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REGISTERED NUMBER: 03865175 (England and Wales)






















Financial Statements

for the Year Ended 31 March 2023

for

Keith Arnold Car Sales Limited

Keith Arnold Car Sales Limited (Registered number: 03865175)






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




Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


Keith Arnold Car Sales Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: K P Arnold





SECRETARY: K P Arnold





REGISTERED OFFICE: 15 Newland
Lincoln
Lincolnshire
LN1 1XG





BUSINESS ADDRESS: A57 Complex
Saxilby Road
LINCOLN
Lincolnshire
LN1 2BB





REGISTERED NUMBER: 03865175 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

Accountants' Report to the Director
on the Unaudited Financial Statements of
Keith Arnold Car Sales Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Keith Arnold Car Sales Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Keith Arnold Car Sales Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Keith Arnold Car Sales Limited and state those matters that we have agreed to state to the director of Keith Arnold Car Sales Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Keith Arnold Car Sales Limited and its director for our work or for this report.

It is your duty to ensure that Keith Arnold Car Sales Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Keith Arnold Car Sales Limited. You consider that Keith Arnold Car Sales Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Keith Arnold Car Sales Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


9 February 2024

Keith Arnold Car Sales Limited (Registered number: 03865175)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,759 1,549

CURRENT ASSETS
Stocks 124,480 186,402
Debtors 5 37,439 15,776
Cash in hand - 95
161,919 202,273
CREDITORS
Amounts falling due within one year 6 50,884 78,032
NET CURRENT ASSETS 111,035 124,241
TOTAL ASSETS LESS CURRENT LIABILITIES 112,794 125,790

CREDITORS
Amounts falling due after more than one year 7 (36,476 ) (42,392 )

PROVISIONS FOR LIABILITIES (334 ) (294 )
NET ASSETS 75,984 83,104

CAPITAL AND RESERVES
Called up share capital 9 700 700
Capital redemption reserve 10 300 300
Retained earnings 10 74,984 82,104
SHAREHOLDERS' FUNDS 75,984 83,104

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.

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 director and authorised for issue on 9 February 2024 and were signed by:





K P Arnold - Director


Keith Arnold Car Sales Limited (Registered number: 03865175)

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

1. STATUTORY INFORMATION

Keith Arnold Car Sales 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% 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 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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Keith Arnold Car Sales Limited (Registered number: 03865175)

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

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 18,050 4,984 1,191 24,225
Additions - 500 - 500
At 31 March 2023 18,050 5,484 1,191 24,725
DEPRECIATION
At 1 April 2022 17,317 4,539 820 22,676
Charge for year 110 80 100 290
At 31 March 2023 17,427 4,619 920 22,966
NET BOOK VALUE
At 31 March 2023 623 865 271 1,759
At 31 March 2022 733 445 371 1,549

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,029 1,161
Other debtors 32,410 14,615
37,439 15,776

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,717 15,603
Trade creditors 6,199 24,910
Taxation and social security 26,756 34,019
Other creditors 6,212 3,500
50,884 78,032

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 36,476 42,392

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 12,816 18,731

Keith Arnold Car Sales Limited (Registered number: 03865175)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 12,250 12,250
Between one and five years 12,250 24,500
24,500 36,750

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 700 700

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2022 82,104 300 82,404
Profit for the year 23,230 23,230
Dividends (21,000 ) (21,000 )
Purchase of own shares (9,350 ) - (9,350 )
At 31 March 2023 74,984 300 75,284