Company registration number 03673843 (England and Wales)
THE GLOBAL CAR GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
THE GLOBAL CAR GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE GLOBAL CAR GROUP LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
11,858
6,434
Investment properties
5
1,732,658
1,505,028
Investments
6
100
101
1,744,616
1,511,563
Current assets
Debtors
8
620,122
509,271
Cash at bank and in hand
141,709
329,274
761,831
838,545
Creditors: amounts falling due within one year
9
(226,814)
(313,485)
Net current assets
535,017
525,060
Total assets less current liabilities
2,279,633
2,036,623
Creditors: amounts falling due after more than one year
10
(78,042)
Net assets
2,279,633
1,958,581
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
2,278,633
1,957,581
Total equity
2,279,633
1,958,581
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE GLOBAL CAR GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2024 and are signed on its behalf by:
Mr G C Leach
Director
Company Registration No. 03673843
THE GLOBAL CAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
The Global Car Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is A4 Bath Road, Padworth, Reading, Berkshire, United Kingdom, RG7 5HR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
THE GLOBAL CAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
THE GLOBAL CAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2023
25,382
Additions
7,939
At 30 April 2024
33,321
Depreciation and impairment
At 1 May 2023
18,948
Depreciation charged in the year
2,515
At 30 April 2024
21,463
Carrying amount
At 30 April 2024
11,858
At 30 April 2023
6,434
5
Investment property
2024
£
Fair value
At 1 May 2023
1,505,028
Additions
227,630
At 30 April 2024
1,732,658
Investment property was valued on an open market basis on 30 April 2024 by the director, Mr G Leach.
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
101
THE GLOBAL CAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
101
Disposals
(1)
At 30 April 2024
100
Carrying amount
At 30 April 2024
100
At 30 April 2023
101
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Universal Car Credit Limited
Berkshire Fiesta Centre, A4 Bath Road Padworth, Reading, RG7 5HR
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
619,657
493,205
Other debtors
465
16,066
620,122
509,271
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
65,667
96,400
Trade creditors
216
734
Taxation and social security
17,425
24,204
Other creditors
143,506
192,147
226,814
313,485
THE GLOBAL CAR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
78,042
11
Related party transactions
At 30th April 2024, the company was owed £175,000 (2023: £nil) from DRL Automative Limited, a company with a common director. This loan is unsecured, interest free and repayable on demand.
At 30th April 2024, the company was owed £36,421 (2023: £32,644) from Berkshire Fiesta Centre Limited, a company with a common director (2023: £32,644). This loan is unsecured, interest free and repayable on demand.