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Registered number: 14654195
Gran Turismo Classics Limited
Unaudited Financial Statements
For The Year Ended 28 February 2025
TaxAssist Kingswood
2a Hill Street
Kingswood
Bristol
BS15 4EP
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—3
Page 1
Balance Sheet
Registered number: 14654195
28 February 2025 29 February 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 50,188 59,339
50,188 59,339
CURRENT ASSETS
Debtors 5 - 1,766
Cash at bank and in hand 149 571
149 2,337
Creditors: Amounts Falling Due Within One Year 6 (142,075 ) (146,511 )
NET CURRENT ASSETS (LIABILITIES) (141,926 ) (144,174 )
TOTAL ASSETS LESS CURRENT LIABILITIES (91,738 ) (84,835 )
NET LIABILITIES (91,738 ) (84,835 )
CAPITAL AND RESERVES
Called up share capital 7 1 1
Profit and Loss Account (91,739 ) (84,836 )
SHAREHOLDERS' FUNDS (91,738) (84,835)
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abdelmajeed Khateeb
Director
18/12/2025
The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Gran Turismo Classics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 14654195 . The registered office is 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 15 RB
Computer Equipment 33% SL
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2024: NIL)
- -
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 March 2024 68,950 1,092 70,042
As at 28 February 2025 68,950 1,092 70,042
Depreciation
As at 1 March 2024 10,343 360 10,703
Provided during the period 8,791 360 9,151
As at 28 February 2025 19,134 720 19,854
Net Book Value
As at 28 February 2025 49,816 372 50,188
As at 1 March 2024 58,607 732 59,339
Page 2
Page 3
5. Debtors
28 February 2025 29 February 2024
£ £
Due within one year
Other debtors - 1,766
6. Creditors: Amounts Falling Due Within One Year
28 February 2025 29 February 2024
£ £
Trade creditors 1 2,083
Other creditors 141,073 144,428
Taxation and social security 1,001 -
142,075 146,511
7. Share Capital
28 February 2025 29 February 2024
£ £
Allotted, Called up and fully paid 1 1
Page 3