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Registered number: 01769486
Geraint Hill (Car Sales) South Wales Limited
Unaudited Financial Statements
For The Year Ended 31 March 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01769486
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 160,312 151,739
160,312 151,739
CURRENT ASSETS
Stocks 5 1,040,943 901,141
Debtors 6 79,224 118,460
Cash at bank and in hand 146,647 186,397
1,266,814 1,205,998
Creditors: Amounts Falling Due Within One Year 7 (774,325 ) (750,971 )
NET CURRENT ASSETS (LIABILITIES) 492,489 455,027
TOTAL ASSETS LESS CURRENT LIABILITIES 652,801 606,766
Creditors: Amounts Falling Due After More Than One Year 8 (450,119 ) (473,815 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,856 ) (4,957 )
NET ASSETS 195,826 127,994
CAPITAL AND RESERVES
Called up share capital 11 100,010 100,010
Profit and Loss Account 95,816 27,984
SHAREHOLDERS' FUNDS 195,826 127,994
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For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Geraint Hill
Director
27/03/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Geraint Hill (Car Sales) South Wales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01769486 . The registered office is Canal Road Cwmbach, Aberdare, Mid Glamorgan, CF44 0AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold
Leasehold
Plant & Machinery 20% on cost
Motor Vehicles 10% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 20% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 12)
12 12
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2022 110,001 34,050 22,850 21,748
Additions - 16,365 - -
Disposals - - - -
As at 31 March 2023 110,001 50,415 22,850 21,748
Depreciation
As at 1 April 2022 - 29,821 3,870 16,646
Provided during the period - 4,755 1,898 1,020
Disposals - - - -
As at 31 March 2023 - 34,576 5,768 17,666
Net Book Value
As at 31 March 2023 110,001 15,839 17,082 4,082
As at 1 April 2022 110,001 4,229 18,980 5,102
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Computer Equipment Total
£ £
Cost
As at 1 April 2022 22,072 210,721
Additions 3,005 19,370
Disposals (441 ) (441 )
As at 31 March 2023 24,636 229,650
Depreciation
As at 1 April 2022 8,645 58,982
Provided during the period 3,014 10,687
Disposals (331 ) (331 )
As at 31 March 2023 11,328 69,338
Net Book Value
As at 31 March 2023 13,308 160,312
As at 1 April 2022 13,427 151,739
5. Stocks
2023 2022
£ £
Finished goods 1,022,068 891,946
Work in progress 18,875 9,195
1,040,943 901,141
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,435 70,861
Prepayments and accrued income 6,823 4,923
Other debtors 12,638 3,790
Director's loan account 36,328 38,886
79,224 118,460
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 10,159 6,462
Trade creditors 613,346 500,572
Bank loans and overdrafts 26,268 43,336
Corporation tax 29,418 11,534
Other taxes and social security 7,719 8,733
VAT 29,899 31,400
...CONTINUED
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Other creditors 24,446 126,364
Credit card 3,989 2,737
Accruals and deferred income 29,081 19,833
774,325 750,971
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,353 12,791
Bank loans 434,766 461,024
450,119 473,815
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 10,159 6,462
Later than one year and not later than five years 15,353 12,791
25,512 19,253
25,512 19,253
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 April 2022 4,957 4,957
Additions 1,899 1,899
Balance at 31 March 2023 6,856 6,856
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100,010 100,010
12. Directors Advances, Credits and Guarantees
During the year the company made a loan to a director of the company -
As at 1 April 2022 Amounts advanced Amounts repaid Amounts written off As at 31 March 2023
£ £ £ £ £
Mr Geraint Hill 38,886 2,558 - - 36,328
This loan is repayable on demand and interest has been charged.
13. Ultimate Controlling Party
The company's ultimate controlling party is Mr G Hill by virtue of his ownership of 100% of the issued share capital in the company.
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