Registered number
08047698
GBS Executive Cars Limited
Filleted Accounts
31 October 2023
GBS Executive Cars Limited
Registered number: 08047698
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 856,275 583,272
Current assets
Debtors 4 248,554 328,865
Cash at bank and in hand 21,220 1,167
269,774 330,032
Creditors: amounts falling due within one year 5 (749,890) (783,926)
Net current liabilities (480,116) (453,894)
Total assets less current liabilities 376,159 129,378
Creditors: amounts falling due after more than one year 6 (215,583) (207,709)
Net assets/(liabilities) 160,576 (78,331)
Capital and reserves
Called up share capital 100 100
Profit and loss account 160,476 (78,431)
Shareholders' funds 160,576 (78,331)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Waterhouse
Director
Approved by the board on 30 January 2024
GBS Executive Cars Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% on net book value
Fixtures, fittings, tools and equipment 25% on net book value
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 11,704 817,901 829,605
Additions - 645,733 645,733
Disposals - (308,752) (308,752)
At 31 October 2023 11,704 1,154,882 1,166,586
Depreciation
At 1 November 2022 4,530 241,803 246,333
Charge for the year 1,076 187,436 188,512
On disposals - (124,534) (124,534)
At 31 October 2023 5,606 304,705 310,311
Net book value
At 31 October 2023 6,098 850,177 856,275
At 31 October 2022 7,174 576,098 583,272
4 Debtors 2023 2022
£ £
Trade debtors 172,530 173,380
Other debtors 76,024 155,485
248,554 328,865
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 61,112 88,281
Obligations under finance lease and hire purchase contracts 359,437 341,177
Trade creditors 160,397 197,123
Taxation and social security costs 144,457 129,032
Other creditors 24,487 28,313
749,890 783,926
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 61,112
Obligations under finance lease and hire purchase contracts 215,583 146,597
215,583 207,709
7 Related party transactions
As at 31st October 2023, the Director owed the Company the amount of £15,655. This was repaid in full within 9 months of the year end.
8 Other information
GBS Executive Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
23 Oldham Road
Ashton-Under-Lyne
Lancashire
OL6 7AP
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