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Registered number: 08531273
F G Cars Ltd
ABRIDGED Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—4
Page 1
Abridged Balance Sheet
Registered number: 08531273
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 68,874 101,420
68,874 101,420
CURRENT ASSETS
Stocks 1,365,274 1,225,044
Debtors 3,970 19,214
Cash at bank and in hand 243,981 192,302
1,613,225 1,436,560
Creditors: Amounts Falling Due Within One Year (513,329 ) (330,484 )
NET CURRENT ASSETS (LIABILITIES) 1,099,896 1,106,076
TOTAL ASSETS LESS CURRENT LIABILITIES 1,168,770 1,207,496
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,219 ) (25,355 )
NET ASSETS 1,151,551 1,182,141
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 1,151,451 1,182,041
SHAREHOLDERS' FUNDS 1,151,551 1,182,141
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 30 April 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
F Gjeraj
Director
3rd October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
F G Cars Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08531273 . The registered office is 109 Coleman Road, Leicester, LE5 4LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business iand the fair value of the separable net assets in 2013 It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% on cost
Motor Vehicles 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 11)
11 11
4. Intangible Assets
Total
£
Cost
As at 1 May 2023 50,000
As at 30 April 2024 50,000
Amortisation
As at 1 May 2023 50,000
As at 30 April 2024 50,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Total
£
Cost
As at 1 May 2023 243,377
Additions 657
As at 30 April 2024 244,034
Depreciation
As at 1 May 2023 141,957
Provided during the period 33,203
As at 30 April 2024 175,160
Net Book Value
As at 30 April 2024 68,874
As at 1 May 2023 101,420
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
8. Ultimate Controlling Party
The company's ultimate controlling party is Fitim Investments Ltd by virtue of its ownership of 100% of the issued share capital in the company.
Page 4