Registered number
SC371349
Kinning Park Auto Limited
Filleted Accounts
31 January 2022
Kinning Park Auto Limited
Registered number: SC371349
Balance Sheet
as at 31 January 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 30,000 30,000
Tangible assets 4 14,555 16,122
44,555 46,122
Current assets
Stocks 3,290 532
Debtors 5 1,166 800
Cash at bank and in hand 1,991 9,180
6,447 10,512
Creditors: amounts falling due within one year 6 (4,640) (6,466)
Net current assets 1,807 4,046
Total assets less current liabilities 46,362 50,168
Creditors: amounts falling due after more than one year 7 (113,539) (114,141)
Net liabilities (67,177) (63,973)
Capital and reserves
Called up share capital 100 100
Profit and loss account (67,277) (64,073)
Shareholders' funds (67,177) (63,973)
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 Mohammed Ramzan Moughal
Director
Approved by the board on 2 September 2022
Kinning Park Auto Limited
Notes to the Accounts
for the year ended 31 January 2022
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 goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2021 30,000
At 31 January 2022 30,000
Amortisation
At 31 January 2022 -
Net book value
At 31 January 2022 30,000
At 31 January 2021 30,000
4 Tangible fixed assets
Fixture and fittings etc.
£
Cost
At 1 February 2021 48,531
Additions 50
At 31 January 2022 48,581
Depreciation
At 1 February 2021 32,409
Charge for the year 1,617
At 31 January 2022 34,026
Net book value
At 31 January 2022 14,555
At 31 January 2021 16,122
5 Debtors 2022 2021
£ £
Net VAT due 1,166 800
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 4,640 6,466
7 Creditors: amounts falling due after one year 2022 2021
£ £
Director's loan account 89,141 89,141
Bounce Back Loan 24,398 25,000
113,539 114,141
Kinning Park Auto Limited SC371349 false 2021-02-01 2022-01-31 2022-01-31 VT Final Accounts April 2022 Mr Mohammed Ramzan Moughal No description of principal activity SC371349 2020-02-01 2021-01-31 SC371349 core:WithinOneYear 2021-01-31 SC371349 core:AfterOneYear 2021-01-31 SC371349 core:ShareCapital 2021-01-31 SC371349 core:RetainedEarningsAccumulatedLosses 2021-01-31 SC371349 2021-02-01 2022-01-31 SC371349 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31 SC371349 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 SC371349 bus:Director40 2021-02-01 2022-01-31 SC371349 1 2021-02-01 2022-01-31 SC371349 2 2021-02-01 2022-01-31 SC371349 core:PlantMachinery 2021-02-01 2022-01-31 SC371349 bus:FRS102 2021-02-01 2022-01-31 SC371349 bus:FullAccounts 2021-02-01 2022-01-31 SC371349 2022-01-31 SC371349 core:WithinOneYear 2022-01-31 SC371349 core:AfterOneYear 2022-01-31 SC371349 core:ShareCapital 2022-01-31 SC371349 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC371349 core:Goodwill 2022-01-31 SC371349 core:PlantMachinery 2022-01-31 SC371349 2021-01-31 SC371349 core:Goodwill 2021-01-31 SC371349 core:PlantMachinery 2021-01-31 iso4217:GBP xbrli:pure