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REGISTERED NUMBER: 01022321 (England and Wales)










GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

K J SHORTIS LIMITED

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


K J SHORTIS LIMITED

COMPANY INFORMATION
for the year ended 31 January 2023







DIRECTORS: Mrs V C Shortis
Mr R J Shortis


SECRETARY: Mr S P Allman


REGISTERED OFFICE: Salhouse Road
Norwich
Norfolk
NR7 9AH


REGISTERED NUMBER: 01022321 (England and Wales)


SENIOR STATUTORY AUDITOR: I A Barlow


AUDITORS: Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS


BANKERS: Lloyds Bank Plc
16 Gentleman's Walk
Norwich
Norfolk
NR2 1LZ


SOLICITORS: Howes Percival
Flint Buildings
1 Bedding Lane
Norwich
Norfolk
NR3 1RG

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

GROUP STRATEGIC REPORT
for the year ended 31 January 2023

The directors present their strategic report of the company and the group for the year ended 31 January 2023.

CHAIRMAN'S REPORT
The principal activity of the Group during the year was the retail trade of motor vehicle parts and accessories.

FAIR REVIEW OF THE BUSINESS INCLUDING PRINCIPAL RISKS AND UNCERTAINTIES

Margins and prices have continued to be squeezed, due to the record high shipping container costs which continued in the early part of our financial year, before falling to pre-covid prices in 2023. We also saw massive price rises from our supplier's passion for their cost increases. The Russian invasion of Ukraine in February 2022 brought additional price increases on petrol, diesel, gas and electricity. Fuel price have fallen from its record high, but electricity remains high.

The sales for the latter half of the year picked up strongly. This is largely due to the shortage of new cars and the cost-of-living crisis meaning that people are keeping their cars for longer. The average car age is therefore increasing, which is in turn increasing the size of our main marketplace. It should also be remembered that some of this increase in sales is inflationary.

Business risks:
The UK market in the past year has become attractive to foreign investors coming and buying up established UK companies, due to the downturn in the UK economic conditions. This has presented the group's companies with their opportunities to purchase additional businesses. When the right opportunities arise, the group is able to take advantage of these opportunities, due to its strong financial position. The Company and the Group is able to afford and hold stocks when suitable deals become available via our good supplier and customer relationships.

Competition:
With the foreign investment in the UK market, this can lead to some customers looking to switch suppliers. We have always prided ourselves on being family owned and family run. This allows us to differentiate ourselves from the competition, which we feel our customers value. The Company and the Group manages this by continually assessing, reviewing and developing suitable systems and practises to ensure quality of service to maintain good customer relationships and competitive pricing.

Regulatory compliance risk:
The Company and the Group is subject to various laws and regulations set by local authorities and the Health and Safety Executive. The directors ensure that they are up to date and comply with all relevant areas of legislation to mitigate the risk of fines or other disciplinary actions.

Financial risk management:
The directors continually monitor the performance of the Company and the Group, trade debtors, stock levels and stock movements to minimise the financial risk of the business. In addition the Company and the Group ensures adequate financing facilities are in place to meet the requirements of the business, along with the strong financed strength of the group companies.


K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

GROUP STRATEGIC REPORT
for the year ended 31 January 2023


Financial key performance indicators:

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the Company and the Group as a whole, these being turnover, operating profit, profit after tax and shareholders' funds.

31 January 2023 31 January 2022
£'000 £'000

Turnover 47,248 43,261
Operating profit 2,600 3,564
Profit after tax 2,175 2,860
Shareholders' funds 46,130 44,893

Turnover has increased by £3,986,815.

Operating profit has decreased by £963,434.

Profit after tax has decreased by £685,317.

Shareholders’ funds have increased by £1,237,196.

The directors are very pleased with the results of the past year; however, the current year is very testing. Inflationary costs are increasing the cost of wages, with fuel and heating being highest. As with most industries, being able to recruit staff has been the biggest problem. We are fortunate that we have loyal key staff to drive the group forward, to assist the group in continuing to reinvest and expand the business.

ON BEHALF OF THE BOARD:





Mr R J Shortis - Director


19 October 2023

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

REPORT OF THE DIRECTORS
for the year ended 31 January 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2023.

DIVIDENDS
An interim dividend of £0.30 per share was paid in the year. A final dividend of £3.00 per share was
declared and noted as a post balance sheet event.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 February 2022 to the date of this report.

Mrs V C Shortis
Mr R J Shortis

EMPLOYEES
Provision of information
During the year the Group has continued its policy of managers holding regular briefing and dissemination meetings, to provide information and the opportunity for questions and discussions.

Equal opportunities
The Group is committed to providing equal opportunities to all employees irrespective of sex, marital status, creed, colour, race, ethnic origin or disability. The Group will continue to review and monitor this policy in order to ensure its application complies with relevant legislation and codes of practice.

Future Developments
Narrative for future developments is included within the strategic report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The directors have regarded the need to foster the Company's business relationships with suppliers, customers and others. We have built and maintained long standing business relationships with our suppliers and customers. We continue to consider the needs of our suppliers, customers and others with regards to the principle business decisions made throughout the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

REPORT OF THE DIRECTORS
for the year ended 31 January 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sexty & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr R J Shortis - Director


19 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
K J SHORTIS LIMITED

Opinion
We have audited the financial statements of K J Shortis Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
K J SHORTIS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We have made enquiries with management regarding their procedures for complying with laws and regulations along with detecting and preventing fraud. We also review minutes of meetings and any published news articles to identify any instances of non-compliance with laws and regulations.

- Evidence has been obtained where applicable. Written representation has been obtained to confirm there have been no breaches of laws and regulations.

- The audit procedures are designed so that with reasonable assurance, material misstatements can be detected, including those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material.

- We consider our approach to be reasonable for this entity.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
K J SHORTIS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




I A Barlow (Senior Statutory Auditor)
for and on behalf of Sexty & Co
Chartered Certified Accountants
& Statutory Auditor
124 Thorpe Road
Norwich
Norfolk
NR1 1RS

19 October 2023

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the year ended 31 January 2023

2023 2022
Notes £'000 £'000

TURNOVER 47,248 43,262

Cost of sales 23,814 21,351
GROSS PROFIT 23,434 21,911

Administrative expenses 20,839 18,396
2,595 3,515

Other operating income 4 48
OPERATING PROFIT 5 2,599 3,563

Interest receivable and similar income 257 51
PROFIT BEFORE TAXATION 2,856 3,614

Tax on profit 7 682 754
PROFIT FOR THE FINANCIAL YEAR 2,174 2,860

OTHER COMPREHENSIVE INCOME
Movement on revalued properties - (57 )
Income tax relating to other
comprehensive income

-

2
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(55

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,174

2,805

Profit attributable to:
Owners of the parent 2,174 2,860

Total comprehensive income attributable to:
Owners of the parent 2,174 2,805

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

CONSOLIDATED BALANCE SHEET
31 January 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 10 1,768 843
Tangible assets 11 18,895 18,285
Investments 12 - -
20,663 19,128

CURRENT ASSETS
Stocks 13 8,285 7,857
Debtors 14 2,737 2,322
Cash at bank and in hand 21,350 22,260
32,372 32,439
CREDITORS
Amounts falling due within one year 15 6,587 6,536
NET CURRENT ASSETS 25,785 25,903
TOTAL ASSETS LESS CURRENT
LIABILITIES

46,448

45,031

PROVISIONS FOR LIABILITIES 17 319 138
NET ASSETS 46,129 44,893

CAPITAL AND RESERVES
Called up share capital 18 247 247
Revaluation reserve 19 385 385
Retained earnings 19 45,497 44,261
SHAREHOLDERS' FUNDS 46,129 44,893

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





Mr R J Shortis - Director


K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

COMPANY BALANCE SHEET
31 January 2023

2023 2022
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 16,368 16,040
Investments 12 257 257
16,625 16,297

CURRENT ASSETS
Debtors 14 208 45
Cash at bank 20,440 21,333
20,648 21,378
CREDITORS
Amounts falling due within one year 15 9,736 10,418
NET CURRENT ASSETS 10,912 10,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,537

27,257

PROVISIONS FOR LIABILITIES 17 89 67
NET ASSETS 27,448 27,190

CAPITAL AND RESERVES
Called up share capital 18 247 247
Revaluation reserve 19 241 241
Retained earnings 19 26,960 26,702
SHAREHOLDERS' FUNDS 27,448 27,190

Company's profit for the financial year 1,196 1,202

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by:





Mr R J Shortis - Director


K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£'000 £'000 £'000 £'000

Balance at 1 February 2021 247 41,536 1,243 43,026

Changes in equity
Dividends - (938 ) - (938 )
Total comprehensive income - 3,663 (858 ) 2,805
Balance at 31 January 2022 247 44,261 385 44,893

Changes in equity
Dividends - (938 ) - (938 )
Total comprehensive income - 2,174 - 2,174
Balance at 31 January 2023 247 45,497 385 46,129

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 January 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£'000 £'000 £'000 £'000

Balance at 1 February 2021 247 25,766 1,112 27,125

Changes in equity
Dividends - (938 ) - (938 )
Total comprehensive income - 1,874 (871 ) 1,003
Balance at 31 January 2022 247 26,702 241 27,190

Changes in equity
Dividends - (938 ) - (938 )
Total comprehensive income - 1,196 - 1,196
Balance at 31 January 2023 247 26,960 241 27,448

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 January 2023

2023 2022
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 2,703 3,376
Tax paid (678 ) (655 )
Net cash from operating activities 2,025 2,721

Cash flows from investing activities
Purchase of intangible fixed assets (1,084 ) (450 )
Purchase of tangible fixed assets (1,386 ) (1,475 )
Sale of tangible fixed assets 216 462
Sale of investment property - 458
Interest received 257 51
Net cash from investing activities (1,997 ) (954 )

Cash flows from financing activities
Equity dividends paid (938 ) (938 )
Net cash from financing activities (938 ) (938 )

(Decrease)/increase in cash and cash equivalents (910 ) 829
Cash and cash equivalents at
beginning of year

2

22,260

21,431

Cash and cash equivalents at end of
year

2

21,350

22,260

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£'000 £'000
Profit before taxation 2,856 3,614
Depreciation charges 794 741
Profit on disposal of fixed assets (94 ) (536 )
Finance income (257 ) (51 )
3,299 3,768
Increase in stocks (428 ) (750 )
Increase in trade and other debtors (415 ) (558 )
Increase in trade and other creditors 247 916
Cash generated from operations 2,703 3,376

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£'000 £'000
Cash and cash equivalents 21,350 22,260
Year ended 31 January 2022
31.1.22 1.2.21
£'000 £'000
Cash and cash equivalents 22,260 21,431


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.22 Cash flow At 31.1.23
£'000 £'000 £'000
Net cash
Cash at bank and in hand 22,260 (910 ) 21,350
22,260 (910 ) 21,350
Total 22,260 (910 ) 21,350

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 January 2023

1. STATUTORY INFORMATION

K J Shortis Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) rounded to nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The group financial statements consolidate the financial statements of the company and all subsidiaries for the financial period using acquisition accounting.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill
Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised through the profit and loss account in equal instalments over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold buildings 2% straight line basis
Leasehold propertyOver the term of the lease
Fixtures, fittings, office equipment, plant and machinery10-50% straight line basis
Motor vehicles25% straight line basis

Stocks
Stocks are stated at the lower of cost and net realisable value using the average cost method, after making due allowances for obsolete and slow moving items.

Cost comprises the average cost of all purchases.

To reflect market conditions and in accordance with good accounting practice all rebates have been taken into account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The parent company operates a money purchase scheme for directors. The assets of the scheme are invested and managed independently of the finances of the group. Contributions payable for the year are charged in the profit and loss account.

The group operates a money purchase pension scheme for other employees. Contributions payable for the year are charged in the profit and loss account.

Leasing commitments
The annual rentals due on operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

4. EMPLOYEES AND DIRECTORS
2023 2022
£'000 £'000
Wages and salaries 13,649 12,433
Social security costs 1,203 1,045
Other pension costs 378 358
15,230 13,836

The average number of employees during the year was as follows:
2023 2022

Sales and administration - Group 598 559
Sales and administration - Parent 3 3
601 562

2023 2022
£    £   
Directors' remuneration 154,771 144,975

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£'000 £'000
Depreciation - owned assets 654 639
Profit on disposal of fixed assets (94 ) (536 )
Goodwill amortisation 159 139
Rents received 345 293
Operating leases - land and buildings (434 ) (384 )

6. AUDITORS' REMUNERATION
2023 2022
£'000 £'000
Fees payable to the company's auditors and their associates for the
audit of the company's financial statements

57

49

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£'000 £'000
Current tax:
UK corporation tax 548 744
Under/(over) provision in prior year (35 ) 7
Total current tax 513 751

Deferred tax 169 3
Tax on profit 682 754

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£'000 £'000
Profit before tax 2,856 3,614
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

543

687

Effects of:
Depreciation in excess of capital allowances 10 62
Adjustments to tax charge in respect of previous periods (21 ) 7
Profit on disposal of assets (24 ) (102 )
Rounding provision 4 2


Deferred tax 169 3
Depreciation write back on reclassification - (7 )
Gain on disposal of properties - 102
Total tax charge 681 754

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 January 2023.

2022
Gross Tax Net
£'000 £'000 £'000
Movement on revalued properties (57 ) 2 (55 )

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£'000 £'000
Ordinary shares of £1 each
Final 864 864
Interim 74 74
938 938

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£'000
COST
At 1 February 2022 2,774
Additions 1,084
At 31 January 2023 3,858
AMORTISATION
At 1 February 2022 1,931
Amortisation for year 159
At 31 January 2023 2,090
NET BOOK VALUE
At 31 January 2023 1,768
At 31 January 2022 843

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Long
property leasehold leasehold
£'000 £'000 £'000
COST OR VALUATION
At 1 February 2022 17,322 216 67
Additions 183 - -
Disposals - (51 ) -
At 31 January 2023 17,505 165 67
DEPRECIATION
At 1 February 2022 2,298 210 13
Charge for year 190 - 1
Eliminated on disposal - (51 ) -
At 31 January 2023 2,488 159 14
NET BOOK VALUE
At 31 January 2023 15,017 6 53
At 31 January 2022 15,024 6 54

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures,fittings,
plant
Investment and Motor
properties machinery vehicles Totals
£'000 £'000 £'000 £'000
COST OR VALUATION
At 1 February 2022 2,161 2,389 1,607 23,762
Additions 331 304 568 1,386
Disposals - (372 ) (313 ) (736 )
At 31 January 2023 2,492 2,321 1,862 24,412
DEPRECIATION
At 1 February 2022 3 2,041 912 5,477
Charge for year - 132 331 654
Eliminated on disposal - (357 ) (206 ) (614 )
At 31 January 2023 3 1,816 1,037 5,517
NET BOOK VALUE
At 31 January 2023 2,489 505 825 18,895
At 31 January 2022 2,158 348 695 18,285

Included in freehold property is freehold land valued at £9,469,135 (2022 - £9,203,485) which is not depreciated.

Cost or valuation at 31 January 2023 is represented by:

Freehold Short Long
property leasehold leasehold
£'000 £'000 £'000
Valuation in 1996 90 - -
Valuation in 1997 282 - -


Cost 17,134 165 67
17,506 165 67

Fixtures,fittings,
plant
Investment and Motor
properties machinery vehicles Totals
£'000 £'000 £'000 £'000
Valuation in 1996 80 - - 170
Valuation in 1997 24 - - 306
Valuation in 2020 636 - - 636
Valuation in 2022 158 - - 158
Cost 1,594 2,321 1,862 23,143
2,492 2,321 1,862 24,413

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

11. TANGIBLE FIXED ASSETS - continued

Group

The freehold properties were revalued by the directors on the 31 January 1997. The cost of these properties amounts to £16,949,741 (2022 - £16,949,741).

The investment property valuations were reviewed by the directors on the 31 January 2023. No changes arose in the year. The cost of these properties amounts to £1,722,152 (2022 - £1,390,852).

Company
Freehold Long Investment
property leasehold properties
£'000 £'000 £'000
COST OR VALUATION
At 1 February 2022 16,112 67 1,894
Additions - - 331
Disposals - - -
Transfer to ownership 184 - -
At 31 January 2023 16,296 67 2,225
DEPRECIATION
At 1 February 2022 2,050 13 -
Charge for year 176 1 -
Eliminated on disposal - - -
At 31 January 2023 2,226 14 -
NET BOOK VALUE
At 31 January 2023 14,070 53 2,225
At 31 January 2022 14,062 54 1,894

Fixtures,fittings,
plant
Office and Motor
equipment machinery vehicles Totals
£'000 £'000 £'000 £'000
COST OR VALUATION
At 1 February 2022 3 6 40 18,122
Additions - - - 331
Disposals (3 ) (5 ) - (8 )
Transfer to ownership - - - 184
At 31 January 2023 - 1 40 18,629
DEPRECIATION
At 1 February 2022 3 6 10 2,082
Charge for year - 1 10 188
Eliminated on disposal (3 ) (6 ) - (9 )
At 31 January 2023 - 1 20 2,261
NET BOOK VALUE
At 31 January 2023 - - 20 16,368
At 31 January 2022 - - 30 16,040

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

11. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 31 January 2023 is represented by:

Freehold Long Investment
property leasehold properties
£'000 £'000 £'000
Valuation in 1996 27 - 80
Valuation in 1997 214 - 24
Valuation in 2020 - - 636
Cost 16,055 67 1,485
16,296 67 2,225

Fixtures,fittings,
plant
and Motor
machinery vehicles Totals
£'000 £'000 £'000
Valuation in 1996 - - 107
Valuation in 1997 - - 238
Valuation in 2020 - - 636
Cost 1 40 17,648
1 40 18,629

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£'000
COST
At 1 February 2022
and 31 January 2023 257
NET BOOK VALUE
At 31 January 2023 257
At 31 January 2022 257

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

12. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Fastfit Exhausts Limited
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Supply and fitting of exhausts and tyres
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 2,047 1,957
Profit for the year 90 97

Wilco Motor Spares Limited
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Retailer of car spares and accessories
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 2,890 3,149
Loss for the year (259 ) (12 )

E U Limited
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Wholesaler of motor vehicle components
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 7,318 6,520
Profit for the year 798 714

Linco plc (Subsidiary of E U Limited)
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Wholesaler of motor vehicle components
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 3,506 3,182
Profit for the year 324 457

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

12. FIXED ASSET INVESTMENTS - continued

Motosave Limited (Subsidiary of Wilco Motor Spares Limited)
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Retailer of car spares and accessories
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 4,815 4,796
Profit for the year 20 482

Lourimar Limited (Subsidiary of Wilco Motor Spares Limited)
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Retailer of car spares and accessories
%
Class of shares: holding
Ordinary 100.00
2023 2022
£'000 £'000
Aggregate capital and reserves 793 770
Profit for the year 23 64

PPK Factors Limited (Subsidiary of EU Limited)
Registered office: Salhouse Road, Norwich, Norfolk, NR7 9AH
Nature of business: Retail trade of motor vehicle parts
%
Class of shares: holding
Ordinary 100.00
2023 31.12.21
£'000 £'000
Aggregate capital and reserves 344 331
Profit for the period/year 28 179

The entire share capital of PPK Factors Limited was acquired in April 2022 for £1,437,303. At the
acquisition date, £360,290 was recognised as a fixed asset investment and £1,084,207 as goodwill.

The excess of the purchase price of investments over the net assets acquired is amortised over its
estimated useful life.


13. STOCKS

Group
2023 2022
£'000 £'000
Finished goods 8,285 7,857

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Trade debtors 2,145 1,819 72 45
Other debtors 40 123 - -
Prepayments 552 380 136 -
2,737 2,322 208 45

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Trade creditors 3,851 3,828 - 2
Corporation tax 218 383 144 190
Social security and other taxes 1,330 1,172 47 36
Other creditors 629 664 40 48
Amounts owed to group
companies - - 9,332 9,974
Accrued expenses 559 489 173 168
6,587 6,536 9,736 10,418

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£'000 £'000
Within one year 52 29
Between one and five years 22 93
In more than five years 281 210
355 332

Company
Non-cancellable operating leases
2023 2022
£'000 £'000
Within one year - 29
In more than five years 40 12
40 41

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Deferred tax
Accelerated capital allowances 319 138 89 67

Group
Deferred
tax
£'000
Balance at 1 February 2022 138
Movement during the year 182
Balance at 31 January 2023 320

Company
Deferred
tax
£'000
Balance at 1 February 2022 67
Movement during the year 21
Balance at 31 January 2023 88

The deferred tax relates to accelerated capital allowances.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £'000 £'000
246,770 Ordinary £1 247 247

19. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£'000 £'000 £'000

At 1 February 2022 44,261 385 44,646
Profit for the year 2,174 - 2,174
Dividends (938 ) - (938 )
At 31 January 2023 45,497 385 45,882

K J SHORTIS LIMITED (REGISTERED NUMBER: 01022321)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 January 2023

19. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£'000 £'000 £'000

At 1 February 2022 26,702 241 26,943
Profit for the year 1,196 - 1,196
Dividends (938 ) - (938 )
At 31 January 2023 26,960 241 27,201

Included within retained earnings is £794,658 of non distributable reserves.

20. PENSION COMMITMENTS

The parent company operates a money purchase pension scheme for the directors. The group operates a money purchase pension scheme for other employees.

The pension cost charge amounted to £378,270 (2022 - £358,285).

21. RELATED PARTY DISCLOSURES

Property owned by Taylor Patterson SIPP, of which Mr R J Shortis & Mr C J Shortis are both trustees and beneficiaries, was utilised by group companies. Annual rent payable, on a commercial basis, is £69,000 (2022 - £69,000).


Inter group balances at the end of the year totalled £9,363,086 with the movements detailed below:







Motosave
Limited

Fastfit
Exhausts
Limited
Wilco
Motor
Spares
Ltd


EU
Limited



Linco Plc


Lourimar
Limited



Total
£ £ £ £ £ £ £
B/fwd (4,935k) (1,790k) 1,337k (2,792k) (1,794k) (31k) (10,005k)
VAT owed - - (128k) - - - (128k)
Mgt charge 50k 75k 50k 75k 75k - 325k
Group bank
movement

32k

(168k)

257k

890k

(333k)

-

678k
Property
transfer

-

-

-

(167k)

-

-

(167k)
Group loss
relief

(24k)

-

(35k)

-

-

-

(59k)
Misc. (4k) - (3k) - - - (7k)
C/fwd (4,881k) (1,883k) 1,478k (1,994k) (2,052k) (31k) (9,363k)

22. POST BALANCE SHEET EVENTS

A final dividend of £3.00 per share was proposed after the year end (2022 - £3.50).

23. ULTIMATE CONTROLLING PARTY

The group is under the control of the Shortis family who own 100% of the issued share capital.