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Registered Number: 07806116
England and Wales

 

 

 

GEM CAR SALES LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Directors S Donnelly
D Glover
Registered Number 07806116
Registered Office Lodge Park
Lodge Lane
Colchester
Essex
CO4 5NE
Accountants Bowgen Limited
274 Ipswich Road
Colchester
Essex
CO4 0ES
1
Director's report and financial statements
The directors present his annual report and the financial statements for the year ended 30 November 2023.
Principal activities
Principal activity of the company during the financial year was of second hand car sales.
Directors
The directors who served the company throughout the year were as follows:
S Donnelly
D Glover
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
S Donnelly
Director

Date approved: 01 May 2024
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of GEM Car Sales Ltd for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GEM Car Sales Ltd for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of GEM Car Sales Ltd , as a body, in accordance with the terms of our engagement letter dated 01 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of GEM Car Sales Ltd and state those matters that we have agreed to state to the Board of Directors of GEM Car Sales Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GEM Car Sales Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that GEM Car Sales Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GEM Car Sales Ltd . You consider that GEM Car Sales Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of GEM Car Sales Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
30 November 2023



....................................................
Bowgen Limited
274 Ipswich Road
Colchester
Essex
CO4 0ES
01 May 2024
3
 
 
Notes
 
2023
£
  2022
£
Current assets      
Stocks 3 313,338    356,686 
Cash at bank and in hand 64,499    101,067 
377,837    457,753 
Creditors: amount falling due within one year 4 (99,481)   (165,605)
Net current assets 278,356    292,148 
 
Total assets less current liabilities 278,356    292,148 
Creditors: amount falling due after more than one year 5 (36,250)   (40,833)
Net assets 242,106    251,315 
 

Capital and reserves
     
Called up share capital 6 2    2 
Profit and loss account 242,104    251,313 
Shareholder's funds 242,106    251,315 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 01 May 2024 and were signed on its behalf by:


-------------------------------
S Donnelly
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 December 2021 2  265,054  265,056 
Profit for the year 26,259  26,259 
Total comprehensive income for the year 26,259  26,259 
Dividends (40,000) (40,000)
Total investments by and distributions to owners (40,000) (40,000)
At 30 November 2022 2  251,313  251,315 
At 01 December 2022 2  251,313  251,315 
Profit for the year 30,791  30,791 
Total comprehensive income for the year 30,791  30,791 
Dividends (40,000) (40,000)
Total investments by and distributions to owners (40,000) (40,000)
At 30 November 2023 2  242,104  242,106 
5
General Information
GEM Car Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 07806116, registration address Lodge Park, Lodge Lane, Colchester, Essex, CO4 5NE. The trading address of the company is 95-97 Magdalen Street, Colchester, Essex, CO1 2LA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Stocks

2023
£
  2022
£
Stocks 313,338    356,686 
313,338    356,686 

4.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation tax 7,222    6,159 
Accruals 1,000    1,000 
Directors' current accounts 83,610    151,335 
VAT 7,649    7,111 
99,481    165,605 

5.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank loans 36,250    40,833 
36,250    40,833 

6.

Share Capital

Allotted, called up and partly paid
2023
£
  2022
£
2 Class A shares of £1.00 each  
 

6