Silverfin false false 30/06/2023 01/07/2022 30/06/2023 C A Pile A J Pile 28 August 2024 The principal activity of the Company during the financial year was maintenance and repair of motor vehicles. 11686547 2023-06-30 11686547 2022-06-30 11686547 core:CurrentFinancialInstruments 2023-06-30 11686547 core:CurrentFinancialInstruments 2022-06-30 11686547 core:Non-currentFinancialInstruments 2023-06-30 11686547 core:Non-currentFinancialInstruments 2022-06-30 11686547 core:ShareCapital 2023-06-30 11686547 core:ShareCapital 2022-06-30 11686547 core:RetainedEarningsAccumulatedLosses 2023-06-30 11686547 core:RetainedEarningsAccumulatedLosses 2022-06-30 11686547 core:PlantMachinery 2022-06-30 11686547 core:FurnitureFittings 2022-06-30 11686547 core:OfficeEquipment 2022-06-30 11686547 core:PlantMachinery 2023-06-30 11686547 core:FurnitureFittings 2023-06-30 11686547 core:OfficeEquipment 2023-06-30 11686547 2022-07-01 2023-06-30 11686547 bus:FilletedAccounts 2022-07-01 2023-06-30 11686547 bus:SmallEntities 2022-07-01 2023-06-30 11686547 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 11686547 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 11686547 bus:Director1 2022-07-01 2023-06-30 11686547 bus:Director2 2022-07-01 2023-06-30 11686547 core:PlantMachinery 2022-07-01 2023-06-30 11686547 core:FurnitureFittings 2022-07-01 2023-06-30 11686547 core:OfficeEquipment 2022-07-01 2023-06-30 11686547 2021-07-01 2022-06-30 11686547 core:CurrentFinancialInstruments 2022-07-01 2023-06-30 11686547 core:Non-currentFinancialInstruments 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 11686547 (England and Wales)

GP AUTOMOTIVE 2019 LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

GP AUTOMOTIVE 2019 LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

GP AUTOMOTIVE 2019 LTD

BALANCE SHEET

As at 30 June 2023
GP AUTOMOTIVE 2019 LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 78,351 99,077
78,351 99,077
Current assets
Stocks 4 70,411 50,000
Debtors 5 209,976 77,627
Cash at bank and in hand 4,294 10,337
284,681 137,964
Creditors: amounts falling due within one year 6 ( 367,612) ( 218,371)
Net current liabilities (82,931) (80,407)
Total assets less current liabilities (4,580) 18,670
Creditors: amounts falling due after more than one year 7 ( 9,860) ( 21,555)
Net liabilities ( 14,440) ( 2,885)
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 14,442 ) ( 2,887 )
Total shareholders' deficit ( 14,440) ( 2,885)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GP Automotive 2019 Ltd (registered number: 11686547) were approved and authorised for issue by the Board of Directors on 28 August 2024. They were signed on its behalf by:

A J Pile
Director
GP AUTOMOTIVE 2019 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
GP AUTOMOTIVE 2019 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

GP Automotive 2019 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

The cost of the inventory is determined by reducing the sales value of the inventory by the appropriate percentage gross margin. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 12

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 July 2022 153,103 15,293 1,103 169,499
Additions 4,457 0 562 5,019
At 30 June 2023 157,560 15,293 1,665 174,518
Accumulated depreciation
At 01 July 2022 65,978 4,032 412 70,422
Charge for the financial year 22,710 2,815 220 25,745
At 30 June 2023 88,688 6,847 632 96,167
Net book value
At 30 June 2023 68,872 8,446 1,033 78,351
At 30 June 2022 87,125 11,261 691 99,077

4. Stocks

2023 2022
£ £
Stocks 70,411 50,000

5. Debtors

2023 2022
£ £
Trade debtors 80,958 68,327
Other debtors 129,018 9,300
209,976 77,627

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 20,947 0
Trade creditors 45,508 0
Amounts owed to Group undertakings 182,858 160,068
Corporation tax 13,265 8,337
Other taxation and social security 83,965 45,758
Obligations under finance leases and hire purchase contracts (secured) 6,830 1,966
Other creditors 14,239 2,242
367,612 218,371

HP agreements are secured against the assets to which they relate to.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 9,860 21,555

HP agreements are secured against the assets to which they relate to.

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Advanced to director 60,067 0

Interest has been charged on overdrawn loan amount in line with HMRC official rate.