Silverfin false 30/04/2023 01/05/2022 30/04/2023 Mr E J Staddon 09/01/2020 Mr G K Staddon 15/04/2003 20 November 2023 The principal activity of the Company during the financial year was the sale of second hand motor vehicles. 04735011 2023-04-30 04735011 bus:Director1 2023-04-30 04735011 bus:Director2 2023-04-30 04735011 2022-04-30 04735011 core:CurrentFinancialInstruments 2023-04-30 04735011 core:CurrentFinancialInstruments 2022-04-30 04735011 core:ShareCapital 2023-04-30 04735011 core:ShareCapital 2022-04-30 04735011 core:RetainedEarningsAccumulatedLosses 2023-04-30 04735011 core:RetainedEarningsAccumulatedLosses 2022-04-30 04735011 core:Goodwill 2022-04-30 04735011 core:Goodwill 2023-04-30 04735011 core:PlantMachinery 2022-04-30 04735011 core:Vehicles 2022-04-30 04735011 core:FurnitureFittings 2022-04-30 04735011 core:PlantMachinery 2023-04-30 04735011 core:Vehicles 2023-04-30 04735011 core:FurnitureFittings 2023-04-30 04735011 1 2023-04-30 04735011 1 2022-04-30 04735011 bus:OrdinaryShareClass1 2023-04-30 04735011 bus:OrdinaryShareClass2 2023-04-30 04735011 2022-05-01 2023-04-30 04735011 bus:FullAccounts 2022-05-01 2023-04-30 04735011 bus:SmallEntities 2022-05-01 2023-04-30 04735011 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 04735011 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 04735011 bus:Director1 2022-05-01 2023-04-30 04735011 bus:Director2 2022-05-01 2023-04-30 04735011 core:Goodwill core:TopRangeValue 2022-05-01 2023-04-30 04735011 core:PlantMachinery 2022-05-01 2023-04-30 04735011 core:Vehicles 2022-05-01 2023-04-30 04735011 core:FurnitureFittings 2022-05-01 2023-04-30 04735011 2021-05-01 2022-04-30 04735011 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 04735011 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 04735011 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 04735011 bus:OrdinaryShareClass2 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04735011 (England and Wales)

GKS OF IVYBRIDGE LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

GKS OF IVYBRIDGE LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

GKS OF IVYBRIDGE LIMITED

BALANCE SHEET

As at 30 April 2023
GKS OF IVYBRIDGE LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 17,600 5,020
17,600 5,020
Current assets
Stocks 887,411 944,225
Debtors 5 40,210 40,476
Investments 6 51 51
Cash at bank and in hand 319,648 164,342
1,247,320 1,149,094
Creditors: amounts falling due within one year 7 ( 283,449) ( 263,300)
Net current assets 963,871 885,794
Total assets less current liabilities 981,471 890,814
Provision for liabilities ( 771) ( 1,143)
Net assets 980,700 889,671
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 980,600 889,571
Total shareholders' funds 980,700 889,671

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GKS of Ivybridge Limited (registered number: 04735011) were approved and authorised for issue by the Board of Directors on 20 November 2023. They were signed on its behalf by:

Mr E J Staddon
Director
GKS OF IVYBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
GKS OF IVYBRIDGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GKS of Ivybridge Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is: Leonards Road, Ivybridge, Devon, PL21 0RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 15 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 30,000 30,000
At 30 April 2023 30,000 30,000
Accumulated amortisation
At 01 May 2022 30,000 30,000
At 30 April 2023 30,000 30,000
Net book value
At 30 April 2023 0 0
At 30 April 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2022 22,458 5,550 23,377 51,385
Additions 4,449 0 14,000 18,449
At 30 April 2023 26,907 5,550 37,377 69,834
Accumulated depreciation
At 01 May 2022 20,415 5,374 20,576 46,365
Charge for the financial year 1,626 44 4,199 5,869
At 30 April 2023 22,041 5,418 24,775 52,234
Net book value
At 30 April 2023 4,866 132 12,602 17,600
At 30 April 2022 2,043 176 2,801 5,020

5. Debtors

2023 2022
£ £
Trade debtors 24,657 20,758
Amounts owed by Group undertakings 9,701 17,390
Other debtors 5,852 2,328
40,210 40,476

6. Current asset investments

2023 2022
£ £
Subsidiaries 51 51

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 84,375 40,487
Corporation tax 25,578 45,344
Other taxation and social security 45,199 30,746
Other creditors 128,297 146,723
283,449 263,300

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
51 Ordinary shares of £ 1.00 each 51 51
49 Ordinary A shares of £ 1.00 each 49 49
100 100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £19,000 (2022 - £nil).