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HG Motors Harrogate Limited
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of HG Motors Harrogate Limited For The Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HG Motors Harrogate Limited For The Year Ended 31 July 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of HG Motors Harrogate Limited , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of HG Motors Harrogate Limited and state those matters that we have agreed to state to the directors of HG Motors Harrogate Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HG Motors Harrogate Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that HG Motors Harrogate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of HG Motors Harrogate Limited . You consider that HG Motors Harrogate Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of HG Motors Harrogate Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
15 November 2024
Cooper Adams Ltd
Chartered Accountants
12 Payton Street
Stratford upon Avon
Warwickshire
CV37 6UA
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Page 2
Statement of Financial Position
Registered number: 14251160
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 2,835 3,543
2,835 3,543
CURRENT ASSETS
Stocks 2,000 2,000
Debtors 5 500 3,536
Cash at bank and in hand 98,805 54,299
101,305 59,835
Creditors: Amounts Falling Due Within One Year 6 (38,609 ) (41,500 )
NET CURRENT ASSETS (LIABILITIES) 62,696 18,335
TOTAL ASSETS LESS CURRENT LIABILITIES 65,531 21,878
NET ASSETS 65,531 21,878
CAPITAL AND RESERVES
Called up share capital 7 100 1
Income Statement 65,431 21,877
SHAREHOLDERS' FUNDS 65,531 21,878
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Page 3
For the year ending 31 July 2024 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 Income Statement.
On behalf of the board
Mr Dario Baldanza
Director
15 November 2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
HG Motors Harrogate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14251160 . The registered office is 12 Payton Street, Stratford upon Avon, Warwickshire, CV37 6UA.
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, excluding discounts, rebates, value added tax and other sales tax.
2.3. 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% on reducing balance
Motor vehicles 25% on reducing balance
Fixtures & fittings 20% on reducing balance
Computer equipment 33% on reducing balance
2.4. 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.
2.5. 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 income statement 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 3)
5 3
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4. Tangible assets
Plant & machinery Motor vehicles Fixtures & fittings Computer equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 1,917 394 1,599 791 4,701
Additions - - 196 - 196
As at 31 July 2024 1,917 394 1,795 791 4,897
Depreciation
As at 1 August 2023 479 98 320 261 1,158
Provided during the period 360 74 295 175 904
As at 31 July 2024 839 172 615 436 2,062
Net Book Value
As at 31 July 2024 1,078 222 1,180 355 2,835
As at 1 August 2023 1,438 296 1,279 530 3,543
5. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Trade debtors - 3,334
Prepayments and accrued income - 202
Other debtors 500 -
500 3,536
6. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Corporation tax 26,714 16,123
Other taxes and social security - 273
VAT 10,912 13,629
Net wages 27 -
Other creditors 137 170
Accruals and deferred income 251 125
Directors' loan accounts 568 11,180
38,609 41,500
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7. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 1
During the year, 99 ordinary £1 shares were issued at par and fully paid up.
8. Dividends
31 July 2024 31 July 2023
£ £
On equity shares:
Interim dividend paid 44,000 47,000
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