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Registered number: 05807139
Great British Sports Cars Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 October 2023
Newtons Accountants Limited
Chartered Certified Accountants
470 Hucknall Road
Nottingham
Nottinghamshire
NG5 1FX
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 05807139
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 25,223 86,086
25,223 86,086
CURRENT ASSETS
Stocks 175,000 175,000
Debtors 210,447 269,969
Cash at bank and in hand 21,254 228,316
406,701 673,285
Creditors: Amounts Falling Due Within One Year (199,831 ) (207,417 )
NET CURRENT ASSETS (LIABILITIES) 206,870 465,868
TOTAL ASSETS LESS CURRENT LIABILITIES 232,093 551,954
Creditors: Amounts Falling Due After More Than One Year (24,167 ) (34,167 )
PROVISIONS FOR LIABILITIES
Provisions For Charges 5 (60,000 ) (60,000 )
Deferred Taxation (2,490 ) (13,456 )
NET ASSETS 145,436 444,331
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account 145,336 444,231
SHAREHOLDERS' FUNDS 145,436 444,331
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For the year ending 31 October 2023 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 Profit and Loss Account and an Abridged Balance Sheet for the year end 31 October 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr R Hall
Director
30/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Great British Sports Cars Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05807139 . The registered office is 470 Hucknall Road, Nottingham, NG5 1FX.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
Research and development expenditure is generally written off in the year in which it is incurred, on the basis that there is uncertainty as to whether the expenditure will yield an enduring benefit to the company. However, where development expenditure is expected to provide an enduring benefit it is capitalised to the extent that it is expected to yield associated net profits in future years.

Any capitalised development expenditure is reviewed for potential impairment annually but is otherwise amortised on a 20% straight line basis.

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% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
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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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The company's tax represents the sum of the corporation tax currently payable and deferred tax.
The corporation 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 year 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 asset reflects 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2022: 17)
15 17
4. Tangible Assets
Total
£
Cost
As at 1 November 2022 111,859
Additions 20,121
Disposals (90,116 )
As at 31 October 2023 41,864
...CONTINUED
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Depreciation
As at 1 November 2022 25,773
Provided during the period 16,995
Disposals (26,127 )
As at 31 October 2023 16,641
Net Book Value
As at 31 October 2023 25,223
As at 1 November 2022 86,086
5. Provisions for Liabilities
Deferred Tax Other Provisions Total
£ £ £
As at 1 November 2022 13,456 60,000 73,456
Reversals (10,966 ) - (10,966)
Balance at 31 October 2023 2,490 60,000 62,490
Other provisions comprise the estimated costs of making good those properties occupied by the company on vacating.
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
7. Related Party Transactions
During the current and previous year there was loan from the director to the company. The opening balance was £34,328 owing to the director and net monies of £400 were withdrawn during the year. The closing balance, of £33,928 owing to the director, is included in creditors payable within one year.
The above loan is unsecured, interest free and repayable on demand.
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