J S Motors (Oxford) Ltd Filleted accounts for Companies House (small and micro)

JS MOTORS OXFORD LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08305056

J S Motors (Oxford) Ltd

Filleted Unaudited Financial Statements

31 March 2018

J S Motors (Oxford) Ltd

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	16,000	32,000
Tangible assets	6	288,186	285,632
		---------	---------
		304,186	317,632

Current assets

Stocks		3,000	3,000
Debtors	7	47,473	58,989
Cash at bank and in hand		37,851	42,670
		--------	---------
		88,324	104,659

Creditors: amounts falling due within one year	8	90,139		118,397
		--------		---------
Net current liabilities			1,815	13,738
			---------	---------
Total assets less current liabilities			302,371	303,894

Creditors: amounts falling due after more than one year	9	256,862	269,742
		---------	---------
Net assets		45,509	34,152
		---------	---------

Capital and reserves

Called up share capital	4	4
Profit and loss account	45,505	34,148
	--------	--------
Shareholders funds	45,509	34,152
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 March 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

J S Motors (Oxford) Ltd

Balance Sheet (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 27 June 2018 , and are signed on behalf of the board by:

Mr E J Forde	Mr B P Walker
Director	Director

Company registration number: 08305056

J S Motors (Oxford) Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Station Field Industrial Estate, Kidlington, Oxon, OX5 1JD, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	80,000
	--------
Amortisation
At 1 April 2017	48,000
Charge for the year	16,000
	--------
At 31 March 2018	64,000
	--------
Carrying amount
At 31 March 2018	16,000
	--------
At 31 March 2017	32,000
	--------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2017	263,023	34,357	1,458	9,650	1,577	310,065
Additions	–	11,868	–	416	–	12,284
Disposals	–	–	–	( 1,650)	–	( 1,650)
	---------	--------	-------	-------	-------	---------
At 31 Mar 2018	263,023	46,225	1,458	8,416	1,577	320,699
	---------	--------	-------	-------	-------	---------
Depreciation
At 1 Apr 2017	–	18,253	513	5,141	526	24,433
Charge for the year	–	6,993	236	983	525	8,737
Disposals	–	–	–	( 657)	–	( 657)
	---------	--------	-------	-------	-------	---------
At 31 Mar 2018	–	25,246	749	5,467	1,051	32,513
	---------	--------	-------	-------	-------	---------
Carrying amount
At 31 Mar 2018	263,023	20,979	709	2,949	526	288,186
	---------	--------	-------	-------	-------	---------
At 31 Mar 2017	263,023	16,104	945	4,509	1,051	285,632
	---------	--------	-------	-------	-------	---------

7. Debtors

	2018	2017
	£	£
Trade debtors	37,509	49,025
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9,960	9,960
Other debtors	4	4
	--------	--------
	47,473	58,989
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	15,000	13,000
Trade creditors	38,025	37,228
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	30,000
Corporation tax	8,619	10,247
Social security and other taxes	23,384	23,742
Other creditors	5,111	4,180
	--------	---------
	90,139	118,397
	--------	---------

Barclays bank plc hold a fixed and floating charge dated 29/07/2014.

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	256,862	269,742
	---------	---------

10. Directors' advances, credits and guarantees

As at 31 March 2018 a balance of £4 was owed by the directors (2017: £4)

11. Related party transactions

The company was under the joint control of the directors throughout the current and previous years. During the year the company supplied and received services from JS Motor Services Ltd,a company owned by the directors. The value of services supplied was £1,197 (2017:£1,434) and received £8,862 (2017: £6,326). The company also had an inter company loan account with JS Motor Services Ltd, and the net balance due to JS Motors (Oxford) Ltd at 31/03/18 was £9,960 (31/03/17: £20,040 owed by JS Motors (Oxford) Ltd).