James Morgan Cars Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 03976326 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

FOR

JAMES MORGAN CARS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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

4

-

-

Tangible assets

5

668

891

Investment property

6

-

69,740

668

70,631

CURRENT ASSETS

Stocks

7

186,813

155,995

Debtors

8

-

10,650

186,813

166,645

CREDITORS

Amounts falling due within one year

9

186,873

180,782

NET CURRENT LIABILITIES

(60

)

(14,137

)

TOTAL ASSETS LESS CURRENT LIABILITIES

608

56,494

CREDITORS

Amounts falling due after more than one year

10

-

53,294

NET ASSETS

608

3,200

CAPITAL AND RESERVES

Called up share capital

6

6

Retained earnings

602

3,194

SHAREHOLDERS' FUNDS

608

3,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 August 2017 and were signed on its behalf by:

Mr P Singleton - Director

1.	STATUTORY INFORMATION

James Morgan Cars Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

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

fair value is recognised in profit or loss.

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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

16,000

AMORTISATION

At 1 April 2016

and 31 March 2017

16,000

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Office

and other

equipment

£

COST

At 1 April 2016

and 31 March 2017

14,011

DEPRECIATION

At 1 April 2016

13,120

Charge for year

223

At 31 March 2017

13,343

NET BOOK VALUE

At 31 March 2017

668

At 31 March 2016

891

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

69,740

Disposals

(69,740

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

69,740

7.

STOCKS

31.3.17

31.3.16

£

£

Stocks

141,813

110,995

Property development work in progress

45,000

45,000

186,813

155,995

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

-

10,650

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

46,806

28,302

Taxation and social security

6,347

7,366

Other creditors

133,720

145,114

186,873

180,782

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans

-

53,294

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

46,806

28,302

Bank loans

-

53,294

46,806

81,596

The bank borrowings are secured by a fixed and floating charge over all the assets of the business.

12.	RELATED PARTY DISCLOSURES

Control

The company is jointly controlled by Mr. A. J. Cammell, a director, Mr. M. Faber, a director and by Mr. P.

Singleton, a director.

Transactions

Dividends of £1,500 (2016: £6,000) were paid to Mr. A. J. Cammell, a director, dividends of £3,000 (2016:

£12,000) were paid to Mr. M. Faber, a director and dividends of £3,000 (2016: £12,000) were paid to Mr. P.

Singleton, a director in the year under review.