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Registration number: 05179541

KC Autocolours Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

KC Autocolours Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

KC Autocolours Limited

Company Information

Director

Mr Stuart Melvin Jackson

Registered office

Unit 16 Bromag Industrial Estate
Witney
Oxon
OX29 0SR

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

KC Autocolours Limited

(Registration number: 05179541)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

500

1,000

Tangible assets

5

37,252

49,368

 

37,752

50,368

Current assets

 

Stocks

6

3,202

3,225

Debtors

7

26,860

15,536

Cash at bank and in hand

 

29,674

44,729

 

59,736

63,490

Creditors: Amounts falling due within one year

8

(39,055)

(46,972)

Net current assets

 

20,681

16,518

Total assets less current liabilities

 

58,433

66,886

Creditors: Amounts falling due after more than one year

8

(21,460)

(26,975)

Net assets

 

36,973

39,911

Capital and reserves

 

Called up share capital

2

2

Retained earnings

36,971

39,909

Shareholders' funds

 

36,973

39,911

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

KC Autocolours Limited

(Registration number: 05179541)
Balance Sheet as at 31 August 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 March 2024
 

.........................................
Mr Stuart Melvin Jackson
Director

 

KC Autocolours Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 16 Bromag Industrial Estate
Witney
Oxon
OX29 0SR

2

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.

Going concern

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

KC Autocolours Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and Machinery

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Equipment

20% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

KC Autocolours Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

KC Autocolours Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

10,000

10,000

At 31 August 2023

10,000

10,000

Amortisation

At 1 September 2022

9,000

9,000

Amortisation charge

500

500

At 31 August 2023

9,500

9,500

Carrying amount

At 31 August 2023

500

500

At 31 August 2022

1,000

1,000

 

KC Autocolours Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

7,236

69,391

22,647

99,274

Additions

-

-

2,500

2,500

Disposals

-

(16,000)

-

(16,000)

At 31 August 2023

7,236

53,391

25,147

85,774

Depreciation

At 1 September 2022

5,679

31,619

12,608

49,906

Charge for the year

312

8,644

2,466

11,422

Eliminated on disposal

-

(12,806)

-

(12,806)

At 31 August 2023

5,991

27,457

15,074

48,522

Carrying amount

At 31 August 2023

1,245

25,934

10,073

37,252

At 31 August 2022

1,557

37,772

10,039

49,368

6

Stocks

2023
£

2022
£

Other inventories

3,202

3,225

7

Debtors

2023
£

2022
£

Trade debtors

23,089

11,797

Prepayments

3,771

3,739

26,860

15,536

 

KC Autocolours Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,516

4,784

Trade creditors

 

11,588

10,469

Taxation and social security

 

16,245

18,913

Accruals and deferred income

 

2,228

2,751

Other creditors

 

3,478

10,055

 

39,055

46,972

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

5,516

4,784

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,460

26,975

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

1,460

6,975

Other borrowings

20,000

20,000

21,460

26,975

 

KC Autocolours Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

1,460

6,975

Other borrowings

20,000

20,000

21,460

26,975

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,516

4,784

10

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Stuart Melvin Jackson

Stuart Jackson

9,135

(18,526)

12,000

2,609

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr Stuart Melvin Jackson

Stuart Jackson

(576)

(42,065)

51,776

9,135