Company No: 04477966 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	238,824		251,006
Investment property	5	106,535		106,535
		345,359		357,541
Current assets
Stocks		168,371		170,000
Debtors	6	166,010		175,627
Cash at bank and in hand		321,266		245,115
		655,647		590,742
Creditors: amounts falling due within one year	7	( 635,401)		( 587,753)
Net current assets		20,246		2,989
Total assets less current liabilities		365,605		360,530
Creditors: amounts falling due after more than one year	8	( 29,082)		( 74,845)
Provision for liabilities	9	( 10,162)		( 12,036)
Net assets		326,361		273,649
Capital and reserves
Called-up share capital		100		100
Profit and loss account		326,261		273,549
Total shareholders' funds		326,361		273,649

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gillams Car Spares Limited (registered number: 04477966) were approved and authorised for issue by the Board of Directors on 31 March 2025. They were signed on its behalf by:

W T D Gillam Director

K Cook Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gillams Car Spares Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units 1 & 2, Bennett's Field Trading Estate, Wincanton, BA9 9DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts invoiced to customers for vehicle parts and repairs along with vehicle sales and is recognised when goods and services are provided.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	15 % reducing balance
Vehicles	4 years straight line
Fixtures and fittings	15 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks consist of vehicles for resale along with parts and consumables and are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		16

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 December 2023	50,000		50,000
At 30 November 2024	50,000		50,000
Accumulated amortisation
At 01 December 2023	50,000		50,000
At 30 November 2024	50,000		50,000
Net book value
At 30 November 2024	0		0
At 30 November 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 December 2023	270,035		77,675		14,242		34,355		23,239		419,546
Additions	0		0		0		0		1,743		1,743
Disposals	0		0		( 3,792)		0		0		( 3,792)
At 30 November 2024	270,035		77,675		10,450		34,355		24,982		417,497
Accumulated depreciation
At 01 December 2023	67,679		47,193		14,242		20,780		18,646		168,540
Charge for the financial year	4,751		4,572		0		2,036		2,566		13,925
Disposals	0		0		( 3,792)		0		0		( 3,792)
At 30 November 2024	72,430		51,765		10,450		22,816		21,212		178,673
Net book value
At 30 November 2024	197,605		25,910		0		11,539		3,770		238,824
At 30 November 2023	202,356		30,482		0		13,575		4,593		251,006

5. Investment property

	Investment property
	£
Valuation
As at 01 December 2023	106,535
As at 30 November 2024	106,535

Valuation

The investment properties were recorded at cost on 27 November 2014 by the directors on an open market basis. The directors have considered the valuation of the investment property at the balance sheet date and have concluded that it remains materially correct.

There has been no valuation of the investment property by an independent valuer.

6. Debtors

	2024		2023
	£		£
Trade debtors	166,010		175,627

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	44,392		43,627
Trade creditors	237,226		227,999
Amounts owed to directors	215,069		200,586
Accruals	9,385		7,958
Taxation and social security	94,669		73,000
Obligations under finance leases and hire purchase contracts (secured)	2,496		2,107
Other creditors	32,164		32,476
	635,401		587,753

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	23,777		67,043
Obligations under finance leases and hire purchase contracts (secured)	5,305		7,802
	29,082		74,845

The obligations under hire purchase contracts are secured on the underlying asset which is included within plant & machinery. The net book value of the relevant asset at the balance sheet date is £6,500 (2023 - £7,647) .

Within bank loans is a balance of £45,000 relating to an outstanding amount due from a Coronavirus Business Interruption Loan Agreement (2023 - £75,000). The UK government has guaranteed 80% of the value of the loan. The remaining bank borrowings are secured by a fixed and floating charge over the company assets and undertakings.

A director has provided a personal guarantee of £30,000 against the company bank borrowings.

9. Provision for liabilities

	2024		2023
	£		£
Deferred tax	10,162		12,036