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REGISTERED NUMBER: 02500550 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31st May 2024

for

Gorse Motors (Brandon) Limited

Gorse Motors (Brandon) Limited (Registered number: 02500550)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gorse Motors (Brandon) Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: Mrs L J Coe
Mr D R Restarick



REGISTERED OFFICE: Brandon Test Centre
15 Barnes Close
Brandon
Suffolk
IP27 0NY



REGISTERED NUMBER: 02500550 (England and Wales)



ACCOUNTANTS: TWR Accountants
The Old Registrars
57a High Street
Brandon
Suffolk
IP27 0AU



BANKERS: Barclays
4 Bridge Street
Thetford
Norfolk
IP24 3AB

Gorse Motors (Brandon) Limited (Registered number: 02500550)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 131,646 101,717

CURRENT ASSETS
Stocks 5,000 4,000
Debtors 5 4,276 4,621
Cash at bank and in hand 78,651 129,959
87,927 138,580
CREDITORS
Amounts falling due within one year 6 43,750 65,254
NET CURRENT ASSETS 44,177 73,326
TOTAL ASSETS LESS CURRENT LIABILITIES 175,823 175,043

PROVISIONS FOR LIABILITIES 13,883 7,306
NET ASSETS 161,940 167,737

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 7 160,940 166,737
SHAREHOLDERS' FUNDS 161,940 167,737

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

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

Gorse Motors (Brandon) Limited (Registered number: 02500550)

Balance Sheet - continued
31st May 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th August 2024 and were signed on its behalf by:




Mrs L J Coe - Director



Mr D R Restarick - Director


Gorse Motors (Brandon) Limited (Registered number: 02500550)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Gorse Motors (Brandon) 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

Basis of preparing the financial statements
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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% 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 Income Statement, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Gorse Motors (Brandon) Limited (Registered number: 02500550)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st June 2023 89,189 132,971 41,325 263,485
Additions - 1,135 53,995 55,130
At 31st May 2024 89,189 134,106 95,320 318,615
DEPRECIATION
At 1st June 2023 42,157 93,708 25,903 161,768
Charge for year 1,786 6,060 17,355 25,201
At 31st May 2024 43,943 99,768 43,258 186,969
NET BOOK VALUE
At 31st May 2024 45,246 34,338 52,062 131,646
At 31st May 2023 47,032 39,263 15,422 101,717

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,788 2,116
Prepayments and accrued income 2,488 2,505
4,276 4,621

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 12,527 16,499
Tax 9,488 16,453
Social security and other taxes 1,426 1,849
VAT 13,150 11,010
Directors' current accounts 4,210 17,883
Accruals and deferred income 2,949 1,560
43,750 65,254

Gorse Motors (Brandon) Limited (Registered number: 02500550)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

7. RESERVES
Retained
earnings
£   

At 1st June 2023 166,737
Profit for the year 66,703
Dividends (72,500 )
At 31st May 2024 160,940

8. ULTIMATE CONTROLLING PARTY

The company is under the control of Mrs L J Coe who owns 51% of the issued share capital.