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COMPANY REGISTRATION NUMBER: 10023270
KINGSBRIDGE AUTOS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2023
KINGSBRIDGE AUTOS LTD
FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
KINGSBRIDGE AUTOS LTD
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
8,142
2,475
CURRENT ASSETS
Stocks
1,994,821
1,181,424
Debtors
7
86,101
18,571
Cash at bank and in hand
379,641
163,423
------------
------------
2,460,563
1,363,418
CREDITORS: amounts falling due within one year
8
( 840,935)
( 568,733)
------------
------------
NET CURRENT ASSETS
1,619,628
794,685
------------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,627,770
797,160
CREDITORS: amounts falling due after more than one year
9
( 943,870)
( 244,991)
PROVISIONS
Taxation including deferred tax
( 1,117)
( 470)
------------
---------
NET ASSETS
682,783
551,699
------------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
682,683
551,599
---------
---------
SHAREHOLDERS FUNDS
682,783
551,699
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
KINGSBRIDGE AUTOS LTD
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
E Topp
Director
Company registration number: 10023270
KINGSBRIDGE AUTOS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 St. Petersgate, Stockport, SK1 1EB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Operating leases
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 5 (2022: 3 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
25,055
82,889
Deferred tax:
Origination and reversal of timing differences
646
--------
--------
Tax on profit
25,701
82,889
--------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2022
3,221
1,365
4,586
Additions
7,551
7,551
-------
-------
--------
At 28 February 2023
3,221
8,916
12,137
-------
-------
--------
Depreciation
At 1 March 2022
1,892
219
2,111
Charge for the year
199
1,685
1,884
-------
-------
--------
At 28 February 2023
2,091
1,904
3,995
-------
-------
--------
Carrying amount
At 28 February 2023
1,130
7,012
8,142
-------
-------
--------
At 28 February 2022
1,329
1,146
2,475
-------
-------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
78,430
Other debtors
7,671
18,571
--------
--------
86,101
18,571
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
388,619
441,239
Trade creditors
192,077
Corporation tax
65,682
83,024
Social security and other taxes
88,816
39,220
Amounts due to related companies
4,500
Other creditors
101,241
5,250
---------
---------
840,935
568,733
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
943,870
244,991
---------
---------