

Intangible assets	5	13,500
Tangible assets	6	1,312
		--------
		14,812

Current assets

Debtors	7	19,865
Cash at bank and in hand		51,482
		--------
		71,347

Creditors: amounts falling due within one year	8	62,855
		--------
Net current assets		8,492
		--------
Total assets less current liabilities		23,304
		--------
Net assets		23,304
		--------

Capital and reserves

Called up share capital	100
Profit and loss account	23,204
	--------
Shareholders funds	23,304
	--------

These 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 statement of comprehensive income has not been delivered.

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

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GJB Automotives Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 27 November 2020 , and are signed on behalf of the board by:

L McKay
Director

Company registration number: 12144328

GJB Automotives Limited

Notes to the Financial Statements

Period from 7 August 2019 to 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 Unit 1, BMS Industrial Estate, Dengemarsh Road, Lydd, Kent, TN29 9JH, England.

2. Statement of compliance

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

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic 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.

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:

	Motor vehicles	-	25% straight line

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 period amounted to 7 .

5. Intangible assets

	Goodwill
	£
Cost
Additions	–
Acquisitions through business combinations	15,000
	--------
At 31 March 2020	15,000
	--------
Amortisation
Charge for the period	1,500
	--------
At 31 March 2020	1,500
	--------
Carrying amount
At 31 March 2020	13,500
	--------

6. Tangible assets

	Motor vehicles
	£
Cost
At 7 August 2019	–
Additions	1,500
	-------
At 31 March 2020	1,500
	-------
Depreciation
At 7 August 2019	–
Charge for the period	188
	-------
At 31 March 2020	188
	-------
Carrying amount
At 31 March 2020	1,312
	-------

7. Debtors

	31 Mar 20
	£
Trade debtors	16,156
Other debtors	3,709
	--------
	19,865
	--------

8. Creditors: amounts falling due within one year

	31 Mar 20
	£
Bank loans and overdrafts	2
Trade creditors	19,005
Amounts owed to group undertakings and undertakings in which the company has a participating interest	13,300
Corporation tax	5,859
Social security and other taxes	18,542
Other creditors	6,147
	--------
	62,855
	--------

Bank loans are secured by way of fixed and floating charges over the assets of the company.

9. Related party transactions

At the period end the company owed £13,300 to a company associated by common control.