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Logo On Report
Registered Number: 12416097
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2024

for

GT AUTOMOTIVE GROUP LTD

Directors Matthew Gay
Samuel Turner
Registered Number 12416097
Registered Office OMEGA COURT
350 CEMETERY ROAD
SHEFFIELD
S11 8FT
Accountants Holdsworth Accountants Ltd
Omega Court
350 Cemetery Road
Sheffield
S11 8FT
1
Report to the directors on the preparation of the unaudited statutory accounts of GT AUTOMOTIVE GROUP LTD for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of GT AUTOMOTIVE GROUP LTD for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of GT AUTOMOTIVE GROUP LTD, as a body, in accordance with the terms of our engagement letter dated 02 October 2024 Our work has been undertaken solely to prepare for your approval the accounts of GT AUTOMOTIVE GROUP LTD and state those matters that we have agreed to state to the Board of Directors of GT AUTOMOTIVE GROUP LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than GT AUTOMOTIVE GROUP LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that GT AUTOMOTIVE GROUP LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of GT AUTOMOTIVE GROUP LTD. You consider that GT AUTOMOTIVE GROUP LTD is exempt from the statutory audit requirement for the year
We have not been instructed to carry out an audit or a review of the accounts of GT AUTOMOTIVE GROUP LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 March 2024



....................................................

Holdsworth Accountants Ltd

Omega Court
350 Cemetery Road
Sheffield
S11 8FT
02 October 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 9,592   
Tangible fixed assets 4 23,479    9,087 
33,071    9,087 
Current assets      
Stocks 5 392,284    152,486 
Debtors 6 86,448    13,152 
Cash at bank and in hand 14,944    10,047 
493,676    175,685 
Creditors: amount falling due within one year 7 (257,888)   (108,192)
Net current assets 235,788    67,493 
 
Total assets less current liabilities 268,859    76,580 
Creditors: amount falling due after more than one year 8 (264,298)   (76,480)
Provisions for liabilities 9 (4,461)  
Net assets 100    100 
 

Capital and reserves
     
Called up share capital 10 100    100 
Profit and loss account  
Shareholders' funds 100    100 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 02 October 2024 and were signed on its behalf by:


-------------------------------
Matthew Gay
Director
-------------------------------
Samuel Turner
Director
3
General Information
GT AUTOMOTIVE GROUP LTD is a private company, limited by shares, registered in England and Wales, registration number 12416097, registration address OMEGA COURT, 350 CEMETERY ROAD, SHEFFIELD, S11 8FT.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The 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)
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Property 5 years Straight Line
Plant and Machinery 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
2.

Average number of employees

Average number of employees during the year was 8 (2023 : 3).
3.

Intangible fixed assets

Cost Website Development - 5 Years Straight Line   Total
  £   £
At 01 April 2023  
Additions 11,990    11,990 
Disposals  
At 31 March 2024 11,990    11,990 
Amortisation
At 01 April 2023  
Charge for year 2,398    2,398 
On disposals  
At 31 March 2024 2,398    2,398 
Net book values
At 31 March 2024 9,592    9,592 
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Leasehold Property   Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 2,087      3,984    6,029    12,100 
Additions   15,901    943    3,442    20,286 
Disposals        
At 31 March 2024 2,087    15,901    4,927    9,471    32,386 
Depreciation
At 01 April 2023 104      1,209    1,700    3,013 
Charge for year 417    3,180    743    1,554    5,894 
On disposals        
At 31 March 2024 521    3,180    1,952    3,254    8,907 
Net book values
Closing balance as at 31 March 2024 1,566    12,721    2,975    6,217    23,479 
Opening balance as at 01 April 2023 1,983      2,775    4,329    9,087 


5.

Stocks

2024
£
  2023
£
Stocks 392,284    152,486 
392,284    152,486 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 28,991    2,857 
Prepayments & Accrued Income 1,915    1,330 
Other Debtors 24,581    8,965 
Directors' Current Accounts 30,961   
86,448    13,152 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 100,534    8,968 
Bank Loans & Overdrafts 24,421    10,000 
Corporation Tax 2,977    7,901 
Accrued Expenses 457   
Other Creditors 108,736    74,942 
VAT 20,763    6,381 
257,888    108,192 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 225,377    37,479 
Directors' Loan Accounts 38,921    39,001 
264,298    76,480 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 4,461   
4,461   

10.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

11.

Director’s loan

Mr M Gay

At the start of the period, the Director, Mr M Gay had a Directors Loan of £25,636 (credit).  There were movements in the Directors Loan during the year of £15,861 (debit) and a closing balance of £9,775 (credit)

Mr S Turner

At the start of the period, the Director, Mr S Turner had a Directors Loan of £13,365 (credit). There were movements in the Directors Loan during the year of £15,179 (debit) and a closing balance of £1,814 (debit)
4