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REGISTERED NUMBER: 06239542 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

KCP CAR & COMMERCIAL LTD

KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KCP CAR & COMMERCIAL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr C Whiting
Mr P Whiting
Mrs P I Whiting
Mr K Whiting





SECRETARY: Mrs P I Whiting





REGISTERED OFFICE: Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY





REGISTERED NUMBER: 06239542 (England and Wales)





ACCOUNTANTS: Twinn Accountants Limited
Suite 4, East Barton Barns
East Barton Road
Great Barton
Bury St. Edmunds
Suffolk
IP31 2QY

KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 84,742 53,858

CURRENT ASSETS
Stock 5 193,861 202,787
Debtors 6 257,047 256,132
Cash at bank and in hand 330,843 346,776
781,751 805,695
CREDITORS
Amounts falling due within one year 7 233,091 242,119
NET CURRENT ASSETS 548,660 563,576
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,402

617,434

PROVISIONS FOR LIABILITIES 19,204 8,648
NET ASSETS 614,198 608,786

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 614,098 608,686
SHAREHOLDERS' FUNDS 614,198 608,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:




Mrs P I Whiting - Director



Mr K Whiting - Director


KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

KCP Car & Commercial Ltd 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on reducing balance
Equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of the capital and interest elements. The interest is charged to the profit and loss so as to produce a constant periodic rate of interest of the remaining balance of the liability.

Rentals payable under the operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Motor
property Equipment vehicles Totals
£    £    £    £   
COST
At 1 June 2022 22,910 55,004 60,408 138,322
Additions - 1,742 50,688 52,430
Disposals - (2,264 ) (24,312 ) (26,576 )
At 31 May 2023 22,910 54,482 86,784 164,176
DEPRECIATION
At 1 June 2022 7,135 44,733 32,596 84,464
Charge for year 788 2,556 10,025 13,369
Eliminated on disposal - (1,779 ) (16,620 ) (18,399 )
At 31 May 2023 7,923 45,510 26,001 79,434
NET BOOK VALUE
At 31 May 2023 14,987 8,972 60,783 84,742
At 31 May 2022 15,775 10,271 27,812 53,858

5. STOCK
2023 2022
£    £   
Stock 193,861 202,787

KCP CAR & COMMERCIAL LTD (REGISTERED NUMBER: 06239542)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 240,866 242,637
Directors' current accounts 386 -
Prepayments 15,795 13,495
257,047 256,132

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 134,322 149,910
Social security & other taxes 26,703 26,836
Corporation tax 68,283 61,227
Directors' current accounts 3 601
Accrued expenses 3,780 3,545
233,091 242,119

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 24,000 -
Between one and five years 63,000 -
87,000 -