Acorah Software Products - Accounts Production 16.2.800 false true 30 June 2023 1 July 2022 false 1 July 2023 30 June 2024 30 June 2024 07278155 Mr Greg Thompson iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07278155 2023-06-30 07278155 2024-06-30 07278155 2023-07-01 2024-06-30 07278155 frs-core:CurrentFinancialInstruments 2024-06-30 07278155 frs-core:Non-currentFinancialInstruments 2024-06-30 07278155 frs-core:ComputerEquipment 2024-06-30 07278155 frs-core:ComputerEquipment 2023-07-01 2024-06-30 07278155 frs-core:ComputerEquipment 2023-06-30 07278155 frs-core:FurnitureFittings 2024-06-30 07278155 frs-core:FurnitureFittings 2023-07-01 2024-06-30 07278155 frs-core:FurnitureFittings 2023-06-30 07278155 frs-core:NetGoodwill 2024-06-30 07278155 frs-core:NetGoodwill 2023-07-01 2024-06-30 07278155 frs-core:NetGoodwill 2023-06-30 07278155 frs-core:PlantMachinery 2024-06-30 07278155 frs-core:PlantMachinery 2023-07-01 2024-06-30 07278155 frs-core:PlantMachinery 2023-06-30 07278155 frs-core:ShareCapital 2024-06-30 07278155 frs-core:RetainedEarningsAccumulatedLosses 2024-06-30 07278155 frs-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07278155 frs-bus:FilletedAccounts 2023-07-01 2024-06-30 07278155 frs-bus:SmallEntities 2023-07-01 2024-06-30 07278155 frs-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 07278155 frs-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07278155 frs-bus:Director1 2023-07-01 2024-06-30 07278155 frs-countries:EnglandWales 2023-07-01 2024-06-30 07278155 2022-06-30 07278155 2023-06-30 07278155 2022-07-01 2023-06-30 07278155 frs-core:CurrentFinancialInstruments 2023-06-30 07278155 frs-core:Non-currentFinancialInstruments 2023-06-30 07278155 frs-core:ShareCapital 2023-06-30 07278155 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30
Registered number: 07278155
GT Motoring Solutions Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07278155
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1,615 2,261
1,615 2,261
CURRENT ASSETS
Stocks 6 152,278 343,959
Debtors 7 309,989 218,549
Cash at bank and in hand 10,960 10,230
473,227 572,738
Creditors: Amounts Falling Due Within One Year 8 (373,008 ) (354,175 )
NET CURRENT ASSETS (LIABILITIES) 100,219 218,563
TOTAL ASSETS LESS CURRENT LIABILITIES 101,834 220,824
Creditors: Amounts Falling Due After More Than One Year 9 (23,595 ) (75,398 )
NET ASSETS 78,239 145,426
CAPITAL AND RESERVES
Called up share capital 10 8 8
Profit and Loss Account 78,231 145,418
SHAREHOLDERS' FUNDS 78,239 145,426
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Greg Thompson
Director
27/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GT Motoring Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07278155 . The registered office is Abbeydale Road South, Dore, Sheffield, South Yorkshire, S17 3LH.
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 - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to 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:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% 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 years 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.
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 assets reflect 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.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 175,000
As at 30 June 2024 175,000
Amortisation
As at 1 July 2023 175,000
As at 30 June 2024 175,000
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 1,161 26,243 11,694 39,098
As at 30 June 2024 1,161 26,243 11,694 39,098
Depreciation
As at 1 July 2023 1,001 25,058 10,778 36,837
Provided during the period 101 296 249 646
As at 30 June 2024 1,102 25,354 11,027 37,483
Net Book Value
As at 30 June 2024 59 889 667 1,615
As at 1 July 2023 160 1,185 916 2,261
6. Stocks
2024 2023
£ £
Stock 152,278 343,959
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,154 -
Other debtors 288,835 218,549
309,989 218,549
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 57,572 50,379
Bank loans and overdrafts 136,597 103,046
Other creditors 171,138 193,226
Taxation and social security 7,701 7,524
373,008 354,175
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 23,595 75,398
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 8 8
11. Related Party Transactions
During the year sales, purchases and recharges were entered into with connected companies under the common control of the director. These were carried out on an arms length basis.
Included within trade creditors are figures owed to the following companies under common control:
Sheffield Car Shop Ltd - £1,511
Mercia Motors Ltd - £23,194
There are outstanding loans included within other debtors from the following companies under common control:
Mercia Memories Ltd - £265,885
Mercia Motors Ltd - £2,000
There are outstanding loans included within other creditors to the following companies under common control:
Sheffield car Shop Ltd - £29,192
Page 5