Registered number
13917952
HK Cars Gloucester Limited
Filleted Accounts
29 February 2024
HK Cars Gloucester Limited
Company Information
Directors
S M Dovaston
A H Dovaston
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
3 Ashgrove Close
Hardwicke
Glos
Registered number
13917952
HK Cars Gloucester Limited
Registered number: 13917952
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 18,000 20,000
Tangible assets 4 40,970 -
58,970 20,000
Current assets
Cash at bank and in hand - 2,020
Creditors: amounts falling due within one year 5 (58,324) (21,960)
Net current liabilities (58,324) (19,940)
Net assets 646 60
Capital and reserves
Called up share capital 10 10
Profit and loss account 636 50
Shareholders' funds 646 60
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.
S M Dovaston
Director
Approved by the board on 30 April 2024
HK Cars Gloucester Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Computer equipment over 5 years
Motor vehicles over 10 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 20,000
At 29 February 2024 20,000
Amortisation
Provided during the year 2,000
At 29 February 2024 2,000
Net book value
At 29 February 2024 18,000
At 28 February 2023 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Computer equipment Motor vehicles Total
£ £ £
Cost
Additions 589 45,000 45,589
At 29 February 2024 589 45,000 45,589
Depreciation
Charge for the year 119 4,500 4,619
At 29 February 2024 119 4,500 4,619
Net book value
At 29 February 2024 470 40,500 40,970
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,594 10,909
Obligations under finance lease and hire purchase contracts 45,527 -
Trade creditors 1,794 1,794
Taxation and social security costs 3,375 4,196
Directors loan 34 5,061
58,324 21,960
6 Controlling party
The company is controlled by S M Dovaston.
7 Other information
HK Cars Gloucester Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Ashgrove Close
Hardwicke
Glos
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