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REGISTERED NUMBER: 11516209 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

G & G MOTORSPORT LIMITED

G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


G & G MOTORSPORT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: P Lanes
Ms K Shaw





REGISTERED OFFICE: 1 Prospect Lane
Withernwick
Hull
E. Yorks
HU11 4UB





REGISTERED NUMBER: 11516209 (England and Wales)





ACCOUNTANTS: Majors Limited
F15 The Bloc
38 Springfield Way
Anlaby
Hull
E. Yorks
HU10 6RJ

G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 56
Tangible assets 5 17,103 19,624
17,103 19,680

CURRENT ASSETS
Stocks 8,569 16,576
Debtors 6 90,778 88,178
Cash at bank 34,404 41,306
133,751 146,060
CREDITORS
Amounts falling due within one year 7 38,794 47,636
NET CURRENT ASSETS 94,957 98,424
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,060

118,104

CREDITORS
Amounts falling due after more than
one year

8

(20,309

)

(24,747

)

PROVISIONS FOR LIABILITIES (3,192 ) (3,729 )
NET ASSETS 88,559 89,628

G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

BALANCE SHEET - continued
31 AUGUST 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 88,459 89,528
SHAREHOLDERS' FUNDS 88,559 89,628

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:




P Lanes - Director



Ms K Shaw - Director


G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

G & G Motorsport Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023
and 31 August 2024 4,404
AMORTISATION
At 1 September 2023 4,348
Charge for year 56
At 31 August 2024 4,404
NET BOOK VALUE
At 31 August 2024 -
At 31 August 2023 56

G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023 59,511
Additions 9,098
Disposals (836 )
At 31 August 2024 67,773
DEPRECIATION
At 1 September 2023 39,887
Charge for year 11,619
Eliminated on disposal (836 )
At 31 August 2024 50,670
NET BOOK VALUE
At 31 August 2024 17,103
At 31 August 2023 19,624

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 41,279 49,606
Other debtors - 27
Directors' current accounts 45,666 35,774
Prepayments and accrued income 3,833 2,771
90,778 88,178

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 4,364 4,206
Trade creditors 5,400 7,922
Tax 15,497 19,467
Social security and other taxes 966 1,215
VAT 10,592 13,084
Other creditors 325 262
Accrued expenses 1,650 1,480
38,794 47,636

G & G MOTORSPORT LIMITED (REGISTERED NUMBER: 11516209)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 20,309 24,747

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
Ms K Shaw
Balance outstanding at start of year 28,321 27,821
Amounts advanced 42,715 50,222
Amounts repaid (38,640 ) (49,722 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 32,396 28,321

P Lanes
Balance outstanding at start of year 7,480 (4,122 )
Amounts advanced 51,892 58,578
Amounts repaid (46,102 ) (46,976 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 13,270 7,480