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KAR Engineering Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 12526843

 

KAR Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

KAR Engineering Limited

Company Information

Directors

Mr K Reynish

Mrs F Reynish

Registered office

The Keep
Salty Lane
Shaldon
Teignmouth
TQ14 0AP

Accountants

Francis Clark LLP
Chartered Accountants
Sigma House
Oak View Close
Edginswell Lane
Torquay
TQ2 7FF

 

KAR Engineering Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

69,296

Tangible assets

5

-

5,916

 

-

75,212

Current assets

 

Stocks

6

21,604

26,917

Debtors

7

34,699

18,105

Cash at bank and in hand

 

24,176

2,609

 

80,479

47,631

Creditors: Amounts falling due within one year

8

(44,950)

(107,334)

Net current assets/(liabilities)

 

35,529

(59,703)

Net assets

 

35,529

15,509

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

35,429

15,409

Shareholders' funds

 

35,529

15,509

 

KAR Engineering Limited

Balance Sheet

31 March 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mr K Reynish
Director

.........................................
Mrs F Reynish
Director

Company Registration Number: 12526843

 

KAR Engineering Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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:
The Keep
Salty Lane
Shaldon
Teignmouth
TQ14 0AP

These financial statements were authorised for issue by the Board on 23 October 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

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 for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Tax

The current corporation 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.

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:

 

KAR Engineering Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% straight line

Office Equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

KAR Engineering Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 April 2022

83,996

Disposals

(83,996)

At 31 March 2023

-

Amortisation

At 1 April 2022

14,700

Amortisation eliminated on disposals

(14,700)

At 31 March 2023

-

Carrying amount

At 31 March 2023

-

At 31 March 2022

69,296

5

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 April 2022

7,153

Disposals

(7,153)

At 31 March 2023

-

Depreciation

At 1 April 2022

1,237

Eliminated on disposal

(1,237)

At 31 March 2023

-

Carrying amount

At 31 March 2023

-

At 31 March 2022

5,916

 

KAR Engineering Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

21,604

26,917

7

Debtors

2023
£

2022
£

Trade debtors

14,451

16,028

Prepayments

248

2,077

Other debtors

20,000

-

34,699

18,105

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Corporation tax

6,904

115

Taxation and social security

1,072

165

Other creditors

35,099

105,229

Accruals and deferred income

1,875

1,825

44,950

107,334

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100