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Registered number: 11974287
Gold Vehicles Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11974287
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 40,276 45,120
40,276 45,120
CURRENT ASSETS
Stocks 828,128 901,852
Debtors 5 139,640 183,140
Cash at bank and in hand 59,455 79,365
1,027,223 1,164,357
Creditors: Amounts Falling Due Within One Year 6 (430,495 ) (530,988 )
NET CURRENT ASSETS (LIABILITIES) 596,728 633,369
TOTAL ASSETS LESS CURRENT LIABILITIES 637,004 678,489
Creditors: Amounts Falling Due After More Than One Year 7 (27,777 ) (33,333 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,941 ) (8,851 )
NET ASSETS 602,286 636,305
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 602,186 636,205
SHAREHOLDERS' FUNDS 602,286 636,305
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J Bayliss
Director
15 August 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Gold Vehicles Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11974287 . The registered office is Unit 6 47 Grace Road West, Marsh Barton, Exeter, Devon, EX2 8PU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% Straight line
Plant & Machinery 20% Straight line
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 20% Straight line
Computer Equipment 20% Straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 June 2023 16,178 48,917 65,095
Additions - 9,263 9,263
As at 31 May 2024 16,178 58,180 74,358
Depreciation
As at 1 June 2023 8,842 11,133 19,975
Provided during the period 2,960 11,147 14,107
As at 31 May 2024 11,802 22,280 34,082
Net Book Value
As at 31 May 2024 4,376 35,900 40,276
As at 1 June 2023 7,336 37,784 45,120
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 37,954 67,888
Other debtors 101,686 115,252
139,640 183,140
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 68,364 72,691
Bank loans and overdrafts 5,556 5,556
Other creditors 296,465 398,950
Taxation and social security 60,110 53,791
430,495 530,988
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 27,777 33,333
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 5,556 11,111
8. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
A stock loan in other creditors is secured against the those stock items facilitated by the loan.
2024 2023
£ £
Other Creditors 248,442 365,691
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 35,000 35,000
35,000 35,000
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11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Jake Bayliss 30,179 35,917 34,580 - 31,516
The above loan is unsecured and repayable on demand and interest was charged at 2.25% pa on overdrawn balances.
12. Related Party Transactions
A loan was made to a shareholder who holds 50% of the issued share capital of the company as follows:
Amount loaned in the year £35,165
Amount repaid in the year £34,499
Balance outstanding at the balance sheet date £29,790 (2023 £29,124).
The loan is unsecured and repayable on demand and interest was charged at 2.25% on the overdrawn balance.
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