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REGISTERED NUMBER: 10530985 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

GP Tuning Ltd

GP Tuning Ltd (Registered number: 10530985)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountant 7

GP Tuning Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Lynch
J D Geekie





REGISTERED OFFICE: 44 Singer Way
Kempston
Bedford
MK42 7AF





REGISTERED NUMBER: 10530985 (England and Wales)





ACCOUNTANT: Bala Ltd
Chartered Certified
Accountants
14 Ravensbury Avenue
Morden
Surrey
SM4 6ET

GP Tuning Ltd (Registered number: 10530985)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 131,630 86,266
Tangible assets 5 88,065 67,189
219,695 153,455

CURRENT ASSETS
Debtors 6 42,580 10,762
Cash at bank and in hand 215,116 173,535
257,696 184,297
CREDITORS
Amounts falling due within one year 7 166,008 145,675
NET CURRENT ASSETS 91,688 38,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,383

192,077

CREDITORS
Amounts falling due after more than one year 8 76,026 17,232
NET ASSETS 235,357 174,845

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 235,257 174,745
235,357 174,845

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

GP Tuning Ltd (Registered number: 10530985)

Balance Sheet - continued
31 December 2024


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 6 May 2025 and were signed on its behalf by:




J Lynch - Director



J D Geekie - Director


GP Tuning Ltd (Registered number: 10530985)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

GP Tuning Ltd 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 fixed assets
Software amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.

15% and 20% reducing balance basis

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 - 25% on reducing balance

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.

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.

GP Tuning Ltd (Registered number: 10530985)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 101,906
Additions 69,038
At 31 December 2024 170,944
AMORTISATION
At 1 January 2024 15,640
Charge for year 23,674
At 31 December 2024 39,314
NET BOOK VALUE
At 31 December 2024 131,630
At 31 December 2023 86,266

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 107,114
Additions 50,433
At 31 December 2024 157,547
DEPRECIATION
At 1 January 2024 39,925
Charge for year 29,557
At 31 December 2024 69,482
NET BOOK VALUE
At 31 December 2024 88,065
At 31 December 2023 67,189

GP Tuning Ltd (Registered number: 10530985)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Other debtors 42,580 10,762

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts 22,807 33,495
Hire purchase contracts 20,571 11,281
Trade creditors 1,726 5,527
Taxation and social security 92,667 74,412
Other creditors 28,237 20,960
166,008 145,675

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans 55,088 -
Hire purchase contracts 20,938 17,232
76,026 17,232

GP Tuning Ltd

Report of the Accountant to the Directors of
GP Tuning Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2024 set out on page nil and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.






Bala Ltd
Chartered Certified
Accountants
14 Ravensbury Avenue
Morden
Surrey
SM4 6ET


Date: .............................................