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Registration number: 08972952

Great Western Car Sales Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Great Western Car Sales Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Great Western Car Sales Limited

(Registration number: 08972952)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,453

1,938

Current assets

 

Stocks

5

109,203

273,787

Debtors

6

15,188

5,826

Cash at bank and in hand

 

76,465

64,415

 

200,856

344,028

Creditors: Amounts falling due within one year

7

(162,993)

(316,704)

Net current assets

 

37,863

27,324

Total assets less current liabilities

 

41,316

29,262

Creditors: Amounts falling due after more than one year

7

(33,874)

(39,827)

Net assets/(liabilities)

 

7,442

(10,565)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

7,342

(10,665)

Shareholders' funds/(deficit)

 

7,442

(10,565)

 

Great Western Car Sales Limited

(Registration number: 08972952)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 March 2024 and signed on its behalf by:
 

.........................................
T Maslen
Director

 

Great Western Car Sales Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of second hand motor vehicles, campervan conversions and the provision of motoring services to customers. Turnover is shown net of value added tax, returns, rebates and discounts.

Government grants

Government grants are accounted for as revenue based grants under the accrual model in the period in which they are receivable.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

25% reducing balance basis

 

Great Western Car Sales Limited

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

Office Equipment

25% reducing balance basis

Fixtures and Fittings

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Great Western Car Sales Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

1,910

-

3,120

5,030

Additions

-

2,000

-

2,000

At 31 July 2023

1,910

2,000

3,120

7,030

Depreciation

At 1 August 2022

1,663

-

1,429

3,092

Charge for the year

62

-

423

485

At 31 July 2023

1,725

-

1,852

3,577

Carrying amount

At 31 July 2023

185

2,000

1,268

3,453

At 31 July 2022

247

-

1,691

1,938

5

Stocks

2023
£

2022
£

Stock

109,203

273,787

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,990

1,990

Other debtors

13,198

3,836

 

15,188

5,826

 

Great Western Car Sales Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

5,189

4,728

Trade creditors

31,480

55,378

Taxation and social security

4,024

1,378

Other creditors

122,300

255,220

162,993

316,704

Due after one year

Loans and borrowings

33,874

39,827

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

33,874

39,827

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,189

4,728

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,874

39,827

 

Great Western Car Sales Limited

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

9

Related party transactions

Other transactions with directors

Mr Mills (director) had a loan with the company.

At the balance sheet date the amount due from Mr Mills was £10,148 (2022: £786) on which there is an obligation to pay interest at the HMRC official rate. The loan is repayable on demand and loan interest in repaid prior to capital.

The company's parent is Budget Bikes Limited, incorporated in England and Wales.

Summary of transactions with other related parties

During the year the company made the following related party transactions:

Budget Bikes Limited (a company of which T Malsen is also a director) had various transactions with the company. At the balance sheet date the amount due to Budget Bikes Limited was £108,050 (2022: £251,970).