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REGISTERED NUMBER: 03506972 (England and Wales)















NKG Automotive Services Limited

Unaudited Financial Statements

for the Year Ended 30 April 2023






NKG Automotive Services Limited (Registered number: 03506972)






Contents of the Financial Statements
for the year ended 30 April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NKG Automotive Services Limited

Company Information
for the year ended 30 April 2023







DIRECTOR: NK Garlick





SECRETARY: Mrs JA Garlick





REGISTERED OFFICE: Ribblesdale Garage
Liverpool Road
Much Hoole
Preston
Lancashire
PR4 5JX





REGISTERED NUMBER: 03506972 (England and Wales)





ACCOUNTANTS: McMillan & Co LLP
Chartered Accountants
28 Eaton Avenue
Matrix Office Park
Buckshaw Village
Chorley
Lancashire
PR7 7NA

NKG Automotive Services Limited (Registered number: 03506972)

Balance Sheet
30 April 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 426,578 426,841

CURRENT ASSETS
Stocks 89,469 60,234
Debtors 5 21,941 25,999
Cash in hand 150 150
111,560 86,383
CREDITORS
Amounts falling due within one year 6 284,398 236,072
NET CURRENT LIABILITIES (172,838 ) (149,689 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

253,740

277,152

CREDITORS
Amounts falling due after more than one
year

7

(122,570

)

(132,296

)

PROVISIONS FOR LIABILITIES (152 ) (202 )
NET ASSETS 131,018 144,654

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 130,918 144,554
SHAREHOLDERS' FUNDS 131,018 144,654

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

NKG Automotive Services Limited (Registered number: 03506972)

Balance Sheet - continued
30 April 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 9 November 2023 and were signed by:





NK Garlick - Director


NKG Automotive Services Limited (Registered number: 03506972)

Notes to the Financial Statements
for the year ended 30 April 2023

1. STATUTORY INFORMATION

NKG Automotive Services 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 (£) and the amounts in the financial statements have been rounded to the nearest £1.

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.
Freehold property - not provided
Plant and machinery - 25% on reducing balance

Freehold land is not depreciated. No depreciation is provided on the company's freehold buildings as the directors consider that the lives of these assets are so long and residual values, based on prices prevailing at the time of acquisition, are sufficiently high that any depreciation would be immaterial. Provision is made in the profit and loss account in the event of any permanent diminution in the value of the properties.

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, short-term loans and funding, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest.

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.


NKG Automotive Services Limited (Registered number: 03506972)

Notes to the Financial Statements - continued
for the year ended 30 April 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.

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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£ £ £
COST
At 1 May 2022
and 30 April 2023 425,779 20,940 446,719
DEPRECIATION
At 1 May 2022 - 19,878 19,878
Charge for year - 263 263
At 30 April 2023 - 20,141 20,141
NET BOOK VALUE
At 30 April 2023 425,779 799 426,578
At 30 April 2022 425,779 1,062 426,841

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 16,399 21,542
Prepayments and accrued income 5,542 4,457
21,941 25,999

NKG Automotive Services Limited (Registered number: 03506972)

Notes to the Financial Statements - continued
for the year ended 30 April 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 179,936 196,238
Trade creditors 52,202 9,104
Taxation and social security 14,813 16,340
Other creditors 37,447 14,390
284,398 236,072

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 22,570 32,296
Other creditors 100,000 100,000
122,570 132,296

Included within other creditors are directors loans totalling £100,000 (2022: £100,000). The director has agreed with the company's bankers to subordinate this amount until such time as the bank borrowings have been repaid. No interest is paid on the directors loans.

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank overdrafts 170,936 187,238
Bank loans 31,570 41,296
202,506 228,534

The bank overdraft is secured on the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
40 Ordinary A £1 40 40
40 Ordinary B £1 40 40
10 Ordinary C £1 10 10
10 Ordinary D £1 10 10
100 100

10. RELATED PARTY DISCLOSURES

In the directors opinion the company is controlled by the director of the company, Mr NK Garlick and his immediate family by virtue of their shareholding in the company.