2023-01-012023-12-312023-12-31false09736848PREMIER MOTOR SALES (GLOUCESTERSHIRE) 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PREMIER MOTOR SALES (GLOUCESTERSHIRE) LIMITED

Registered Number
09736848
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PREMIER MOTOR SALES (GLOUCESTERSHIRE) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

CAMERON, Craig William Lochiel

Registered Address

Unit 2a Rowanfield Road
Cheltenham
GL51 8PL

Registered Number

09736848 (England and Wales)
PREMIER MOTOR SALES (GLOUCESTERSHIRE) LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets36,358-
6,358-
Current assets
Stocks4485,363309,674
Debtors39,08215,202
Cash at bank and on hand23,3155,661
547,760330,537
Creditors amounts falling due within one year6(444,809)(366,845)
Net current assets (liabilities)102,951(36,308)
Total assets less current liabilities109,309(36,308)
Creditors amounts falling due after one year7(31,427)(36,763)
Net assets77,882(73,071)
Capital and reserves
Called up share capital100100
Profit and loss account77,782(73,171)
Shareholders' funds77,882(73,071)
The financial statements were approved and authorised for issue by the Director on 7 February 2024, and are signed on its behalf by:
CAMERON, Craig William Lochiel
Director
Registered Company No. 09736848
PREMIER MOTOR SALES (GLOUCESTERSHIRE) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The accounts are prepared under the going concern assumption as the director's continue their support of the business.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery5
Office Equipment3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year53
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions6,5173106,827
At 31 December 236,5173106,827
Depreciation and impairment
Charge for year469-469
At 31 December 23469-469
Net book value
At 31 December 236,0483106,358
At 31 December 22---
4.Stocks

2023

2022

££
Finished goods485,363309,674
Total485,363309,674
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables18,40870
Other debtors12,500-
Prepayments and accrued income8,17415,132
Total39,08215,202
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables23,61714,341
Bank borrowings and overdrafts5,3515,219
Taxation and social security28,33311,809
Other creditors386,009326,029
Accrued liabilities and deferred income1,4999,447
Total444,809366,845
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts31,42736,763
Total31,42736,763
8.Related party transactions
The company used funding from SCA Motorsport and SCA Car Sales, businesses of which C Cameron is a proprietor, to purchase stock during the period, the funding is repaid on sale of that stock. The balance owed to SCA Motorsport and SCA Car Sales at the year end is £330,639 (2022 £240,983).