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Registered number: 02895905
Dixon Automotive Limited
Unaudited Financial Statements
For The Year Ended 30 December 2023
GMS FC Limited
1 London Road
Ipswich
Suffolk
IP1 2HA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02895905
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 214 321
Tangible Assets 5 161,160 171,280
Investments 6 7,000 7,000
168,374 178,601
CURRENT ASSETS
Stocks 7 641,704 849,881
Debtors 8 242,987 165,426
Cash at bank and in hand 170,171 207,933
1,054,862 1,223,240
Creditors: Amounts Falling Due Within One Year 9 (62,655 ) (77,711 )
NET CURRENT ASSETS (LIABILITIES) 992,207 1,145,529
TOTAL ASSETS LESS CURRENT LIABILITIES 1,160,581 1,324,130
NET ASSETS 1,160,581 1,324,130
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 1,159,581 1,323,130
SHAREHOLDERS' FUNDS 1,160,581 1,324,130
Page 1
Page 2
For the year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
On behalf of the board
Mr Ryan Dixon
Director
18th February 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Dixon Automotive Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02895905 . The registered office is 1 London Road, Ipswich, Suffolk, IP1 2HA.
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. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
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:
Freehold 2% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 25% on reducing balance
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
Income tax expense represents the sum of the tax currently payable and deferred tax.
The 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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: 18)
15 18
4. Intangible Assets
Intellectual Property
£
Cost
As at 31 December 2022 1,075
As at 30 December 2023 1,075
Amortisation
As at 31 December 2022 754
Provided during the period 107
As at 30 December 2023 861
Net Book Value
As at 30 December 2023 214
As at 31 December 2022 321
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 31 December 2022 253,390 149,667 150,992 25,562
As at 30 December 2023 253,390 149,667 150,992 25,562
Depreciation
As at 31 December 2022 113,578 153,419 128,089 19,155
Provided during the period 5,068 (3,752 ) 5,725 1,602
As at 30 December 2023 118,646 149,667 133,814 20,757
Net Book Value
As at 30 December 2023 134,744 - 17,178 4,805
As at 31 December 2022 139,812 (3,752 ) 22,903 6,407
Page 4
Page 5
Computer Equipment Total
£ £
Cost
As at 31 December 2022 33,131 612,742
As at 30 December 2023 33,131 612,742
Depreciation
As at 31 December 2022 27,221 441,462
Provided during the period 1,477 10,120
As at 30 December 2023 28,698 451,582
Net Book Value
As at 30 December 2023 4,433 161,160
As at 31 December 2022 5,910 171,280
6. Investments
Other
£
Cost
As at 31 December 2022 7,000
As at 30 December 2023 7,000
Provision
As at 31 December 2022 -
As at 30 December 2023 -
Net Book Value
As at 30 December 2023 7,000
As at 31 December 2022 7,000
7. Stocks
2023 2022
£ £
Stock 641,704 849,881
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 230,091 160,622
Corporation tax recoverable assets 12,896 -
VAT - 4,804
242,987 165,426
Page 5
Page 6
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 17,185 44,147
Other taxes and social security 11,156 6,574
VAT 4,061 -
Net wages 27,475 24,212
Accruals and deferred income 2,778 2,778
62,655 77,711
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 6