Registered number
03296864
GT CLASSICS LTD
Unaudited Filleted Abridged Accounts
31 December 2023
GT CLASSICS LTD
Registered number: 03296864
Abridged Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 137,483 146,927
Current assets
Stocks 200,977 223,500
Debtors 5,147 62,612
Cash at bank and in hand 13,679 44,337
219,803 330,449
Creditors: amounts falling due within one year (111,484) (129,100)
Net current assets 108,319 201,349
Total assets less current liabilities 245,802 348,276
Creditors: amounts falling due after more than one year (65,441) (151,232)
Provisions for liabilities (5,305) (6,918)
Net assets 175,056 190,126
Capital and reserves
Called up share capital 20 20
Profit and loss account 175,036 190,106
Shareholder's funds 175,056 190,126
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
P H McLean
Director
Approved by the board on 16 September 2024
GT CLASSICS LTD
Notes to the Abridged Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 15% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Total
£
Cost
At 1 January 2023 190,494
Additions 886
Disposals (585)
At 31 December 2023 190,795
Depreciation
At 1 January 2023 43,567
Charge for the year 10,037
On disposals (292)
At 31 December 2023 53,312
Net book value
At 31 December 2023 137,483
At 31 December 2022 146,927
4 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years - 5,436
Secured bank loans 32,778 40,413
Fixed and floating charges including security on leasehold property.
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
P H McLean Esq
Unsecured with interest payable at HMRC Official Rate. 57,985 1,469 (59,643) (189)
57,985 1,469 (59,643) (189)
6 Controlling party
The company is controlled by P H McLean Esq, director, by virtue of his 100% shareholding in the company.
7 Other information
GT CLASSICS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3
Brunel Gate
Andover
Hampshire
SP10 3SL
GT CLASSICS LTD 03296864 false 2023-01-01 2023-12-31 2023-12-31 VT Final Accounts July 2024 P H McLean No description of principal activity 03296864 2022-01-01 2022-12-31 03296864 core:WithinOneYear 2022-12-31 03296864 core:AfterOneYear 2022-12-31 03296864 core:ShareCapital 2022-12-31 03296864 core:RetainedEarningsAccumulatedLosses 2022-12-31 03296864 2023-01-01 2023-12-31 03296864 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03296864 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03296864 bus:Director40 2023-01-01 2023-12-31 03296864 1 2023-01-01 2023-12-31 03296864 2 2023-01-01 2023-12-31 03296864 bus:Director1 2023-01-01 2023-12-31 03296864 bus:Director1 1 2023-01-01 2023-12-31 03296864 countries:England 2023-01-01 2023-12-31 03296864 bus:FRS102 2023-01-01 2023-12-31 03296864 bus:AbridgedAccounts 2023-01-01 2023-12-31 03296864 2023-12-31 03296864 core:WithinOneYear 2023-12-31 03296864 core:AfterOneYear 2023-12-31 03296864 core:ShareCapital 2023-12-31 03296864 core:RetainedEarningsAccumulatedLosses 2023-12-31 03296864 bus:Director1 1 2023-12-31 03296864 2022-12-31 03296864 bus:Director1 1 2022-12-31 iso4217:GBP xbrli:pure