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REGISTERED NUMBER: 06090247 (England and Wales)










Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Goldsmith Motor Services Limited

Goldsmith Motor Services Limited (Registered number: 06090247)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Goldsmith Motor Services Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: D P Goldsmith
D Goldsmith
D J Goldsmith





SECRETARY: D Goldsmith





REGISTERED OFFICE: Airport House
Suite 43-45
Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 06090247 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Goldsmith Motor Services Limited (Registered number: 06090247)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,375 5,050

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 77,310 86,667
Cash at bank and in hand 120,731 117,861
203,041 209,528
CREDITORS
Amounts falling due within one year 6 (70,953 ) (79,773 )
NET CURRENT ASSETS 132,088 129,755
TOTAL ASSETS LESS CURRENT
LIABILITIES

134,463

134,805

PROVISIONS FOR LIABILITIES 8 (197 ) (705 )
NET ASSETS 134,266 134,100

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 9 84,266 84,100
134,266 134,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

Goldsmith Motor Services Limited (Registered number: 06090247)

Balance Sheet - continued
29 February 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:




D J Goldsmith - Director



D P Goldsmith - Director


Goldsmith Motor Services Limited (Registered number: 06090247)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Goldsmith Motor Services Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company continued to be that of repair and servicing of motor vehicles.

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 represents amounts receivable for goods and services net of VAT and trade discounts.

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings20% on cost
Motor vehicles20% on cost
Computer equipment20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GOVERNMENT GRANTS
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Goldsmith Motor Services Limited (Registered number: 06090247)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date

GOING CONCERN
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements and will continue to support the company financially

PENSIONS
DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISIONS FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can
be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

Goldsmith Motor Services Limited (Registered number: 06090247)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 March 2023 45,993 39,234 1,177 86,404
Disposals - (11,885 ) - (11,885 )
At 29 February 2024 45,993 27,349 1,177 74,519
DEPRECIATION
At 1 March 2023 45,993 34,800 561 81,354
Charge for year - 570 235 805
Eliminated on disposal - (10,015 ) - (10,015 )
At 29 February 2024 45,993 25,355 796 72,144
NET BOOK VALUE
At 29 February 2024 - 1,994 381 2,375
At 28 February 2023 - 4,434 616 5,050

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 56,678 54,046
Other debtors 20,632 32,621
77,310 86,667

The directors consider the carrying value of trade and other receivables approximate to their fair value.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 29,453 31,191
Taxation and social security 10,722 21,035
Other creditors 30,778 27,547
70,953 79,773

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Goldsmith Motor Services Limited (Registered number: 06090247)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 13,822 20,850
Between one and five years 14,617 19,369
28,439 40,219

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 197 705

Deferred
tax
£   
Balance at 1 March 2023 705
Provided during year (508 )
Balance at 29 February 2024 197

9. RESERVES

PROFIT AND LOSS RESERVES

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £7,403 (2023 - £5,195).

Contributions totaling £624 (2023 - £845) were payable to fund at the balance sheet date and are included in other creditors.

11. RELATED PARTY DISCLOSURES

At the balance sheet date included in other creditors are amounts due to the directors £37 (2023 - £198). This loan is interest free and repayable on demand.