James Morgan Cars Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03976326 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

FOR

JAMES MORGAN CARS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr A J Cammell

Mr M Faber

Mr P Singleton

SECRETARY:

Mr M Faber

REGISTERED OFFICE:

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

REGISTERED NUMBER:

03976326 (England and Wales)

ACCOUNTANTS:

Whitehead & Howarth

327 Clifton Drive South

Lytham St Annes

Lancashire

FY8 1HN

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

891

996

Investment property

4

69,740

70,631

70,736

CURRENT ASSETS

Stocks

155,995

183,187

Debtors

10,650

9,000

166,645

192,187

CREDITORS

Amounts falling due within one year

5

180,782

170,393

NET CURRENT (LIABILITIES)/ASSETS

(14,137

)

21,794

TOTAL ASSETS LESS CURRENT
LIABILITIES

56,494

92,530

CREDITORS

Amounts falling due after more than one
year

5

53,294

66,307

NET ASSETS

3,200

26,223

CAPITAL AND RESERVES

Called up share capital

6

Profit and loss account

3,194

26,217

SHAREHOLDERS' FUNDS

3,200

26,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 18 August 2016 and were signed on its behalf by:

Mr P Singleton - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover comprises the total value of car sales and related income arising in the year under review and is stated

net of Value Added Tax. Turnover also includes a minimal amount of property development income.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office and other equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

16,000

AMORTISATION

At 1 April 2015

and 31 March 2016

16,000

NET BOOK VALUE

At 31 March 2016

-

At 31 March 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

13,818

Additions

193

At 31 March 2016

14,011

DEPRECIATION

At 1 April 2015

12,822

Charge for year

298

At 31 March 2016

13,120

NET BOOK VALUE

At 31 March 2016

891

At 31 March 2015

996

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 April 2015

and 31 March 2016

69,740

NET BOOK VALUE

At 31 March 2016

69,740

At 31 March 2015

69,740

5.

CREDITORS

Creditors include an amount of £ 81,596 (31.3.15 - £ 121,619 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

6

Ordinary

1

6