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REGISTERED NUMBER: 04554600 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st March 2023

for

Guest Automotive Limited

Guest Automotive Limited (Registered number: 04554600)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Guest Automotive Limited

Company Information
for the Year Ended 31st March 2023







DIRECTOR: D P Guest





SECRETARY: Mrs A L Guest





REGISTERED OFFICE: Central Garage
Stansfield Road
Todmorden
Lancashire
OL14 5DL





REGISTERED NUMBER: 04554600 (England and Wales)

Guest Automotive Limited (Registered number: 04554600)

Balance Sheet
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 4,000
Tangible assets 5 419,835 412,603
419,835 416,603

CURRENT ASSETS
Stocks 11,115 11,629
Debtors 6 8,678 8,502
Cash at bank and in hand 102 908
19,895 21,039
CREDITORS
Amounts falling due within one year 7 127,952 100,808
NET CURRENT LIABILITIES (108,057 ) (79,769 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,778

336,834

CREDITORS
Amounts falling due after more than one
year

8

(190,446

)

(199,502

)

PROVISIONS FOR LIABILITIES (18,405 ) (19,100 )
NET ASSETS 102,927 118,232

Guest Automotive Limited (Registered number: 04554600)

Balance Sheet - continued
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 10 250 250
Share premium 22,350 22,350
Non distributable reserve 67,961 68,482
Retained earnings 12,366 27,150
SHAREHOLDERS' FUNDS 102,927 118,232

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31st March 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.

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 8th March 2024 and were signed by:





D P Guest - Director


Guest Automotive Limited (Registered number: 04554600)

Notes to the Financial Statements
for the Year Ended 31st March 2023

1. STATUTORY INFORMATION

Guest Automotive 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 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, is being amortised evenly over its estimated useful life. This is no longer than 10 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% Straight Line Basis and Not Depreciated
Plant and machinery etc - 33.3% Straight Line Basis, 10% on Reducing Balance, 5% on Reducing Balance and Amortised over Period of the Lease

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are recognised at amortised cost with changes recognised in the income statement.

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.


Guest Automotive Limited (Registered number: 04554600)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 5 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 80,000
AMORTISATION
At 1st April 2022 76,000
Charge for year 4,000
At 31st March 2023 80,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 4,000

Guest Automotive Limited (Registered number: 04554600)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2022 392,800 88,816 481,616
Additions - 16,773 16,773
At 31st March 2023 392,800 105,589 498,389
DEPRECIATION
At 1st April 2022 23,800 45,213 69,013
Charge for year 3,400 6,141 9,541
At 31st March 2023 27,200 51,354 78,554
NET BOOK VALUE
At 31st March 2023 365,600 54,235 419,835
At 31st March 2022 369,000 43,603 412,603

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1st April 2022 28,286
Additions 13,898
At 31st March 2023 42,184
DEPRECIATION
At 1st April 2022 180
Charge for year 4,200
At 31st March 2023 4,380
NET BOOK VALUE
At 31st March 2023 37,804
At 31st March 2022 28,106

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 6,085 4,464
Other debtors 2,593 4,038
8,678 8,502

Guest Automotive Limited (Registered number: 04554600)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 34,064 27,726
Hire purchase contracts 11,552 8,364
Trade creditors 11,865 21,177
Taxation and social security 40,067 6,168
Other creditors 30,404 37,373
127,952 100,808

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 161,178 174,641
Hire purchase contracts 29,268 24,861
190,446 199,502

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years by instalments 93,842 104,575

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 14,314 7,976
Bank loans 180,928 194,391
Hire purchase contracts 40,820 33,225
236,062 235,592

Bank loans are secured by debentures and legal mortgages in favour of National Westminster Bank plc dated 27 March 2006, 9 June 2006 and 15 September 2006 over the whole of the undertakings, property and assets of the company.Hire Purchase liabilities are secured on on certain items of the companies plant and machinery.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
250 Ordinary £1 250 250

11. ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of Mr D P Guest.