REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2022 TO 30 JUNE 2023 |
FOR |
ADVANCED KFS SPECIAL VEHICLES LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ADVANCED KFS SPECIAL VEHICLES LIMITED (REGISTERED NUMBER: 09636640) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Short leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer and office equipment | - |
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 |
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 |
AMORTISATION |
At 1 January 2022 |
Amortisation for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
DEPRECIATION |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
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 |
NET BOOK VALUE |
At 30 June 2023 |
At 31 December 2021 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts |
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 |
Other loans |
Hire purchase contracts | 99,346 | 118,948 |
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: | £ | £ |
Ordinary A | £0.01 | 975 | 975 |
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 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
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. |