Company Registration No. 10447333 (England and Wales)
K S AUTOS & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2017
PAGES FOR FILING WITH REGISTRAR
K S AUTOS & SON LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
K S AUTOS & SON LIMITED
BALANCE SHEET
AS AT
30 OCTOBER 2017
30 October 2017
- 1 -
2017
Notes
£
£
Fixed assets
Intangible assets
3
8,833
Tangible assets
4
16,769
25,602
Current assets
Stocks
5,000
Debtors
5
2,122
Cash at bank and in hand
1,058
8,180
Creditors: amounts falling due within one year
6
(38,270)
Net current liabilities
(30,090)
Total assets less current liabilities
(4,488)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(4,588)
Total equity
(4,488)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 November 2018 and are signed on its behalf by:
K J Spence
Director
Company Registration No. 10447333
K S AUTOS & SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 OCTOBER 2017
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 30 October 2017:
Loss and total comprehensive income for the period
-
(4,588)
(4,588)
Issue of share capital
7
100
-
100
Balance at 30 October 2017
100
(4,588)
(4,488)
K S AUTOS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 OCTOBER 2017
- 3 -
1
Accounting policies
Company information
K S Autos & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Lonsdale & Marsh, 7th Floor, Cotton House, Old Hall Street, Liverpool, L3 9TX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements through loans provided by the directors. The directors have confirmed that they will continue to support the company in this manner for the foreseeable future and are of the opinion that the company will be profitable next year. The financial statements have therefore been prepared on the going concern basis.
1.3
Reporting period
These are the first financial statements of K S Autos & Son Limited covering the period from incorporation 26 October 2016 to 30 October 2017. The accounting period has been shortened by 1 day from 31 October 2017 to 30 October 2017.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
K S AUTOS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2017
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
K S AUTOS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2017
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Where relevant, termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2.
3
Intangible fixed assets
Goodwill
£
Cost
At 26 October 2016
-
Additions
10,000
At 30 October 2017
10,000
Amortisation and impairment
At 26 October 2016
-
Amortisation charged for the period
1,167
At 30 October 2017
1,167
Carrying amount
At 30 October 2017
8,833
K S AUTOS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2017
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 26 October 2016
-
Additions
18,284
At 30 October 2017
18,284
Depreciation and impairment
At 26 October 2016
-
Depreciation charged in the period
1,515
At 30 October 2017
1,515
Carrying amount
At 30 October 2017
16,769
5
Debtors
2017
Amounts falling due within one year:
£
Other debtors
2,122
6
Creditors: amounts falling due within one year
2017
£
Taxation and social security
(85)
Other creditors
38,355
38,270
7
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
K S AUTOS & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 OCTOBER 2017
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
£
46,296