Registered number
06371997
Grant Specialist Cars Limited
Filleted Accounts
30 September 2024
Grant Specialist Cars Limited
Registered number: 06371997
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 24,119 24,952
Current assets
Stocks 607,979 668,180
Cash at bank and in hand 121,201 55,760
729,180 723,940
Creditors: amounts falling due within one year 4 (650,190) (631,032)
Net current assets 78,990 92,908
Total assets less current liabilities 103,109 117,860
Creditors: amounts falling due after more than one year 5 (5,834) (16,667)
Net assets 97,275 101,193
Capital and reserves
Called up share capital 4 4
Profit and loss account 97,271 101,189
Shareholders' funds 97,275 101,193
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs T Grant
Director
Approved by the board on 22 May 2025
Grant Specialist Cars Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of second hand cars
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% on Cost
Leasehold land and buildings 15% Reducing Balance
Fixtures, fittings, tools and equipment 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Computer Equipment Total
£ £ £ £
Cost
At 1 October 2023 29,982 2,040 7,265 39,287
At 30 September 2024 29,982 2,040 7,265 39,287
Depreciation
At 1 October 2023 5,655 1,789 6,891 14,335
Charge for the year 703 37 93 833
At 30 September 2024 6,358 1,826 6,984 15,168
Net book value
At 30 September 2024 23,624 214 281 24,119
At 30 September 2023 24,327 251 374 24,952
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,119 14,402
Short term loans-Arkle / Funding Circle 195,550 200,000
Short term loans-Other 163,260 46,440
Trade creditors 205,349 273,876
Taxation and social security costs 62,653 59,610
Other creditors 13,259 36,704
650,190 631,032
5 Creditors: amounts falling due after one year 2024 2023
£ £
Short Term Loans 5,834 16,667
6 Other information
Grant Specialist Cars Limited is a private company limited by shares and incorporated in England. Its registered office is:
1337 Evesham Road
Astwood Bank
Redditch
Worcestershire
B96 6AY
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