Gatwick Cars Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07611288

Gatwick Cars Limited

Filleted Financial Statements

31 March 2025

Gatwick Cars Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		35,859	108,382

Current assets

Debtors	6	880,910	1,304,940
Cash at bank and in hand		767,080	459,439
		------------	------------
		1,647,990	1,764,379

Creditors: amounts falling due within one year	7	792,125		1,057,887
		------------		------------
Net current assets			855,865	706,492
			---------	---------
Total assets less current liabilities			891,724	814,874

Provisions

Taxation including deferred tax	7,262	25,284
	---------	---------
Net assets	884,462	789,590
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	884,362	789,490
	---------	---------
Shareholders funds	884,462	789,590
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 22 May 2026 , and are signed on behalf of the board by:

Mrs M Puri

Director

Company registration number: 07611288

Gatwick Cars Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 Mill Court, Spindle Way, Crawley, RH10 1TT.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised at the time of rendering the service.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	25% reducing balance
Fixtures & fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 25 (2024: 26 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	47,405	23,718	365,589	93,370	530,082
Additions	–	487	–	1,485	1,972
Disposals	–	–	( 53,675)	–	( 53,675)
	--------	--------	---------	--------	---------
At 31 March 2025	47,405	24,205	311,914	94,855	478,379
	--------	--------	---------	--------	---------
Depreciation
At 1 April 2024	39,983	23,129	278,748	79,840	421,700
Charge for the year	1,855	269	19,018	3,754	24,896
Disposals	–	–	( 42,909)	–	( 42,909)
Impairment losses	–	–	38,833	–	38,833
	--------	--------	---------	--------	---------
At 31 March 2025	41,838	23,398	293,690	83,594	442,520
	--------	--------	---------	--------	---------
Carrying amount
At 31 March 2025	5,567	807	18,224	11,261	35,859
	--------	--------	---------	--------	---------
At 31 March 2024	7,422	589	86,841	13,530	108,382
	--------	--------	---------	--------	---------

Some of the company's motor vehicles were sold after the year end for less than their book values due to changes in the market for used cars. The drop in value has been recorded as impairment.

6. Debtors

	2025	2024
	£	£
Trade debtors	226,262	721,250
Amounts owed by group undertakings and undertakings in which the company has a participating interest	391,722	327,957
Other debtors	262,926	255,733
	---------	------------
	880,910	1,304,940
	---------	------------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Other debtors	250,000	250,000
	---------	---------

Debtors due after more than one year £250,000 represents concession deposit.

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	211,414	262,561
Amounts owed to group undertakings and undertakings in which the company has a participating interest	4,111	104,402
Corporation tax	292,275	375,528
Social security and other taxes	114,705	198,379
Other creditors	169,620	117,017
	---------	------------
	792,125	1,057,887
	---------	------------

8. Summary audit opinion

The auditor's report dated 22 May 2026 was unqualified .

The senior statutory auditor was Bhupindar Chowdhary FCA , for and on behalf of Chowdhary & Co .

9. Controlling party

Parent company The company's immediate and ultimate parent company is Meco Maitha Limited , a company incorporated in England. Controlling party Mr A and Mrs M Puri are the ultimate controlling party by virtue of their controlling interest (100%) of the issued share capital of Meco Maitha Limited.