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REGISTERED NUMBER: 04697862 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2023

FOR

G M C AUTOS LTD

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28th February 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G M C AUTOS LTD

COMPANY INFORMATION
for the Year Ended 28th February 2023







DIRECTOR: Mr G M Clarke





SECRETARY: Miss V C Styles





REGISTERED OFFICE: 57 St Margarets Road
Ward End
Birmingham
West Midlands
B8 2BB





REGISTERED NUMBER: 04697862 (England and Wales)





ACCOUNTANTS: Hayward Wright Ltd
4 Clews Road
Redditch
Worcestershire
B98 7ST

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

BALANCE SHEET
28th February 2023

28/2/23 28/2/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,000 16,000
Tangible assets 5 3,236 584
19,236 16,584

CURRENT ASSETS
Stocks 6 22,979 24,829
Debtors 7 3,698 -
Cash at bank 1,971 -
28,648 24,829
CREDITORS
Amounts falling due within one year 8 42,944 27,036
NET CURRENT LIABILITIES (14,296 ) (2,207 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,940 14,377

CREDITORS
Amounts falling due after more than one
year

9

(12,285

)

(13,333

)

PROVISIONS FOR LIABILITIES 11 - (83 )
NET (LIABILITIES)/ASSETS (7,345 ) 961

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings (7,445 ) 861
SHAREHOLDERS' FUNDS (7,345 ) 961

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

The members have not required the company to obtain an audit of its financial statements for the year ended 28th 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.

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

BALANCE SHEET - continued
28th 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 2nd November 2023 and were signed by:





Mr G M Clarke - Director


G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28th February 2023


1. STATUTORY INFORMATION

G M C Autos Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 nil 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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2022
and 28th February 2023 16,000
NET BOOK VALUE
At 28th February 2023 16,000
At 28th February 2022 16,000

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28th February 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st March 2022 - 4,237 3,715 7,952
Additions 3,284 - 582 3,866
At 28th February 2023 3,284 4,237 4,297 11,818
DEPRECIATION
At 1st March 2022 - 4,165 3,203 7,368
Charge for year 821 21 372 1,214
At 28th February 2023 821 4,186 3,575 8,582
NET BOOK VALUE
At 28th February 2023 2,463 51 722 3,236
At 28th February 2022 - 72 512 584

6. STOCKS
28/2/23 28/2/22
£    £   
Stocks 22,979 24,829

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Trade debtors 1,000 -
Deferred tax asset 2,698 -
3,698 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28/2/23 28/2/22
£    £   
Bank loans and overdrafts (see note 10) - 4,050
Other loans (see note 10) 1,956 4,000
Trade creditors 1,660 1,418
Tax 1,129 885
VAT 146 1,553
Directors' current accounts 36,802 13,947
Accrued expenses 1,251 1,183
42,944 27,036

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28th February 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28/2/23 28/2/22
£    £   
Other loans (see note 10) 12,285 13,333

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 4,460 -

10. LOANS

An analysis of the maturity of loans is given below:

28/2/23 28/2/22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 4,050
Other loans 1,956 4,000
1,956 8,050

Amounts falling due between one and two years:
Other loans - 1-2 years 1,956 4,000

Amounts falling due between two and five years:
Other loans - 2-5 years 5,869 9,333

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 4,460 -

11. PROVISIONS FOR LIABILITIES
28/2/22
£   
Deferred tax
Accelerated capital allowances 83

G M C AUTOS LTD (REGISTERED NUMBER: 04697862)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28th February 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st March 2022 83
Provided during year 55
Balance at 28th February 2023 138

** BALANCE ABOVE AT END OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF 138
DOES NOT AGREE TO CURRENT YEAR TOTAL OF ACCOUNTS PER TB (2,698 )

PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - BALANCE SHEET ITEMS - PROVISIONS FOR LIABILITIES - MOVEMENT IN PROVISIONS ETC

Please note: a deferred tax asset should be entered as a negative balance (i.e. include a "-" sign)


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28/2/23 28/2/22
value: £    £   
100 Ordinary £1 100 100

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr G M Clarke.