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REGISTERED NUMBER: 07530760 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

GERMAN VEHICLE SPECIALISTS LIMITED

GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GERMAN VEHICLE SPECIALISTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: D M Barnett





REGISTERED OFFICE: Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA





REGISTERED NUMBER: 07530760 (England and Wales)





ACCOUNTANTS: Segrave & Partners LLP
Chartered Accountants
Turnpike House
1208/1210 London Road
Leigh on Sea
Essex
SS9 2UA

GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,717 17,645

CURRENT ASSETS
Stocks 2,365 5,610
Debtors 5 5,391 5,404
7,756 11,014
CREDITORS
Amounts falling due within one year 6 18,110 21,734
NET CURRENT LIABILITIES (10,354 ) (10,720 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,363

6,925

CREDITORS
Amounts falling due after more than one
year

7

3,733

5,333
NET ASSETS 1,630 1,592

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,530 1,492
SHAREHOLDERS' FUNDS 1,630 1,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)

BALANCE SHEET - continued
28 FEBRUARY 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





D M Barnett - Director


GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

German Vehicle Specialists 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.

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.

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
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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 or deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 3 (2022 - 3 ) .

GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2022 48,690 8,750 358 57,798
Additions 2,392 - - 2,392
At 28 February 2023 51,082 8,750 358 60,190
DEPRECIATION
At 1 March 2022 37,511 2,513 129 40,153
Charge for year 2,715 1,559 46 4,320
At 28 February 2023 40,226 4,072 175 44,473
NET BOOK VALUE
At 28 February 2023 10,856 4,678 183 15,717
At 28 February 2022 11,179 6,237 229 17,645

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,391 5,404

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,313 3,841
Trade creditors 3,089 4,400
Tax 2,374 409
Social security and other taxes 430 624
VAT 5,288 4,791
Other creditors 1,612 1,484
Directors' loan accounts 879 5,085
Accrued expenses 1,125 1,100
18,110 21,734

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 3,733 5,333

GERMAN VEHICLE SPECIALISTS LIMITED (REGISTERED NUMBER: 07530760)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 5,333 6,933

The bank loan is secured by way of a government backed guarantee.