Registered number
02084288
Kendal Autobody Limited
Unaudited Filleted Accounts
For the Year Ended
28 February 2023
Kendal Autobody Limited
Registered number: 02084288
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 622,684 629,905
Current assets
Stocks 13,161 18,139
Debtors 4 314,056 304,329
Investments held as current assets 5 47,325 47,325
Cash at bank and in hand 194,878 5,546
569,420 375,339
Creditors: amounts falling due within one year 6 (368,142) (325,776)
Net current assets 201,278 49,563
Total assets less current liabilities 823,962 679,468
Provisions for liabilities (17,389) (18,721)
Net assets 806,573 660,747
Capital and reserves
Called up share capital 4 4
Profit and loss account 806,569 660,743
Shareholders' funds 806,573 660,747
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.
C R Scott
Director
Approved by the board on 27 September 2023
Kendal Autobody Limited
Notes to the Accounts
for the year ended 28 February 2023
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. 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.
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:
Freehold buildings not depreciated
Leasehold land and buildings over the lease term
Plant and machinery 10% reducing balance
Computer Equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 22
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 530,220 485,267 1,015,487
Additions - 3,863 3,863
At 28 February 2023 530,220 489,130 1,019,350
Depreciation
At 1 March 2022 - 385,582 385,582
Charge for the year - 11,084 11,084
At 28 February 2023 - 396,666 396,666
Net book value
At 28 February 2023 530,220 92,464 622,684
At 28 February 2022 530,220 99,685 629,905
4 Debtors 2023 2022
£ £
Trade debtors 237,749 209,812
Other debtors 76,307 94,517
314,056 304,329
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 47,325 47,325
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 90,505
Trade creditors 158,549 120,724
Taxation and social security costs 152,769 90,991
Other creditors 56,824 23,556
368,142 325,776
7 Related party transactions
At 28 February 2023 the company held an investment totalling £47,325 in Acorn Developments (Kendal) Ltd of which Kendal Autobody Ltd and C Scott, Director are shareholders. At 28th February 2023 the company also had a loan due from Acorn Developments (Kendal) Ltd of £67,582 (2022 - £87,760).
8 Other information
Kendal Autobody Limited is a private company limited by shares and incorporated in England. Its registered office is:
Shap Road Industrial Estate
Shap Road
Kendal
Cumbria
LA9 6NZ
Kendal Autobody Limited 02084288 false 2022-03-01 2023-02-28 2023-02-28 VT Final Accounts April 2022 C R Scott No description of principal activity 02084288 2021-03-01 2022-02-28 02084288 core:WithinOneYear 2022-02-28 02084288 core:ShareCapital 2022-02-28 02084288 core:RetainedEarningsAccumulatedLosses 2022-02-28 02084288 2022-03-01 2023-02-28 02084288 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 02084288 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 02084288 bus:Director40 2022-03-01 2023-02-28 02084288 1 2022-03-01 2023-02-28 02084288 2 2022-03-01 2023-02-28 02084288 core:LandBuildings 2022-03-01 2023-02-28 02084288 core:PlantMachinery 2022-03-01 2023-02-28 02084288 countries:England 2022-03-01 2023-02-28 02084288 bus:FRS102 2022-03-01 2023-02-28 02084288 bus:FullAccounts 2022-03-01 2023-02-28 02084288 2023-02-28 02084288 core:WithinOneYear 2023-02-28 02084288 core:ShareCapital 2023-02-28 02084288 core:RetainedEarningsAccumulatedLosses 2023-02-28 02084288 core:LandBuildings 2023-02-28 02084288 core:PlantMachinery 2023-02-28 02084288 2022-02-28 02084288 core:LandBuildings 2022-02-28 02084288 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure