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Registration number: NI617511

KD Kars Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2023

 

KD Kars Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

KD Kars Ltd

Company Information

Directors

Mark Doyle

Rory Doyle

Company secretary

Rory Doyle

Registered office

1 Lurgan Road
Gilford
Craigavon
Co. Armagh
BT63 6JJ

Solicitors

Gillen & Co Solicitors
3 Old Kenlis Street
Banbridge
Co. Down
BT32 3BD

Bankers

Santander Bank
Bootle
Merseyside
L30 4GB

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

KD Kars Ltd

(Registration number: NI617511)
Abridged Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

22,500

Tangible assets

5

142,549

151,093

 

142,549

173,593

Current assets

 

Stocks

795,533

733,561

Debtors

6

34,460

13,494

Cash at bank and in hand

 

4,385

93,857

 

834,378

840,912

Prepayments and accrued income

 

5,520

470

Creditors: Amounts falling due within one year

(82,179)

(251,036)

Net current assets

 

757,719

590,346

Total assets less current liabilities

 

900,268

763,939

Creditors: Amounts falling due after more than one year

(764,633)

(487,341)

Provisions for liabilities

(1,032)

(1,442)

Accruals and deferred income

 

(38,329)

(41,514)

Net assets

 

96,274

233,642

Capital and reserves

 

Called up share capital

7

2,000

2,000

Retained earnings

94,274

231,642

Shareholders' funds

 

96,274

233,642

 

KD Kars Ltd

(Registration number: NI617511)
Abridged Balance Sheet as at 31 May 2023

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the profit and loss account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 



 

Mark Doyle

Director



 

Rory Doyle

Company secretary and director

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Lurgan Road
Gilford
Craigavon
Co. Armagh
BT63 6JJ

These financial statements were authorised for issue by the Board on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
 

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

All members have consented to the abridgement of these financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of vehicles 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. This is usually on dispatch of the vehicles.

Government grants

Government grants are recognised at the fair value of the amount received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Interest receivable

Interest income is recognised using the effective interest method and is recognised as the company's right to receive payment is established.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant, Machinery & Equipment

20% Straight Line

Motor Vehicles

20% Straight Line

Leasehold Assets

2% Straight Line

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and Borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Defined contribution pension obligation

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 8).

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 June 2022

225,000

At 31 May 2023

225,000

Amortisation

At 1 June 2022

202,500

Amortisation charge

22,500

At 31 May 2023

225,000

Carrying amount

At 31 May 2023

-

At 31 May 2022

22,500

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land
£

Leasehold Assets
£

Plant, Machinery & Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

108,542

35,135

53,187

3,000

199,864

Additions

-

-

3,495

-

3,495

At 31 May 2023

108,542

35,135

56,682

3,000

203,359

Depreciation

At 1 June 2022

-

2,773

42,998

3,000

48,771

Charge for the year

-

703

11,336

-

12,039

At 31 May 2023

-

3,476

54,334

3,000

60,810

Carrying amount

At 31 May 2023

108,542

31,659

2,348

-

142,549

At 31 May 2022

108,542

32,362

10,189

-

151,093

 

KD Kars Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2023

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2,000

2,000

2,000

2,000