Registered number
11348471
GGF Autos Ltd
Filleted Accounts
31 May 2024
GGF Autos Ltd
Registered number: 11348471
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 21,309 26,636
Current assets
Stocks 2,210 2,500
Cash at bank and in hand 1,169 2,173
3,379 4,673
Creditors: amounts falling due within one year 4 (35,046) (35,089)
Net current liabilities (31,667) (30,416)
Total assets less current liabilities (10,358) (3,780)
Creditors: amounts falling due after more than one year 5 (4,305) (13,044)
Net liabilities (14,663) (16,824)
Capital and reserves
Called up share capital 2 2
Profit and loss account (14,665) (16,826)
Shareholders' funds (14,663) (16,824)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gavin Geoffry Fox
Director
Approved by the board on 10 January 2025
GGF Autos Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 June 2023 32,571 16,240 48,811
At 31 May 2024 32,571 16,240 48,811
Depreciation
At 1 June 2023 15,457 6,718 22,175
Charge for the year 3,423 1,904 5,327
At 31 May 2024 18,880 8,622 27,502
Net book value
At 31 May 2024 13,691 7,618 21,309
At 31 May 2023 17,114 9,522 26,636
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,380 -
Obligations under finance lease and hire purchase contracts 3,000 -
Accrued expenses 2,643 -
Other creditors 28,023 35,089
35,046 35,089
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,305 6,044
Obligations under finance lease and hire purchase contracts 1,000 7,000
4,305 13,044
6 Other information
GGF Autos Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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