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REGISTERED NUMBER: 04496315 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2023

for

Clutch & Gearbox Ltd
T/A
C G Motorsport

Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Clutch & Gearbox Ltd
T/A C G Motorsport

Company Information
for the Year Ended 31 July 2023







DIRECTORS: M Deakin
Mrs K Deakin





SECRETARY: Mrs K Deakin





REGISTERED OFFICE: 86 Jack Lane
Leeds
West Yorkshire
LS10 1BN





REGISTERED NUMBER: 04496315 (England and Wales)





ACCOUNTANTS: Frank W Dobby & Co Limited
Chartered Certified Accountants
55 Fountain Street
Morley
Leeds
West Yorkshire
LS27 0AA

Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 141,345 153,802

CURRENT ASSETS
Stocks 44,069 58,644
Debtors 5 5,448 17,516
Cash at bank and in hand 30,541 46,105
80,058 122,265
CREDITORS
Amounts falling due within one year 6 107,768 101,491
NET CURRENT (LIABILITIES)/ASSETS (27,710 ) 20,774
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,635

174,576

CREDITORS
Amounts falling due after more than one
year

7

(30,752

)

(67,948

)

PROVISIONS FOR LIABILITIES (26,793 ) (29,222 )
NET ASSETS 56,090 77,406

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 56,086 77,402
SHAREHOLDERS' FUNDS 56,090 77,406

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport

Balance Sheet - continued
31 July 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 2 April 2024 and were signed on its behalf by:





M Deakin - Director


Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Clutch & Gearbox 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.

The financial statements are presented in Sterling (£)

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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.

Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport

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

2. ACCOUNTING POLICIES - continued

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 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2022 254,322 9,859 59,746 323,927
Additions - - 12,416 12,416
At 31 July 2023 254,322 9,859 72,162 336,343
DEPRECIATION
At 1 August 2022 108,426 9,632 52,067 170,125
Charge for year 21,884 34 2,955 24,873
At 31 July 2023 130,310 9,666 55,022 194,998
NET BOOK VALUE
At 31 July 2023 124,012 193 17,140 141,345
At 31 July 2022 145,896 227 7,679 153,802

Clutch & Gearbox Ltd (Registered number: 04496315)
T/A C G Motorsport

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 203,942 59,746 263,688
DEPRECIATION
At 1 August 2022 64,953 52,067 117,020
Charge for year 20,848 1,920 22,768
At 31 July 2023 85,801 53,987 139,788
NET BOOK VALUE
At 31 July 2023 118,141 5,759 123,900
At 31 July 2022 138,989 7,679 146,668

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 5,448 5,000
Other debtors - 12,516
5,448 17,516

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 27,215 29,573
Trade creditors 29,629 26,192
Taxation and social security 40,018 30,896
Other creditors 906 4,830
107,768 101,491

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 18,333 28,333
Hire purchase contracts 12,419 39,615
30,752 67,948

8. RELATED PARTY DISCLOSURES

Amount due to related party as at 31st July 2023 was £502.00 - (2022 £834.00)