Jane's Jubilee Garage Limited - Period Ending 2021-10-31

Jane's Jubilee Garage Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Jane's Jubilee Garage Limited

Company Information

Directors

Mr J Hicks Mrs J Hicks

Company secretary

Mrs J Hicks

Registered office

Lowin House Tregolls Road Cornwall TRURO

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Jane's Jubilee Garage Limited

Balance Sheet

31 October 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	4,435	10,944
Current assets
Debtors	5	15,465	19,825
Cash at bank and in hand		34,886	17,518
		50,351	37,343
Creditors: Amounts falling due within one year	6	(30,674)	(18,014)
Net current assets		19,677	19,329
Total assets less current liabilities		24,112	30,273
Creditors: Amounts falling due after more than one year	6	(35,833)	(50,000)
Provisions for liabilities		(843)	(2,079)
Net liabilities		(12,564)	(21,806)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		(12,664)	(21,906)
Shareholders' deficit		(12,564)	(21,806)

Jane's Jubilee Garage Limited

Balance Sheet

31 October 2021

For the financial year ending 31 October 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 March 2022 and signed on its behalf by:
 

......................................... Mr J Hicks Director

Company Registration Number: 08085447

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Cornwall
TRURO

The principal place of business is:
Cardrew Industrial Estate
Redruth
Cornwall
TR15 1SS

These financial statements were authorised for issue by the Board on 1 March 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis due to the impact of the Covid-19 pandemic. The directors consider this to be appropriate under the circumstances

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• 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 derecognised 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.

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.




 

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 5).

4	Tangible assets

	Other tangible assets £	Total £
Cost or valuation
At 1 November 2020	86,848	86,848
Additions	5,545	5,545
At 31 October 2021	92,393	92,393
Depreciation
At 1 November 2020	75,904	75,904
Charge for the year	12,054	12,054
At 31 October 2021	87,958	87,958
Carrying amount
At 31 October 2021	4,435	4,435
At 31 October 2020	10,944	10,944

5

Debtors

	2021 £	2020 £
Trade debtors	7,918	7,572
Prepayments	1,947	2,112
Other debtors	5,600	10,141
	15,465	19,825

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

6

Creditors

Creditors: amounts falling due within one year

	2021  £	2020  £
Due within one year
Bank overdraft	10,000	-
Trade creditors	13,092	10,985
Social security and other taxes	3,073	2,143
Other creditors	100	100
Accrued expenses	1,005	1,005
Corporation tax	3,404	3,781
	30,674	18,014
Due after one year
Loans and borrowings	35,833	50,000

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	35,833	50,000

7	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Bank borrowings	35,833	50,000

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	10,000	-

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2021

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2020 - £833).