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REGISTERED NUMBER: 07684665 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 June 2024

for

GY Cars Limited

GY Cars Limited (Registered number: 07684665)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GY Cars Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: G J Young





SECRETARY: Miss E J Haigh





REGISTERED OFFICE: 117-119 Cleethorpe Road
Grimsby
N E Lincolnshire
DN31 3ET





REGISTERED NUMBER: 07684665 (England and Wales)

GY Cars Limited (Registered number: 07684665)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,155 2,873

CURRENT ASSETS
Stocks 392,599 484,993
Debtors 5 21,419 50,480
414,018 535,473
CREDITORS
Amounts falling due within one year 6 96,408 79,352
NET CURRENT ASSETS 317,610 456,121
TOTAL ASSETS LESS CURRENT
LIABILITIES

319,765

458,994

CREDITORS
Amounts falling due after more than one
year

7

(10,834

)

(20,834

)

PROVISIONS FOR LIABILITIES (409 ) (546 )
NET ASSETS 308,522 437,614

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 8 308,520 437,612
SHAREHOLDERS' FUNDS 308,522 437,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 19 June 2025 and were signed by:





G J Young - Director


GY Cars Limited (Registered number: 07684665)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

GY Cars 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

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.

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 6 (2023 - 5 ) .

GY Cars Limited (Registered number: 07684665)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 6,109
DEPRECIATION
At 1 July 2023 3,236
Charge for year 718
At 30 June 2024 3,954
NET BOOK VALUE
At 30 June 2024 2,155
At 30 June 2023 2,873

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 4,056 47,186
Other debtors 5,487 -
Tax 8,301 -
Prepayments 3,575 3,294
21,419 50,480

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 33,717 29,311
Trade creditors 15,457 8,350
Tax - 8,301
Social security and other taxes 1,631 1,297
Net wages creditor 6,670 -
VAT 1,923 8,195
Shareholders current account 26,290 290
Directors' loan accounts 8,120 21,308
Accrued expenses 2,600 2,300
96,408 79,352

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 834 10,834
10,834 20,834

GY Cars Limited (Registered number: 07684665)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. RESERVES
Retained
earnings
£   

At 1 July 2023 437,612
Deficit for the year (77,092 )
Dividends (52,000 )
At 30 June 2024 308,520

9. CONTINGENT LIABILITIES

As far as the director is aware, he has not entered into any contracts which could give rise to a contingent liability.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 30th June 2024, G.J. Young is owed £ 8,120 by the company, this amount being shown as directors loan account in the creditors due within one year note to the accounts.

11. ULTIMATE CONTROLLING PARTY

The controlling party is G J Young.