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REGISTERED NUMBER: 09411664 (England and Wales)















REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

G CARS NORTH EAST LIMITED

G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


G CARS NORTH EAST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Miss G Egdell





REGISTERED OFFICE: 19 Ascot Crescent
Gateshead
Tyne and Wear
NE8 4YB





REGISTERED NUMBER: 09411664 (England and Wales)





ACCOUNTANTS: H.E.L. Reed & Co.
Suite C6A
Milburn House
Dean Street
Newcastle
Tyne and Wear
NE1 1LE

G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2024

The director presents her report with the financial statements of the company for the year ended 31 January 2024.

DIRECTOR
Miss G Egdell held office during the whole of the period from 1 February 2023 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Miss G Egdell - Director


28 October 2024

G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)

INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024

31.1.24 31.1.23
Notes £    £   

TURNOVER 4,921,671 2,735,630

Cost of sales 4,522,931 2,434,215
GROSS PROFIT 398,740 301,415

Administrative expenses 229,197 172,333
OPERATING PROFIT 4 169,543 129,082


Interest payable and similar expenses 5,697 1,930
PROFIT BEFORE TAXATION 163,846 127,152

Tax on profit 37,489 17,854
PROFIT FOR THE FINANCIAL YEAR 126,357 109,298

G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)

BALANCE SHEET
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 15,548 40,055

CURRENT ASSETS
Stocks 601,915 495,858
Debtors 6 73,699 76,797
Cash at bank and in hand 62,475 89,673
738,089 662,328
CREDITORS
Amounts falling due within one year 7 431,586 447,723
NET CURRENT ASSETS 306,503 214,605
TOTAL ASSETS LESS CURRENT
LIABILITIES

322,051

254,660

CREDITORS
Amounts falling due after more than one
year

8

23,398

32,364
NET ASSETS 298,653 222,296

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 298,651 222,294
298,653 222,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:



Miss G Egdell - Director


G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

G Cars North East Limited is a private company, limited by shares , registered in England and Wales. 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.

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 etc - 10% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.1.24 31.1.23
£    £   
Depreciation - owned assets 1,816 10,123

G CARS NORTH EAST LIMITED (REGISTERED NUMBER: 09411664)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 59,852
Additions 2,295
Disposals (33,314 )
At 31 January 2024 28,833
DEPRECIATION
At 1 February 2023 19,797
Charge for year 1,816
Eliminated on disposal (8,328 )
At 31 January 2024 13,285
NET BOOK VALUE
At 31 January 2024 15,548
At 31 January 2023 40,055

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 68,699 76,797
Other debtors 5,000 -
73,699 76,797

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Hire purchase contracts 14,236 19,527
Trade creditors 58,000 28,000
Taxation and social security 114,666 187,284
Other creditors 244,684 212,912
431,586 447,723

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans 23,398 32,364