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COMPANY REGISTRATION NUMBER: 04694872
K.E.M.S Autos Limited
Filleted Unaudited Financial Statements
31 March 2023
K.E.M.S Autos Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
K.E.M.S Autos Limited
Officers and Professional Advisers
The board of directors Mr K M Davies
- Director
Ms A M Smith
- Director
Registered office
Dale Road North
Darley Dale
Matlock
Derbyshire
DE4 2HX
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton-in-Ashfield
Nottinghamshire
NG17 4EA
K.E.M.S Autos Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
38,758
51,364
Current assets
Stocks
18,579
13,800
Debtors
7
22,491
27,086
Cash at bank and in hand
19,537
12,992
--------
--------
60,607
53,878
Creditors: amounts falling due within one year
8
64,597
78,689
--------
--------
Net current liabilities
3,990
24,811
--------
--------
Total assets less current liabilities
34,768
26,553
Creditors: amounts falling due after more than one year
9
20,853
31,875
Provisions
6,367
8,698
--------
--------
Net assets/(liabilities)
7,548
( 14,020)
--------
--------
Capital and reserves
Called up share capital
110
110
Profit and loss account
7,438
( 14,130)
-------
--------
Shareholders funds/(deficit)
7,548
( 14,020)
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K.E.M.S Autos Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 August 2023 , and are signed on behalf of the board by:
Mr K M Davies
Director
Company registration number: 04694872
K.E.M.S Autos Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dale Road North, Darley Dale, Matlock, Derbyshire, DE4 2HX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Property improvements
-
10% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
--------
Amortisation
At 1 April 2022 and 31 March 2023
30,000
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Property improvements
Total
£
£
£
£
£
Cost
At 1 April 2022
19,054
10,383
114,078
23,490
167,005
Disposals
( 9,500)
( 9,500)
--------
--------
---------
--------
---------
At 31 March 2023
19,054
10,383
104,578
23,490
157,505
--------
--------
---------
--------
---------
Depreciation
At 1 April 2022
13,529
7,720
71,795
22,597
115,641
Charge for the year
829
665
10,496
316
12,306
Disposals
( 9,200)
( 9,200)
--------
--------
---------
--------
---------
At 31 March 2023
14,358
8,385
73,091
22,913
118,747
--------
--------
---------
--------
---------
Carrying amount
At 31 March 2023
4,696
1,998
31,487
577
38,758
--------
--------
---------
--------
---------
At 31 March 2022
5,525
2,663
42,283
893
51,364
--------
--------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
3,252
8,376
Other debtors
19,239
18,710
--------
--------
22,491
27,086
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,218
9,074
Trade creditors
11,413
15,084
Corporation tax
5,822
Social security and other taxes
8,458
6,167
Other creditors
28,686
48,364
--------
--------
64,597
78,689
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,853
31,310
Other creditors
565
--------
--------
20,853
31,875
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr K M Davies
( 25,743)
( 42,531)
--------
--------