Registration number:
Kevin Martin (Specialist Vehicles) Limited
for the Year Ended 31 August 2023
Kevin Martin (Specialist Vehicles) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kevin Martin (Specialist Vehicles) Limited
Company Information
Directors |
Mr K Martin Mrs C Martin |
Company secretary |
Mrs C Martin |
Registered office |
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Kevin Martin (Specialist Vehicles) Limited
(Registration number: 01899535)
Balance Sheet as at 31 August 2023
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2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Kevin Martin (Specialist Vehicles) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 01899535.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These 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 have been prepared in sterling and are rounded to the nearest pound.
The financial statements cover the individual entity, Kevin Martin (Special Vehicles) Limited.
Related party exemption
The company has taken advantage of exemption, under the terms of 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..
Group accounts not prepared
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Kevin Martin (Specialist Vehicles) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold Property |
2% on cost |
Plant and Machinery |
10% on cost |
Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Tangible assets |
Freehold Property |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 September 2022 |
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At 31 August 2023 |
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Depreciation |
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At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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At 31 August 2022 |
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Debtors |
Current |
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2022 |
Trade debtors |
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Other debtors |
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Kevin Martin (Specialist Vehicles) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Creditors |
Creditors: amounts falling due within one year
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Bank loans |
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Creditors include an overdraft facility which is secured against the vehicle stock and land buildings owned by the company totalled £86,962 (2022 - £43,286).
Related party transactions |
ULTIMATE CONTROLLING PARTY
The shares of the company are entirely owned by the parent company Kevin Martin Holdings Limited.
Registered Office:
Grange Lane North
Scunthorpe
North Lincolnshire
DN16 1BN
Kevin Martin (Specialist Vehicles) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023
Transactions with Directors |
The below advance was unsecured, had no fixed repayment date and no interest was charged.
2023 |
At 1 September 2022 |
Repayments by Director |
At 31 August 2023 |
Mr K Martin |
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2022 |
At 1 September 2021 |
Repayments by Director |
At 31 August 2022 |
Mr K Martin |
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