Registered Number 07173193

JUNCTION 17 CARS LIMITED

Abbreviated Accounts

31 March 2013

JUNCTION 17 CARS LIMITED Registered Number 07173193

Abbreviated Balance Sheet as at 31 March 2013

Notes 2013 2012
£ £
Fixed assets
Tangible assets 2 1,059,867 10,638
1,059,867 10,638
Current assets
Stocks 908,122 403,463
Debtors 145,186 62,221
Cash at bank and in hand 9,890 17,797
1,063,198 483,481
Creditors: amounts falling due within one year (1,147,095) (369,227)
Net current assets (liabilities) (83,897) 114,254
Total assets less current liabilities 975,970 124,892
Creditors: amounts falling due after more than one year (771,637) 0
Provisions for liabilities (7,531) (1,254)
Total net assets (liabilities) 196,802 123,638
Capital and reserves
Called up share capital 3 100 100
Profit and loss account 196,702 123,538
Shareholders' funds 196,802 123,638
  • For the year ending 31 March 2013 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 December 2013

And signed on their behalf by:
G H Jones, Director

JUNCTION 17 CARS LIMITED Registered Number 07173193

Notes to the Abbreviated Accounts for the period ended 31 March 2013

1Accounting Policies

Basis of measurement and preparation of accounts
Accounting Convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standards for Small Entities (effective April 2008).

Compliance with Accounting Standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (excepted as otherwise stated).

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:-

Land and buildings freehold - Nil
Plant and machinery - 25% reducing balance
Fixtures, fittings and equipment - 25% reducing balance

The company does not provide for depreciation on the freehold property which is a departure from the Financial Reporting Standard for Smaller Entities. The directors consider that the property is maintained in such a state of repair that the residual value is at least equal to the net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

Other accounting policies
Stock
Stock is valued at the lower of cost and net realisable value.

Deferred Taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Creditors - Amounts Falling Due Within One Year
The aggregate amount of creditors for which security has been given amounted to £633,989 (2012 £98,534).

Creditors - Amounts Falling Due After More Than One Year
Total amounts repayable by instalments which are due in more than five year - 2013 £656,162

The aggregate amount of creditors for which security has been given amounted to £771,637 (2012 £0).

Related Party Relationships and Transactions
Guarantees - G H Jones and C Bacon have given a guarantee and indemnity in respect of the stocking loans which at 31 March 2013 had an outstanding balance of £440,316, they have also guaranteed the bank borrowings of the company which at 31 March 2013 amounted to £965,310.

Other Transactions
During the year the company has been charged rent and rates of £6,963 by G H Jones for the use of a property of which he is the leaseholder, other expenses of £3,041 have been recharged during the year and the company has been supplied with goods amounting to £3,063. At 31 March 2013 there were no outstanding amounts in respect of these transactions.

2Tangible fixed assets
£
Cost
At 1 April 2012 14,588
Additions 1,058,033
Disposals -
Revaluations -
Transfers -
At 31 March 2013 1,072,621
Depreciation
At 1 April 2012 3,950
Charge for the year 8,804
On disposals -
At 31 March 2013 12,754
Net book values
At 31 March 2013 1,059,867
At 31 March 2012 10,638
3Called Up Share Capital
Allotted, called up and fully paid:
2013
£
2012
£
100 Ordinary shares of £1 each 100 100