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REGISTERED NUMBER: 04744709 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

G & M AUTO REPAIRS LIMITED

G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G & M AUTO REPAIRS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr G Harrison
Mr M P Williams





SECRETARY: Mrs L M Harrison





REGISTERED OFFICE: Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH





BUSINESS ADDRESS: Unit 7 & 8 Elmsfield Farm Industrial Est
Worcester Road
CHIPPING NORTON
Oxfordshire
OX7 5XS





REGISTERED NUMBER: 04744709 (England and Wales)





ACCOUNTANTS: Bronsens
Chartered Certified Accountants
Hillside
Albion Street
Chipping Norton
Oxfordshire
OX7 5BH

G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 417 5,417
Tangible assets 5 31,729 31,116
32,146 36,533

CURRENT ASSETS
Stocks 2,750 2,500
Debtors 6 18,132 25,704
Cash at bank and in hand 293,666 235,293
314,548 263,497
CREDITORS
Amounts falling due within one year 7 274,513 257,486
NET CURRENT ASSETS 40,035 6,011
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,181

42,544

PROVISIONS FOR LIABILITIES 8 5,405 5,246
NET ASSETS 66,776 37,298

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 66,576 37,098
SHAREHOLDERS' FUNDS 66,776 37,298

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:




Mr G Harrison - Director



Mr M P Williams - Director


G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

G & M Auto Repairs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 100,000
AMORTISATION
At 1 April 2022 94,583
Charge for year 5,000
At 31 March 2023 99,583
NET BOOK VALUE
At 31 March 2023 417
At 31 March 2022 5,417

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 104,558 371 9,458 5,949 120,336
Additions 8,669 - - 797 9,466
At 31 March 2023 113,227 371 9,458 6,746 129,802
DEPRECIATION
At 1 April 2022 76,835 360 6,897 5,128 89,220
Charge for year 7,278 3 640 932 8,853
At 31 March 2023 84,113 363 7,537 6,060 98,073
NET BOOK VALUE
At 31 March 2023 29,114 8 1,921 686 31,729
At 31 March 2022 27,723 11 2,561 821 31,116

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 12,540 20,370
Prepayments 5,592 5,334
18,132 25,704

G & M AUTO REPAIRS LIMITED (REGISTERED NUMBER: 04744709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 24,856 20,007
Tax 39,164 32,585
Social security and other taxes 1,941 1,057
VAT 17,423 14,735
Other creditors 3,068 1,913
Directors' current accounts 184,437 183,815
Accrued expenses 3,624 3,374
274,513 257,486

8. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 5,405 5,246

Deferred
tax
£   
Balance at 1 April 2022 5,246
Provided during year 159
Movement
Balance at 31 March 2023 5,405

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100
100 Ordinary B £1 100 100
200 200