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REGISTERED NUMBER: 08878937 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2023

for

GRT Sussex Limited

GRT Sussex Limited (Registered number: 08878937)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GRT Sussex Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: G R Thorpe
F L Thorpe
R R Thorpe





SECRETARY: S A Stubbs





REGISTERED OFFICE: Loxwood Garage
1 Loxwood Road
Alfold Bars
Loxwood
West Sussex
RH14 0QS





REGISTERED NUMBER: 08878937 (England and Wales)





ACCOUNTANTS: SAS Business Services Limited
11 Atte Lane
Warfield
Bracknell
Berkshire
RG42 2QG

GRT Sussex Limited (Registered number: 08878937)

Balance Sheet
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,503 11,350

CURRENT ASSETS
Stocks 1,673,830 1,578,768
Debtors 5 8,171 33,398
Cash at bank and in hand 73,722 435,038
1,755,723 2,047,204
CREDITORS
Amounts falling due within one year 6 619,529 899,363
NET CURRENT ASSETS 1,136,194 1,147,841
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,144,697

1,159,191

CREDITORS
Amounts falling due after more than one
year

7

(166,690

)

(246,682

)

PROVISIONS FOR LIABILITIES (1,616 ) (2,156 )
NET ASSETS 976,391 910,353

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 976,389 910,351
SHAREHOLDERS' FUNDS 976,391 910,353

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

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

GRT Sussex Limited (Registered number: 08878937)

Balance Sheet - continued
30 April 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 31 May 2023 and were signed on its behalf by:





G R Thorpe - Director


GRT Sussex Limited (Registered number: 08878937)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

GRT Sussex 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% 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.

Financial instruments
During May 2020, the company received a loan of £400,000 from National Westminster Bank Plc.

The company remains liable for all sums payable under the loan agreement but a partial guarantee has been given to the bank by the Secretary of State for Business, Energy and Industrial Strategy under the Coronavirus Business Interruption Loan Scheme.

The company has also provided to National Westminster Bank Plc security under the existing fixed and floating charge held over the assets of the company.

There were no repayments due within the first twelve months of the loan and the interest due in that period will be payable by the UK Government under the Coronavirus Business Interruption Loan Scheme.

After the initial period of twelve months the loan is repayable over five years at a rate of 2.87% above the base rate.

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.


GRT Sussex Limited (Registered number: 08878937)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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.

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.

Financial assets and liabilities
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 35,854
Additions 2,575
At 30 April 2023 38,429
DEPRECIATION
At 1 May 2022 24,504
Charge for year 5,422
At 30 April 2023 29,926
NET BOOK VALUE
At 30 April 2023 8,503
At 30 April 2022 11,350

GRT Sussex Limited (Registered number: 08878937)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Trade debtors - 30,640
Other debtors 8,171 2,758
8,171 33,398

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts (see note 8) 79,992 79,992
Trade creditors 2,598 17,470
Taxation and social security 80,630 92,083
Other creditors 456,309 709,818
619,529 899,363

7. CREDITORS MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans (see note 8) 166,690 246,682

8. BANK LOANS AND OVERDRAFTS

An analysis of the maturity of bank loans and overdrafts is given below:

30.4.23 30.4.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 79,992 79,992

Amounts falling due between one and two years:
Bank loans - 1-2 years 79,992 79,992

Amounts falling due between two and five years:
Bank loans - 2-5 years 86,698 166,690

The company received a loan of £400,000 from National Westminster Bank Plc in May 2020. The balance outstanding at the year end was £246,682 (2022-£326,674).

The company remains liable for all sums payable under the loan agreement but a partial guarantee has been given to the bank by the Secretary of State for Business, Energy and Industrial Strategy under the Coronavirus Business Interruption Loan Scheme.

The company has also provided to National Westminster Bank Plc security under the existing fixed and floating charge held over the assets of the company.

There were no repayments due within the first twelve months of the loan and the interest due in that period will be payable by the UK Government under the Coronavirus Business Interruption Loan Scheme.

After the initial period of twelve months the loan is repayable over five years at a rate of 2.87% above the base rate. The interest charged in the year was £13,117. (2022-£8,181).

GRT Sussex Limited (Registered number: 08878937)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Stock based loan 418,000 661,811

The stock based loan facility is secured on part of the stock of cars held by the company and there is a fixed and floating charge held over the assets of the company by Santander Consumer (UK) Plc in respect of the stock based loan facility given to the company.

In addition there is a fixed and floating charge held over the assets of the company by National Westminster Bank Plc in respect of an overdraft facility given to the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23 30.4.22
£    £   
G R Thorpe and F L Thorpe
Balance outstanding at start of year - 856,466
Amounts advanced - 267,858
Amounts repaid - (1,124,324 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

Mr & Mrs Thorpe who are the only directors and 100% shareholders of the company charged the company £40,000 (2022-£40,000) in respect of the car showroom that the business operate from

12. ULTIMATE CONTROLLING PARTY

The company was under the control of Mr & Mrs Thorpe throughout the period.