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REGISTERED NUMBER: 04657135 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

ELITE MOTORS OF GARSTANG LTD

ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ELITE MOTORS OF GARSTANG LTD

COMPANY INFORMATION
for the year ended 30 June 2023







DIRECTORS: Mr N C Richardson
Mr G L Timmins





SECRETARY: Mr G L Timmins





REGISTERED OFFICE: Fairview Garage
Main A6 Road
Garstang
Preston
Lancashire
PR3 1NA





REGISTERED NUMBER: 04657135 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
Chartered Accountants
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)

BALANCE SHEET
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 19,680 10,788
Tangible assets 5 15,042 33,513
34,722 44,301

CURRENT ASSETS
Stocks 979,168 1,043,419
Debtors 6 81,017 56,412
Cash at bank and in hand 319,430 187,200
1,379,615 1,287,031
CREDITORS
Amounts falling due within one year 7 (311,033 ) (302,941 )
NET CURRENT ASSETS 1,068,582 984,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,103,304

1,028,391

CREDITORS
Amounts falling due after more than one
year

8

(19,789

)

(31,724

)

PROVISIONS FOR LIABILITIES (3,405 ) (5,995 )
NET ASSETS 1,080,110 990,672

CAPITAL AND RESERVES
Called up share capital 140 140
Retained earnings 1,079,970 990,532
SHAREHOLDERS' FUNDS 1,080,110 990,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)

BALANCE SHEET - continued
30 June 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 Board of Directors and authorised for issue on 7 February 2024 and were signed on its behalf by:





Mr G L Timmins - Director


ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2023

1. STATUTORY INFORMATION

Elite Motors of Garstang 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 represents sales of goods net of VAT. Turnover is recognised when the goods are physically delivered to the customer.

Intangible assets
Cryptocurrency assets are initially measured at their value when earned. After initial recognition, the assets are measured at fair value at the year end date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
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 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.

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.

ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 July 2022
and 30 June 2023 27,075
AMORTISATION
At 1 July 2022 16,287
Impairments (8,892 )
At 30 June 2023 7,395
NET BOOK VALUE
At 30 June 2023 19,680
At 30 June 2022 10,788

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2022 10,795 5,249 28,612
Additions - 2,506 515
At 30 June 2023 10,795 7,755 29,127
DEPRECIATION
At 1 July 2022 8,834 3,767 24,644
Charge for year 540 786 965
At 30 June 2023 9,374 4,553 25,609
NET BOOK VALUE
At 30 June 2023 1,421 3,202 3,518
At 30 June 2022 1,961 1,482 3,968

ELITE MOTORS OF GARSTANG LTD (REGISTERED NUMBER: 04657135)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2022 11,660 60,646 116,962
Additions - 275 3,296
At 30 June 2023 11,660 60,921 120,258
DEPRECIATION
At 1 July 2022 6,996 39,208 83,449
Charge for year 2,332 17,144 21,767
At 30 June 2023 9,328 56,352 105,216
NET BOOK VALUE
At 30 June 2023 2,332 4,569 15,042
At 30 June 2022 4,664 21,438 33,513

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 68,544 47,993
Other debtors 8,500 -
Prepayments 3,973 8,419
81,017 56,412

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,378 7,448
Trade creditors 32,867 40,490
Tax 53,424 46,414
Social security and other taxes 35,354 25,437
Other creditors 56 -
Directors' current accounts 153,313 171,384
Accruals and deferred income 26,641 11,768
311,033 302,941

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,789 31,724

The total amount of loans, payable by instalments, due after 5 years is £nil (2022 - £694).

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £17,500 (2022 - £10,400) were paid to the directors .