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GT AUTOBODY LIMITED

Registered Number
SC718518
(Scotland)

Unaudited Financial Statements for the Year ended
31 December 2023

GT AUTOBODY LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

MILNE, Anthony Stuart
YEATS, Gary

Registered Address

Glashieburn
Bridge Of Don
Aberdeen
AB22 8NJ

Registered Number

SC718518 (Scotland)
GT AUTOBODY LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets312,00013,500
Tangible assets48,35711,460
20,35724,960
Current assets
Debtors900900
Cash at bank and on hand24,81013,490
25,71014,390
Creditors amounts falling due within one year5(27,618)(26,731)
Net current assets (liabilities)(1,908)(12,341)
Total assets less current liabilities18,44912,619
Net assets18,44912,619
Capital and reserves
Called up share capital1010
Profit and loss account18,43912,609
Shareholders' funds18,44912,619
The financial statements were approved and authorised for issue by the Board of Directors on 10 April 2024, and are signed on its behalf by:
MILNE, Anthony Stuart
Director
YEATS, Gary
Director

Registered Company No. SC718518
GT AUTOBODY LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
2.Average number of employees

20232022
Average number of employees during the year22
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 2315,00015,000
At 31 December 2315,00015,000
Amortisation and impairment
At 01 January 231,5001,500
Charge for year1,5001,500
At 31 December 233,0003,000
Net book value
At 31 December 2312,00012,000
At 31 December 2213,50013,500
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 2312,41212,412
At 31 December 2312,41212,412
Depreciation and impairment
At 01 January 23952952
Charge for year3,1033,103
At 31 December 234,0554,055
Net book value
At 31 December 238,3578,357
At 31 December 2211,46011,460
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,1611,650
Amounts owed to related parties21,25121,102
Taxation and social security4,7053,479
Accrued liabilities and deferred income501500
Total27,61826,731