Global Car Company (UK) Ltd - Accounts

Global Car Company (UK) Ltd - Accounts

GLOBAL CAR COMPANY (UK) LTD - Company Information

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Registered Number: 09486088
England and Wales

 

 

 

GLOBAL CAR COMPANY (UK) LTD


Abridged Accounts
 


Period of accounts

Start date: 01 June 2021

End date: 31 May 2022

Global Car Company (UK) Ltd
Contents Page
For the year ended 31 May 2022
Accountants report
You consider that the company is exempt from an audit for the year ended 31 May 2022. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
aa Chartered Accountants
31 May 2022



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate,
Peterborough,
PE1 5BQ
17 February 2023
1
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 17,362    8,600 
17,362    8,600 
Current assets      
Stocks 304,600    528,295 
Debtors: amounts falling due within one year 14,635    6,319 
Cash at bank and in hand 64,884    39,276 
384,119    573,890 
Creditors: amount falling due within one year (266,393)   (480,449)
Net current assets 117,726    93,441 
 
Total assets less current liabilities 135,088    102,041 
Creditors: amount falling due after more than one year (41,467)   (30,000)
Provisions for liabilities (4,924)   (265)
Net assets 88,697    71,776 
 

Capital and reserves 		     
Called up share capital 3    3 
Profit and loss account 88,694    71,773 
Shareholder's funds 88,697    71,776 
 


For the year ended 31 May 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 17 February 2023 and were signed by:


--------------------------------
Parvez Khan
Director
2
General Information
Global Car Company (UK) Ltd is a private company, limited by shares, registered in England and Wales, registration number 09486088, registration address Systec House, Newark Road, Peterborough, PE1 5YD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long-term liabilities as current liabilities.

Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Reducing Balance
Plant and Machinery 20% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2021 : 10).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 June 2021 32,072    3,722    35,794 
Additions 12,474    -    12,474 
Disposals -    -    - 
At 31 May 2022 44,546    3,722    48,268 
Depreciation
At 01 June 2021 23,876    2,490    26,366 
Charge for year 4,134    406    4,540 
On disposals -    -    - 
At 31 May 2022 28,010    2,896    30,906 
Net book values
Closing balance as at 31 May 2022 16,536    826    17,362 
Opening balance as at 01 June 2021 8,196    404    8,600 


4.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
3 ordinary shares of £1.00 each 3    3 
3    3 

3