CGMOTORS LTD 11787079 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is Sale of used cars and parts Digita Accounts Production Advanced 6.30.9574.0 true true 11787079 2022-02-01 2023-01-31 11787079 2023-01-31 11787079 bus:OrdinaryShareClass1 2023-01-31 11787079 core:RetainedEarningsAccumulatedLosses 2023-01-31 11787079 core:ShareCapital 2023-01-31 11787079 core:CurrentFinancialInstruments 2023-01-31 11787079 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 11787079 core:Non-currentFinancialInstruments 2023-01-31 11787079 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 11787079 core:FurnitureFittingsToolsEquipment 2023-01-31 11787079 bus:SmallEntities 2022-02-01 2023-01-31 11787079 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 11787079 bus:FullAccounts 2022-02-01 2023-01-31 11787079 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 11787079 bus:RegisteredOffice 2022-02-01 2023-01-31 11787079 bus:Director1 2022-02-01 2023-01-31 11787079 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 11787079 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11787079 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 11787079 core:ShareCapital 2022-02-01 2023-01-31 11787079 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 11787079 core:PlantMachinery 2022-02-01 2023-01-31 11787079 countries:AllCountries 2022-02-01 2023-01-31 11787079 2022-01-31 11787079 core:RetainedEarningsAccumulatedLosses 2022-01-31 11787079 core:ShareCapital 2022-01-31 11787079 core:FurnitureFittingsToolsEquipment 2022-01-31 11787079 2021-01-31 2022-01-31 11787079 2022-01-31 11787079 bus:OrdinaryShareClass1 2022-01-31 11787079 core:RetainedEarningsAccumulatedLosses 2022-01-31 11787079 core:ShareCapital 2022-01-31 11787079 core:CurrentFinancialInstruments 2022-01-31 11787079 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 11787079 core:Non-currentFinancialInstruments 2022-01-31 11787079 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 11787079 core:FurnitureFittingsToolsEquipment 2022-01-31 11787079 core:RetainedEarningsAccumulatedLosses 2021-01-31 2022-01-31 11787079 core:ShareCapital 2021-01-31 2022-01-31 11787079 2021-01-30 11787079 core:RetainedEarningsAccumulatedLosses 2021-01-30 11787079 core:ShareCapital 2021-01-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11787079

CGMOTORS LTD

Annual Report and Financial Statements

for the Year Ended 31 January 2023

 

CGMOTORS LTD

Contents

Company Information

1

Director's Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 12

 

CGMOTORS LTD

Company Information

Director

Mr Christopher Mudd

Registered office

3 Fernlea Road
Harwich
Essex
CO12 3BW

Accountants

CityTrust Accounts Limited
17 Skelton Close
Lawford
Manningtree
Essex
CO11 2HT

 

CGMOTORS LTD

Director's Report for the Year Ended 31 January 2023

The director presents his report and the financial statements for the year ended 31 January 2023.

Director of the company

The director who held office during the year was as follows:

Mr Christopher Mudd

Principal activity

The principal activity of the company is Sale of used cars and parts

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 October 2023
 

.........................................
Mr Christopher Mudd
Director

 

CGMOTORS LTD

Profit and Loss Account for the Year Ended 31 January 2023

Note

2023
£

2022
£

Turnover

 

105,134

97,228

Cost of sales

 

(92,342)

(76,016)

Gross profit

 

12,792

21,212

Administrative expenses

 

(17,681)

(23,877)

Other operating income

 

9

-

Operating loss

 

(4,880)

(2,665)

Interest payable and similar expenses

 

(81)

(76)

Loss before tax

4

(4,961)

(2,741)

Loss for the financial year

 

(4,961)

(2,741)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

CGMOTORS LTD

Statement of Comprehensive Income for the Year Ended 31 January 2023

2023
£

2022
£

Loss for the year

(4,961)

(2,741)

Total comprehensive income for the year

(4,961)

(2,741)

 

CGMOTORS LTD

(Registration number: 11787079)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,099

5,228

Current assets

 

Stocks

6

10,634

11,130

Debtors

7

6,300

-

Cash at bank and in hand

 

381

48

 

17,315

11,178

Creditors: Amounts falling due within one year

8

(28,745)

(17,683)

Net current liabilities

 

(11,430)

(6,505)

Total assets less current liabilities

 

(7,331)

(1,277)

Creditors: Amounts falling due after more than one year

8

(1,949)

(3,042)

Net liabilities

 

(9,280)

(4,319)

Capital and reserves

 

Called up share capital

9

12

12

Retained earnings

(9,292)

(4,331)

Shareholders' deficit

 

(9,280)

(4,319)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 24 October 2023
 

.........................................
Mr Christopher Mudd
Director

 

CGMOTORS LTD

Statement of Changes in Equity for the Year Ended 31 January 2023

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

12

(4,331)

(4,319)

Loss for the year

-

(4,961)

(4,961)

At 31 January 2023

12

(9,292)

(9,280)

Share capital
£

Retained earnings
£

Total
£

At 31 January 2021

1

(1,590)

(1,589)

Loss for the year

-

(2,741)

(2,741)

New share capital subscribed

11

-

11

At 31 January 2022

12

(4,331)

(4,319)

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wlaes.

The address of its registered office is:
3 Fernlea Road
Harwich
Essex
CO12 3BW

These financial statements were authorised for issue by the director on 24 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

33% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,736

2,575

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

8,000

8,000

Additions

607

607

At 31 January 2023

8,607

8,607

Depreciation

At 1 February 2022

2,772

2,772

Charge for the year

1,736

1,736

At 31 January 2023

4,508

4,508

Carrying amount

At 31 January 2023

4,099

4,099

At 31 January 2022

5,228

5,228

6

Stocks

2023
£

2022
£

Other inventories

10,634

11,130

7

Debtors

Current

2023
£

2022
£

Trade debtors

6,300

-

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

835

913

Trade creditors

 

1,884

-

Taxation and social security

 

706

-

Other creditors

 

25,320

16,770

 

28,745

17,683

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,949

3,042

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

12

12

12

12

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,949

3,042

2023
£

2022
£

Current loans and borrowings

Bank borrowings

835

913

11

Related party transactions

 

CGMOTORS LTD

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

7,542

-