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REGISTERED NUMBER: 02080979 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

G. & M. REED MOTORS LIMITED

G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G. & M. REED MOTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: D Taylor
D J Adams





REGISTERED OFFICE: 46 St Albans Road
Barnet
Hertfordshire
EN5 4LA





REGISTERED NUMBER: 02080979 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,735 1,734
3,735 1,734

CURRENT ASSETS
Stocks 2,660 1,438
Debtors 6 5,610 1,994
Cash at bank and in hand 107,346 121,787
115,616 125,219
CREDITORS
Amounts falling due within one year 7 63,967 58,792
NET CURRENT ASSETS 51,649 66,427
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,384

68,161

PROVISIONS FOR LIABILITIES 710 330
NET ASSETS 54,674 67,831

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 54,670 67,827
SHAREHOLDERS' FUNDS 54,674 67,831

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 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.

G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)

BALANCE SHEET - continued
31ST MARCH 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 28th June 2024 and were signed on its behalf by:




D J Adams - Director



D Taylor - Director


G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

G. & M. Reed Motors 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.

2. ACCOUNTING POLICIES

Accounting convention
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.

Going Concern Justification
The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 March 2024 have been prepared using the going concern basis of accounting.

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

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed. Revenue is recognised on the provision of services once completed

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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 - 25% on reducing balance
Motor vehicles - 25% 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 Statement of Income and Retained Earnings, 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.


G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 3,010
AMORTISATION
At 1st April 2023
and 31st March 2024 3,010
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st April 2023 60,342 3,300 63,642
Additions 2,850 - 2,850
At 31st March 2024 63,192 3,300 66,492
DEPRECIATION
At 1st April 2023 58,608 3,300 61,908
Charge for year 849 - 849
At 31st March 2024 59,457 3,300 62,757
NET BOOK VALUE
At 31st March 2024 3,735 - 3,735
At 31st March 2023 1,734 - 1,734

G. & M. REED MOTORS LIMITED (REGISTERED NUMBER: 02080979)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,296 1,992
Other debtors 2 2
Prepayments 1,312 -
5,610 1,994

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 28,420 28,654
Tax 17,877 17,108
Social security and other taxes 7,678 3,202
VAT 8,248 8,067
Other creditors 544 561
Accrued expenses 1,200 1,200
63,967 58,792