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REGISTERED NUMBER: 09636640 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023

FOR

ADVANCED KFS SPECIAL VEHICLES LIMITED

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADVANCED KFS SPECIAL VEHICLES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023







DIRECTORS: Mr I J Knight
Mrs L E Knight
Mr A R Hawkyard





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Hampshire
SO50 9PD





BUSINESS ADDRESS: Unit S Hunting Gate
Portway Industrial Estate
Andover
Hampshire
SP10 3SJ





REGISTERED NUMBER: 09636640 (England and Wales)






ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

BALANCE SHEET
30 JUNE 2023

2023 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 264,074 422,516
Tangible assets 6 255,368 311,620
Investments 7 1,403 1,403
520,845 735,539

CURRENT ASSETS
Stocks 589,948 487,649
Debtors 8 2,737,319 1,280,311
Cash at bank and in hand 123,510 82,825
3,450,777 1,850,785
CREDITORS
Amounts falling due within one year 9 2,721,420 1,606,552
NET CURRENT ASSETS 729,357 244,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,250,202

979,772

CREDITORS
Amounts falling due after more than one
year

10

(124,017

)

(194,307

)

PROVISIONS FOR LIABILITIES (58,456 ) (50,880 )
NET ASSETS 1,067,729 734,585

CAPITAL AND RESERVES
Called up share capital 12 977 977
Capital redemption reserve 26 26
Retained earnings 1,066,726 733,582
SHAREHOLDERS' FUNDS 1,067,729 734,585

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

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

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

BALANCE SHEET - continued
30 JUNE 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 15 November 2023 and were signed on its behalf by:





Mr I J Knight - Director


ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


1. STATUTORY INFORMATION

Advanced KFS Special Vehicles 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 (£).


2. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Advanced KFS Special Vehicles Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of two companies in 2015 and the hive up of the trade and assets in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% straight line
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and office equipment - 25% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period 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 period 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

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.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 42 (2021 - 48 ) .

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2022
and 30 June 2023 1,056,284
AMORTISATION
At 1 January 2022 633,768
Amortisation for period 158,442
At 30 June 2023 792,210
NET BOOK VALUE
At 30 June 2023 264,074
At 31 December 2021 422,516

During 2017, the trade and assets of the subsidiary companies, KFS Special Vehicles Limited and Advanced Minibus Limited, were hived up into the parent company, Advanced KFS Special Vehicles Limited. As part of the hive up, £1,056,284 was transferred from fixed asset investments to intangible asset goodwill. This goodwill is being amortised evenly overs its estimated useful life of 10 years, starting from the original date of acquisition of the subsidiary companies.

6. TANGIBLE FIXED ASSETS
Computer
and
Short Plant and Motor office
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 25,843 181,562 265,523 76,096 549,024
Additions 17,857 37,836 192,668 13,824 262,185
Disposals - (24,726 ) (269,282 ) - (294,008 )
At 30 June 2023 43,700 194,672 188,909 89,920 517,201
DEPRECIATION
At 1 January 2022 17,646 95,070 73,664 51,024 237,404
Charge for period 4,510 29,169 54,428 10,649 98,756
Eliminated on disposal - (2,790 ) (71,537 ) - (74,327 )
At 30 June 2023 22,156 121,449 56,555 61,673 261,833
NET BOOK VALUE
At 30 June 2023 21,544 73,223 132,354 28,247 255,368
At 31 December 2021 8,197 86,492 191,859 25,072 311,620

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 30 June 2023 1,403
NET BOOK VALUE
At 30 June 2023 1,403
At 31 December 2021 1,403

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£    £   
Trade debtors 1,267,384 811,085
Amounts owed by group undertakings 683,588 391,014
Other debtors 786,347 78,212
2,737,319 1,280,311

Included in other debtors is £674,907 (December 2021: £78,212) in relation to prepayments and accrued income.

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts 32,829 27,141
Trade creditors 1,355,867 758,688
Amounts owed to group undertakings 82,723 96,011
Taxation and social security 273,136 270,520
Other creditors 946,865 424,192
2,721,420 1,606,552

Included in other creditors is £939,646 (December 2021: £415,562) in relation to accruals and deferred income.

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2021
£    £   
Bank loans 57,500 102,500
Hire purchase contracts 66,517 91,807
124,017 194,307

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2021
£    £   
Bank loans 87,500 132,500
Other loans 1,750 -
Hire purchase contracts 99,346 118,948
188,596 251,448

Hire purchase contracts are secured over the assets acquired under the agreements.

Bank loans are secured by way of a Debenture.

Bank loans include £87,500 (December 2021: £132,500) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a partial guarantee on the capital of the loan.

Other loans are personally secured by one of the directors, Ian Knight.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2021
value: £    £   
97,500 Ordinary A £0.01 975 975
208 Ordinary B £0.01 2 2
977 977

13. OTHER FINANCIAL COMMITMENTS

The company has future financial commitments under operating leases which are not included in the balance sheet to the sum of £330,816 (December 2021: £550,522). These are payable over the next 3 (December 2021:4) years.

The company has given cross guarantees to banks and other financial institutions for other group companies' debts. At the year end, the company's expected liability in respect of these arrangements is £nil. The debts guaranteed at 31st December 2021 amounted to £602,440.

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 June 2023 and the year ended 31 December 2021:

2023 2021
£    £   
Mr I J Knight and Mrs L E Knight
Balance outstanding at start of period - -
Amounts advanced 111,440 26,979
Amounts repaid - (26,979 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 111,440 -

ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023


14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr M A Adams
Balance outstanding at start of period - 2,266
Amounts repaid - (2,266 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

The loans were unsecured with repayment date unspecified.

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.

The company gave notice that a debtor owed by a group undertaking, totalling £18,861, would not be payable. The company has written this balance off in the period ended 30th June 2023.