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REGISTERED NUMBER: 06135179 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2023

for

K&M Autocentre Limited

K&M Autocentre Limited (Registered number: 06135179)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


K&M Autocentre Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: G K Dykes





REGISTERED OFFICE: 17-19 Main Street
Bulwell
Nottingham
NG6 8QH





REGISTERED NUMBER: 06135179 (England and Wales)





ACCOUNTANTS: D. K. Rumsby & Co Limited
3 Colwick Quays
Colwick
Nottingham
Nottinghamshire
NG4 2JY

K&M Autocentre Limited (Registered number: 06135179)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 108,000 108,000
Tangible assets 5 103,453 62,047
211,453 170,047

CURRENT ASSETS
Stocks 12,000 11,000
Debtors 6 11,234 14,715
Cash at bank and in hand 41,000 62,384
64,234 88,099
CREDITORS
Amounts falling due within one year 7 (86,663 ) (78,987 )
NET CURRENT (LIABILITIES)/ASSETS (22,429 ) 9,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,024

179,159

CREDITORS
Amounts falling due after more than one
year

8

(25,332

)

(30,865

)

PROVISIONS FOR LIABILITIES (8,860 ) (2,028 )
NET ASSETS 154,832 146,266

CAPITAL AND RESERVES
Called up share capital 10 1 1
Revaluation reserve 11 108,000 108,000
Retained earnings 46,831 38,265
SHAREHOLDERS' FUNDS 154,832 146,266

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

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

The director acknowledges his 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.

K&M Autocentre Limited (Registered number: 06135179)

Balance Sheet - continued
31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 May 2023 and were signed by:





G K Dykes - Director


K&M Autocentre Limited (Registered number: 06135179)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

K&M Autocentre 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the net invoiced value of goods and services provided, excluding value added tax.

Goodwill
Goodwill comprises of an amount paid in connection with the incorporation of a business in 2007 which had been amortised evenly over its estimated useful life of 10 years. However, the director now considers the goodwill to be in excess of the amount paid and it has subsequently been revalued as at 31 March 2019 to an amount deemed appropriate by the director. This value will be assessed by the director on an annual basis and any change in net book value will be adjusted accordingly.

This policy represents a departure from statutory accounting principles, which require amortisation to be provided on all intangible assets. By making the departure, the director considers the financial statements give a true and fair view.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are 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 Statement of Income and Retained Earnings, 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&M Autocentre Limited (Registered number: 06135179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST OR VALUATION
At 1 April 2022
and 31 March 2023 108,000
NET BOOK VALUE
At 31 March 2023 108,000
At 31 March 2022 108,000

Cost or valuation at 31 March 2023 is represented by:

Goodwill
£   
Valuation in 2019 45,000
Cost 63,000
108,000

K&M Autocentre Limited (Registered number: 06135179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 179,227
Additions 63,529
Disposals (1,700 )
At 31 March 2023 241,056
DEPRECIATION
At 1 April 2022 117,180
Charge for year 21,426
Eliminated on disposal (1,003 )
At 31 March 2023 137,603
NET BOOK VALUE
At 31 March 2023 103,453
At 31 March 2022 62,047

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 34,464
DEPRECIATION
At 1 April 2022 5,026
Charge for year 7,359
At 31 March 2023 12,385
NET BOOK VALUE
At 31 March 2023 22,079
At 31 March 2022 29,438

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 11,234 14,715

K&M Autocentre Limited (Registered number: 06135179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 5,533 5,533
Trade creditors 52,185 32,211
Taxation and social security 10,875 24,895
Other creditors 18,070 16,348
86,663 78,987

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 25,332 30,865

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 30,865 36,398

Obligations under hire purchase contracts are secured on the assets concerned.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
1 Ordinary A £1 1 1

11. RESERVES
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 108,000

K&M Autocentre Limited (Registered number: 06135179)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
G K Dykes
Balance outstanding at start of year 9,923 -
Amounts advanced 8,513 9,923
Amounts repaid (9,923 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,513 9,923

The loan is unsecured, interest free and repayable on demand.