Kempshott Car Sales Limited 08219909 false 2020-10-01 2021-09-30 2021-09-30 The principal activity of the company is sale of second hand vehicles. Digita Accounts Production Advanced 6.30.9574.0 true 08219909 2020-10-01 2021-09-30 08219909 2021-09-30 08219909 core:CurrentFinancialInstruments 2021-09-30 08219909 core:CurrentFinancialInstruments core:WithinOneYear 2021-09-30 08219909 core:LandBuildings core:OwnedOrFreeholdAssets 2021-09-30 08219909 core:OfficeEquipment 2021-09-30 08219909 bus:SmallEntities 2020-10-01 2021-09-30 08219909 bus:AuditExemptWithAccountantsReport 2020-10-01 2021-09-30 08219909 bus:FullAccounts 2020-10-01 2021-09-30 08219909 bus:SmallCompaniesRegimeForAccounts 2020-10-01 2021-09-30 08219909 bus:RegisteredOffice 2020-10-01 2021-09-30 08219909 bus:Director1 2020-10-01 2021-09-30 08219909 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30 08219909 core:LandBuildings 2020-10-01 2021-09-30 08219909 core:LandBuildings core:OwnedOrFreeholdAssets 2020-10-01 2021-09-30 08219909 core:OfficeEquipment 2020-10-01 2021-09-30 08219909 countries:EnglandWales 2020-10-01 2021-09-30 08219909 2020-09-30 08219909 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-30 08219909 core:OfficeEquipment 2020-09-30 08219909 2019-10-01 2020-09-30 08219909 2020-09-30 08219909 core:CurrentFinancialInstruments 2020-09-30 08219909 core:CurrentFinancialInstruments core:WithinOneYear 2020-09-30 08219909 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-30 08219909 core:OfficeEquipment 2020-09-30 iso4217:GBP xbrli:pure

Registration number: 08219909

Kempshott Car Sales Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Kempshott Car Sales Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Kempshott Car Sales Limited

(Registration number: 08219909)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

51,304

51,660

Current assets

 

Stocks

5

383,796

426,533

Debtors

6

87,145

353,900

Cash at bank and in hand

 

1,144,126

151,065

 

1,615,067

931,498

Creditors: Amounts falling due within one year

7

(911,079)

(738,409)

Net current assets

 

703,988

193,089

Total assets less current liabilities

 

755,292

244,749

Provisions for liabilities

(203)

(271)

Net assets

 

755,089

244,478

Capital and reserves

 

Called up share capital

1

1

Retained earnings

755,088

244,477

Shareholders' funds

 

755,089

244,478

For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have 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.

Approved and authorised by the director on 13 September 2022
 

.........................................
C S Bye
Director

 

Kempshott Car Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of the sale of second hand cars. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Kempshott Car Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Asset class

Depreciation method and rate

Office equipment

25% per annum of net book value

Land and buildings

NIL

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 3).

 

Kempshott Car Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

4

Tangible assets

Land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2020

50,236

5,324

55,560

At 30 September 2021

50,236

5,324

55,560

Depreciation

At 1 October 2020

-

3,900

3,900

Charge for the year

-

356

356

At 30 September 2021

-

4,256

4,256

Carrying amount

At 30 September 2021

50,236

1,068

51,304

At 30 September 2020

50,236

1,424

51,660

Included within the net book value of land and buildings above is £50,236 (2020 - £50,236) in respect of freehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

383,796

426,533

6

Debtors

Current

2021
£

2020
£

Other debtors

87,145

353,900

 

Kempshott Car Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

39,550

93,309

Amounts owed to group undertakings and undertakings in which the company has a participating interest

698,882

595,283

Taxation and social security

167,647

44,817

Other creditors

5,000

5,000

911,079

738,409