Company Registration No. 09509940 (England and Wales)
Hy Go Motor Company Limited
Unaudited accounts
for the year ended 31 December 2024
Hy Go Motor Company Limited
Unaudited accounts
Contents
Hy Go Motor Company Limited
Company Information
for the year ended 31 December 2024
Company Number
09509940 (England and Wales)
Registered Office
Medway Hyundai London Road
Rainham
Gillingham
Kent
ME8 8PT
Accountants
ASTON STEELE
Aston House
Cotchford Hill,
Hartfield
Sussex
TN7 4HA
Hy Go Motor Company Limited
Statement of financial position
as at 31 December 2024
Intangible assets
5,867
9,617
Tangible assets
516,285
742,992
Cash at bank and in hand
-
41,495
Creditors: amounts falling due within one year
(518,348)
(504,962)
Net current liabilities
(74,038)
(1,986)
Total assets less current liabilities
448,114
750,623
Creditors: amounts falling due after more than one year
(174,993)
(295,247)
Provisions for liabilities
Deferred tax
(79,600)
(73,200)
Net assets
193,521
382,176
Called up share capital
100
100
Profit and loss account
193,421
382,076
Shareholders' funds
193,521
382,176
For the year ending 31 December 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 April 2025 and were signed on its behalf by
Dean Stoner
Director
Company Registration No. 09509940
Hy Go Motor Company Limited
Notes to the Accounts
for the year ended 31 December 2024
Hy Go Motor Company Limited is a private company, limited by shares, registered in England and Wales, registration number 09509940. The registered office is Medway Hyundai London Road, Rainham, Gillingham, Kent, ME8 8PT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the Hire of Vehicles is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives: Values are also adjusted to show market value of vehicles which are hired
Motor vehicles
4 Years Straight Line Basis
Fixtures & fittings
5 Years Straight Line Basis
Intangible fixed assets are included at cost less accumulated amortisation.
Deferred tax arises as a result of tax allowances claimed on tangible assets in excess of depreciation provided, less any tax losses carried forward.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Hy Go Motor Company Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Other
At 31 December 2024
25,000
At 31 December 2024
19,133
5
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2024
1,550,378
25,119
1,575,497
Additions
254,635
-
254,635
Disposals
(358,072)
(755)
(358,827)
At 31 December 2024
1,446,941
24,364
1,471,305
At 1 January 2024
821,386
11,119
832,505
Charge for the year
243,718
4,808
248,526
On disposals
(125,256)
(755)
(126,011)
At 31 December 2024
939,848
15,172
955,020
At 31 December 2024
507,093
9,192
516,285
At 31 December 2023
728,992
14,000
742,992
Amounts falling due within one year
Trade debtors
443,627
459,348
Accrued income and prepayments
683
2,133
Hy Go Motor Company Limited
Notes to the Accounts
for the year ended 31 December 2024
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
74,040
20,000
Obligations under finance leases and hire purchase contracts
291,749
336,994
Trade creditors
132,329
43,397
Taxes and social security
2,574
2,340
Finance Leases are secured on the assets which they relate to
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
166,660
295,247
Finance leases are secured on the assets which they relate to
9
Deferred taxation
2024
2023
Accelerated capital allowances
125,534
182,832
Tax losses carried forward
(45,934)
(109,632)
Provision at start of year
73,200
58,600
Charged to the profit and loss account
6,400
14,600
Provision at end of year
79,600
73,200
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Average number of employees
During the year the average number of employees was 4 (2023: 4).