Company Registration No. 10711607 (England and Wales)
JAP MOTORS (SHEFFIELD) LIMITED
Unaudited accounts
for the year ended 30 April 2023
JAP MOTORS (SHEFFIELD) LIMITED
Statement of financial position
as at 30 April 2023
Tangible assets
11,520
1,115
Inventories
235,775
220,550
Cash at bank and in hand
18,226
36,073
Creditors: amounts falling due within one year
(166,152)
(165,631)
Net current assets
101,115
102,359
Total assets less current liabilities
112,635
103,474
Creditors: amounts falling due after more than one year
(22,432)
(33,400)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
87,914
69,935
Shareholders' funds
88,014
70,035
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 3 November 2023 and were signed on its behalf by
Ejaz Ahmed
Director
Company Registration No. 10711607
JAP MOTORS (SHEFFIELD) LIMITED
Notes to the Accounts
for the year ended 30 April 2023
JAP MOTORS (SHEFFIELD) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10711607. The registered office is Garter Street, SHEFFIELD, S4 7QX, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Fixtures & fittings
25% on reducing balance
Turnover represents net invoiced sale of goods, excluding value added tax.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
JAP MOTORS (SHEFFIELD) LIMITED
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Total
5
Deferred taxation
2023
2022
Accelerated capital allowances
2,189
39
Provision at start of year
39
59
Charged/(credited) to the profit and loss account
2,150
(20)
Provision at end of year
2,189
39
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
7
Average number of employees
During the year the average number of employees was 4 (2022: 4).
