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Registration number: 09238395

G K Motor Factors Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2022

image-name
 

G K Motor Factors Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

G K Motor Factors Ltd

Company Information

Director

Mr Keith James Nelson

Company secretary

Marie Diane Nelson

Registered office

21 The Causeway
Heybridge
Maldon
Essex
CM9 4LJ

Accountants

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
G K Motor Factors Ltd
for the Year Ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G K Motor Factors Ltd for the year ended 31 December 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of G K Motor Factors Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of G K Motor Factors Ltd and state those matters that we have agreed to state to the Board of Directors of G K Motor Factors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G K Motor Factors Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that G K Motor Factors Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of G K Motor Factors Ltd. You consider that G K Motor Factors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of G K Motor Factors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Integer
Unit 3, Upp Hall Farm
Salmons Lane
Colchester
Essex
CO6 1RY

30 September 2023

 

G K Motor Factors Ltd

(Registration number: 09238395)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

15,572

6,134

Current assets

 

Stocks

5

45,901

61,662

Debtors

2,457

6,411

Cash at bank and in hand

 

70

12,942

 

48,428

81,015

Prepayments and accrued income

 

2,231

-

Creditors: Amounts falling due within one year

(34,078)

(52,521)

Net current assets

 

16,581

28,494

Total assets less current liabilities

 

32,153

34,628

Accruals and deferred income

 

(2,000)

(800)

Net assets

 

30,153

33,828

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

30,053

33,728

Shareholders' funds

 

30,153

33,828

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 30 September 2023
 

.........................................
Mr Keith James Nelson
Director

 

G K Motor Factors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

 

G K Motor Factors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

G K Motor Factors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2021 - 6).

3

Loss/profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

2,411

1,534

 

G K Motor Factors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

16,169

-

16,169

Additions

-

11,850

11,850

At 31 December 2022

16,169

11,850

28,019

Depreciation

At 1 January 2022

10,035

-

10,035

Charge for the year

1,227

1,185

2,412

At 31 December 2022

11,262

1,185

12,447

Carrying amount

At 31 December 2022

4,907

10,665

15,572

At 31 December 2021

6,134

-

6,134

5

Stocks

2022
£

2021
£

Other inventories

45,901

61,662

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £Nil (2021 - £56.00) per ordinary share

 

-

 

5,600

         
 

G K Motor Factors Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

8

Related party transactions

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Keith James Nelson

Directors loan

4,510

(4,238)

11,000

11,271

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Mr Keith James Nelson

Directors loan

3,990

(3,360)

3,880

4,510

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

10,767

8,814

In respect of the highest paid director:

2022
£

2021
£

Remuneration

10,767

8,814