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REGISTERED NUMBER: 08490628 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

T & T Vehicle Sales Ltd

T & T Vehicle Sales Ltd (Registered number: 08490628)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


T & T Vehicle Sales Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: D W Smith
Mrs K J Smith





SECRETARY: D W Smith





REGISTERED OFFICE: Orchard Garage
Orchard Street
Whittlesey
Peterborough
PE7 1QJ





REGISTERED NUMBER: 08490628 (England and Wales)






T & T Vehicle Sales Ltd (Registered number: 08490628)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,000
Tangible assets 5 32,055 9,411
32,055 10,411

CURRENT ASSETS
Stocks 235,186 199,884
Debtors 6 25,530 30,536
Cash at bank and in hand 35,089 7,572
295,805 237,992
CREDITORS
Amounts falling due within one year 7 239,990 159,241
NET CURRENT ASSETS 55,815 78,751
TOTAL ASSETS LESS CURRENT
LIABILITIES

87,870

89,162

CREDITORS
Amounts falling due after more than one
year

8

(76,575

)

(87,133

)

PROVISIONS FOR LIABILITIES (6,249 ) -
NET ASSETS 5,046 2,029

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,946 1,929
SHAREHOLDERS' FUNDS 5,046 2,029

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

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

T & T Vehicle Sales Ltd (Registered number: 08490628)

Balance Sheet - continued
30 June 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 22 March 2024 and were signed on its behalf by:




D W Smith - Director



Mrs K J Smith - Director


T & T Vehicle Sales Ltd (Registered number: 08490628)

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

1. STATUTORY INFORMATION

T & T Vehicle Sales 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 33% on reducing balance, 20% on cost and 20% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

T & T Vehicle Sales Ltd (Registered number: 08490628)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 20,000
AMORTISATION
At 1 July 2022 19,000
Charge for year 1,000
At 30 June 2023 20,000
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 1,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 17,743
Additions 27,325
At 30 June 2023 45,068
DEPRECIATION
At 1 July 2022 8,332
Charge for year 4,681
At 30 June 2023 13,013
NET BOOK VALUE
At 30 June 2023 32,055
At 30 June 2022 9,411

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 25,530 10,267
Other debtors - 20,269
25,530 30,536

T & T Vehicle Sales Ltd (Registered number: 08490628)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 51,924 50,291
Trade creditors 100,832 4,048
Taxation and social security 34,224 42,924
Other creditors 53,010 61,978
239,990 159,241

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 35,000 40,000
Other creditors 41,575 47,133
76,575 87,133

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 (2022 - £40,000) were paid to the directors .

During the period the directors loaned monies to the company. As at the year end the amount owing to the directors amounted to £1,047 (2022 - £3,147). No interest was paid relating to the loan.

10. ULTIMATE CONTROLLING PARTY

The controlling party is the directors.