Grant Specialist Cars Limited - Filleted accounts

Grant Specialist Cars Limited - Filleted accounts

GRANT SPECIALIST CARS LIMITED - Company Information

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Grant Specialist Cars Limited
Registered number: 06371997
Balance Sheet
as at 30 September 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 2 28,147 29,179
Current assets
Stocks 499,965 244,447
Debtors 3 2,493 3,741
Cash at bank and in hand 1 1
502,459 248,189
Creditors: amounts falling due within one year 4 (499,378) (244,918)
Net current assets 3,081 3,271
Net assets 31,228 32,450
Capital and reserves
Called up share capital 2 2
Profit and loss account 31,226 32,448
Shareholders' funds 31,228 32,450
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.
Mr A T Grant
Director
31 March 2020
Grant Specialist Cars Limited
Notes to the Accounts
for the year ended 30 September 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Property 2% on cost
Plant and machinery 15% on reducing balance
Fixtures, fittings, tools and equipment 15% on reducing balance
Computer equipment 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. 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. 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. 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.
2 Tangible fixed assets
Land and buildings Plant and machinery etc Computer equipment Total
£ £ £ £
Cost
At 1 October 2018 29,982 2,040 7,265 39,287
At 30 September 2019 29,982 2,040 7,265 39,287
Depreciation
At 1 October 2018 2,760 1,474 5,874 10,108
Charge for the year 599 85 348 1,032
At 30 September 2019 3,359 1,559 6,222 11,140
Net book value
At 30 September 2019 26,623 481 1,043 28,147
At 30 September 2018 27,222 566 1,391 29,179
3 Debtors 2019 2018
£ £
Trade debtors 2,493 3,741
4 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 5,152 8,689
Short term loans - Arkle 200,000 -
Short term loans - other 193,221 237,330
Trade creditors 39,597 14,470
Corporation tax 39,838 15,876
Other taxes and social security costs 18,091 7,318
Other creditors 3,479 (38,765)
499,378 244,918
5 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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