GB Engine Exports Limited
GB Engine Exports Limited
Registered number: 11632301
Director's Report and
Unaudited Financial Statements
For The Year Ended
31 October 2023
GB Engine Exports Limited
Director's Report and Unaudited Financial Statements
For The Year Ended
31 October 2023
Director's Report and Unaudited Financial Statements
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| Page | |
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| Company Information | 1 |
| Director's Report | 2 |
| Accountants' Report | 3 |
| Statement of Income and Retained Earnings | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6—7 |
GB Engine Exports Limited
Company Information
For The Year Ended
31 October 2023
Company Information
| Director |
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| Secretary |
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| Company Number |
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| Registered Office | Bank House |
| 81 St Judes Road | |
| Englefield Green | |
| TW20 0DF | |
| Accountants |
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| Englefield Green | |
| Surrey | |
| TW20 0DF | |
GB Engine Exports Limited
Company No. 11632301
Director's Report For The Year Ended
31 October 2023
Director's Report
The director presents his report and the financial statements for the year ended
31 October 2023
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Principal Activity
The company's principal activity continues to be that of retail trade of motor vehicle parts and accessories.
Directors
The director who held office during the year were as follows:
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Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
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Director
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GB Engine Exports Limited
Accountants' Report
For The Year Ended
31 October 2023
Accountants' Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 October 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
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Bank House, 81 St Judes Road
Englefield Green
Surrey
TW20 0DF
GB Engine Exports Limited
Statement of Income and Retained Earnings
For The Year Ended
31 October 2023
Statement of Income and Retained Earnings
| 2023 | 2022 | |||
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| Notes | £ | £ | ||
| TURNOVER |
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| Cost of sales |
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| GROSS PROFIT |
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| Distribution costs |
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| Administrative expenses |
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| OPERATING PROFIT |
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| Other interest receivable and similar income |
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| Interest payable and similar charges |
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| PROFIT BEFORE TAXATION |
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| Tax on Profit |
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| PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |
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| RETAINED EARNINGS | ||||
| As at
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| Dividends paid | (15,000) | (4,000) | ||
| As at
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The notes on pages 6 to 7 form part of these financial statements.
GB Engine Exports Limited
Balance Sheet
As At
31 October 2023
Balance Sheet
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 3 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 4 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,230,545 | 1,046,768 | |||
On behalf of the board
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Director
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The notes on pages 6 to 7 form part of these financial statements.
GB Engine Exports Limited
Notes to the Financial Statements
For The Year Ended
31 October 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
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.
1.2.
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.
1.3.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
3.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| VAT |
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| Other taxes and social security | - |
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| Due after more than one year | |||
| Other debtors |
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GB Engine Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2023
4.
Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Pension payable |
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| Director's loan account |
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6.
Related Party Transactions
At the balance sheet date, included within debtors due within one year, is an amount of £68 (2022 - £3,890) owed by the the director. This loan is interest free, of no fixed term and repayable on demand.
Dividends of £7,500 (2022 - £2000) have been paid to the director at the year end.
The company is controlled by its director and shareholders.
7.
General Information
GB Engine Exports Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11632301
. The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.