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REGISTERED NUMBER: SC237786 (Scotland)













Unaudited Financial Statements

for the Year Ended 30 April 2024

for

GF AUTOS LTD.

GF AUTOS LTD. (REGISTERED NUMBER: SC237786)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GF AUTOS LTD.

Company Information
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: G Freeman
Mrs M Freeman





REGISTERED OFFICE: Unit 2
Woodhead Road
Muirhead
Glasgow
G69 9JB





REGISTERED NUMBER: SC237786 (Scotland)





ACCOUNTANTS: BK Plus Ltd
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

GF AUTOS LTD. (REGISTERED NUMBER: SC237786)

Balance Sheet
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 15,939 21,368
15,939 21,368

CURRENT ASSETS
Stocks 4,374 3,373
Debtors 6 34,832 27,734
Cash at bank and in hand 102,850 110,470
142,056 141,577
CREDITORS
Amounts falling due within one year 7 51,812 68,126
NET CURRENT ASSETS 90,244 73,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,183

94,819

CAPITAL AND RESERVES
Called up share capital 102 102
Retained earnings 106,081 94,717
SHAREHOLDERS' FUNDS 106,183 94,819

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GF AUTOS LTD. (REGISTERED NUMBER: SC237786)

Balance Sheet - continued
30 APRIL 2024


The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





G Freeman - Director


GF AUTOS LTD. (REGISTERED NUMBER: SC237786)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Gf Autos Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on a reducing balance basis
Fixtures and fittings - 20% on a reducing balance basis
Computer equipment - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


GF AUTOS LTD. (REGISTERED NUMBER: SC237786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 85,500
AMORTISATION
At 1 May 2023
and 30 April 2024 85,500
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

GF AUTOS LTD. (REGISTERED NUMBER: SC237786)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 94,293 234 1,632 96,159
Additions - 150 - 150
At 30 April 2024 94,293 384 1,632 96,309
DEPRECIATION
At 1 May 2023 73,425 114 1,252 74,791
Charge for year 5,217 54 308 5,579
At 30 April 2024 78,642 168 1,560 80,370
NET BOOK VALUE
At 30 April 2024 15,651 216 72 15,939
At 30 April 2023 20,868 120 380 21,368

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,832 27,678
Other debtors - 56
34,832 27,734

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 6,000
Trade creditors 10,637 15,609
Taxation and social security 40,761 45,951
Other creditors 414 566
51,812 68,126