Registered number
06371997
Grant Specialist Cars Limited
Filleted Accounts
30 September 2023
Grant Specialist Cars Limited
Registered number: 06371997
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,952 25,619
Current assets
Stocks 668,180 780,194
Debtors 4 - 14,994
Cash at bank and in hand 55,760 824
723,940 796,012
Creditors: amounts falling due within one year 5 (631,032) (692,263)
Net current assets 92,908 103,749
Total assets less current liabilities 117,860 129,368
Creditors: amounts falling due after more than one year 6 (16,667) (28,582)
Net assets 101,193 100,786
Capital and reserves
Called up share capital 4 4
Profit and loss account 101,189 100,782
Shareholders' funds 101,193 100,786
The directors are 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 directors acknowledge their 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.
Mrs T Grant
Director
Approved by the board on 8 April 2024
Grant Specialist Cars Limited
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
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 second hand cars
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:
Freehold buildings 2% on Cost
Leasehold land and buildings 15% Reducing Balance
Fixtures, fittings, tools and equipment 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Computer Equipment Total
£ £ £ £
Cost
At 1 October 2022 29,982 2,040 7,265 39,287
At 30 September 2023 29,982 2,040 7,265 39,287
Depreciation
At 1 October 2022 5,158 1,744 6,766 13,668
Charge for the year 497 45 125 667
At 30 September 2023 5,655 1,789 6,891 14,335
Net book value
At 30 September 2023 24,327 251 374 24,952
At 30 September 2022 24,824 296 499 25,619
4 Debtors 2023 2022
£ £
Trade debtors - 14,994
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,402 36,873
Short term loans-Arkle 200,000 200,000
Short term loans-Other 46,440 130,332
Trade creditors 273,876 248,582
Taxation and social security costs 59,610 36,061
Other creditors 36,704 40,415
631,032 692,263
6 Creditors: amounts falling due after one year 2023 2022
£ £
Short Term Loans 16,667 28,582
7 Other information
Grant Specialist Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
1337 Evesham Road
Astwood Bank
Redditch
Worcestershire
B96 6AY
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