Jane's Jubilee Garage Limited - Period Ending 2022-10-31

Jane's Jubilee Garage Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Jane's Jubilee Garage Limited

Balance Sheet

31 October 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	5,944	4,435
Current assets
Debtors	5	28,452	15,465
Cash at bank and in hand		29,366	34,886
		57,818	50,351
Creditors: Amounts falling due within one year	6	(30,061)	(30,674)
Net current assets		27,757	19,677
Total assets less current liabilities		33,701	24,112
Creditors: Amounts falling due after more than one year	6	(25,833)	(35,833)
Provisions for liabilities		(1,130)	(843)
Net assets/(liabilities)		6,738	(12,564)
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		6,638	(12,664)
Shareholders' funds/(deficit)		6,738	(12,564)

Jane's Jubilee Garage Limited

Balance Sheet

31 October 2022

For the financial year ending 31 October 2022 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 21 February 2023 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 2022

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 21 February 2023.

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.

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.

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.

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.

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2022

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% reducing balance

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 2022

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 3).

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 November 2021	92,393	92,393
Additions	2,995	2,995
At 31 October 2022	95,388	95,388
Depreciation
At 1 November 2021	87,958	87,958
Charge for the year	1,486	1,486
At 31 October 2022	89,444	89,444
Carrying amount
At 31 October 2022	5,944	5,944
At 31 October 2021	4,435	4,435

5

Debtors

Current	2022 £	2021 £
Trade debtors	20,322	7,918
Prepayments	2,530	1,947
Other debtors	5,600	5,600
	28,452	15,465

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2022

6

Creditors

Creditors: amounts falling due within one year

	2022  £	2021  £
Due within one year
Bank overdraft	10,000	10,000
Trade creditors	9,749	13,092
Social security and other taxes	5,177	3,073
Other creditors	100	100
Accrued expenses	1,005	1,005
Corporation tax	4,030	3,404
	30,061	30,674
Due after one year
Loans and borrowings	25,833	35,833

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	7	25,833	35,833

7	Loans and borrowings

	2022 £	2021 £
Loans and borrowings due after one year
Bank borrowings	25,833	35,833

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	10,000	10,000

Jane's Jubilee Garage Limited

Notes to the Unaudited Financial Statements

Year Ended 31 October 2022

8	Share capital

Allotted, called up and fully paid shares

	2022		2021
	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 (2021 - £Nil).