2023-01-012023-12-312023-12-31false05201158GKD SPORTS CARS 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GKD SPORTS CARS LTD

Registered Number
05201158
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

GKD SPORTS CARS LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

LATHROPE, Peter

Registered Address

12a Marlborough Place
Brighton
BN1 1WN

Registered Number

05201158 (England and Wales)
GKD SPORTS CARS LTD
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets41,1421,427
1,1421,427
Current assets
Stocks518,78618,786
Cash at bank and on hand1,3991,491
20,18520,277
Creditors amounts falling due within one year6(49,822)(49,303)
Net current assets (liabilities)(29,637)(29,026)
Total assets less current liabilities(28,495)(27,599)
Provisions for liabilities7(285)(271)
Net assets(28,780)(27,870)
Capital and reserves
Called up share capital100100
Profit and loss account(28,880)(27,970)
Shareholders' funds(28,780)(27,870)
The financial statements were approved and authorised for issue by the Director on 3 September 2024, and are signed on its behalf by:
LATHROPE, Peter
Director
Registered Company No. 05201158
GKD SPORTS CARS LTD
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 England and Wales. 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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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:

Reducing balance (%)
Plant and machinery20
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20232022
Average number of employees during the year00
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Plant & machinery

Total

££
Cost or valuation
At 01 January 2333,67533,675
At 31 December 2333,67533,675
Depreciation and impairment
At 01 January 2332,24832,248
Charge for year285285
At 31 December 2332,53332,533
Net book value
At 31 December 231,1421,142
At 31 December 221,4271,427
5.Stocks

2023

2022

££
Other stocks18,78618,786
Total18,78618,786
6.Creditors: amounts due within one year

2023

2022

££
Other creditors49,82249,303
Total49,82249,303
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)285271
Total285271
8.Related party transactions
Included in 'Other Creditors' as at 31 December 2023 is an amount of £32,450 (2022 £32,450) owed to GKD Business Support Limited, a company controlled by the directors.