Registered Number 07173193
JUNCTION 17 CARS LIMITED
Abbreviated Accounts
31 March 2013
Notes | 2013 | 2012 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
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
Tangible assets depreciation policy
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 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.
£ | |
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Cost | |
At 1 April 2012 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2013 |
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Depreciation | |
At 1 April 2012 |
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Charge for the year |
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On disposals |
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At 31 March 2013 |
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Net book values | |
At 31 March 2013 | 1,059,867 |
At 31 March 2012 | 10,638 |