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REGISTERED NUMBER: 03675240 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

KYNASTON AUTO BODIES (EXETER) LTD

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KYNASTON AUTO BODIES (EXETER) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: Mr P G Kynaston
Mr S R Kynaston
Mrs J M Kynaston
Mr T H Kynaston



SECRETARY: Mrs J M Kynaston



REGISTERED OFFICE: 32 Marsh Green Road West
Marsh Barton Trading Estate
Exeter
Devon
EX2 8PN



REGISTERED NUMBER: 03675240 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank Plc
234 High Street
Exeter
EX4 3NL

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 320,000 340,000
Tangible assets 5 125,055 136,329
445,055 476,329

CURRENT ASSETS
Stocks 6 335,418 532,440
Debtors 7 444,769 477,749
Cash at bank and in hand 79,460 63,299
859,647 1,073,488
CREDITORS
Amounts falling due within one year 8 828,754 997,005
NET CURRENT ASSETS 30,893 76,483
TOTAL ASSETS LESS CURRENT LIABILITIES 475,948 552,812

CREDITORS
Amounts falling due after more than one
year

9

(16,667

)

(53,936

)

PROVISIONS FOR LIABILITIES (31,493 ) (24,691 )
NET ASSETS 427,788 474,185

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 427,688 474,085
SHAREHOLDERS' FUNDS 427,788 474,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

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.

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2023 and were signed on its behalf by:





Mr P G Kynaston - Director


KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Kynaston Auto Bodies (Exeter) Ltd 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold Premium - Straight line over the life of the lease
Long leasehold - Straight line over the life of the lease
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2022
and 30 September 2023 400,000
AMORTISATION
At 1 October 2022 60,000
Amortisation for year 20,000
At 30 September 2023 80,000
NET BOOK VALUE
At 30 September 2023 320,000
At 30 September 2022 340,000

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS
Leasehold Long Plant and
Premium leasehold machinery
£    £    £   
COST
At 1 October 2022 15,042 65,648 507,288
Additions - - 19,232
At 30 September 2023 15,042 65,648 526,520
DEPRECIATION
At 1 October 2022 12,459 65,647 393,423
Charge for year 646 - 26,618
At 30 September 2023 13,105 65,647 420,041
NET BOOK VALUE
At 30 September 2023 1,937 1 106,479
At 30 September 2022 2,583 1 113,865

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 35,442 56,725 680,145
Additions - 5,706 24,938
At 30 September 2023 35,442 62,431 705,083
DEPRECIATION
At 1 October 2022 23,025 49,262 543,816
Charge for year 3,104 5,844 36,212
At 30 September 2023 26,129 55,106 580,028
NET BOOK VALUE
At 30 September 2023 9,313 7,325 125,055
At 30 September 2022 12,417 7,463 136,329

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2022
and 30 September 2023 53,718
DEPRECIATION
At 1 October 2022 10,744
Charge for year 8,595
At 30 September 2023 19,339
NET BOOK VALUE
At 30 September 2023 34,379
At 30 September 2022 42,974

6. STOCKS
2023 2022
£    £   
Stocks 49,482 43,164
Work-in-progress 186,605 329,945
Finished goods 99,331 159,331
335,418 532,440

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 378,693 435,439
Directors' current accounts 35,385 13,171
Prepayments 30,691 29,139
444,769 477,749

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,034 43,500
Hire purchase contracts 7,200 7,200
Trade creditors 347,079 291,381
Tax 74,345 93,261
Social security and other taxes 31,426 60,319
VAT 105,947 167,121
Other creditors 18,274 -
PPG Industries 54,164 75,723
Factored debts direct 136,275 230,492
Pension contributions 6,472 6,632
Accrued expenses 25,538 21,376
828,754 997,005

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 16,667 39,536
Hire purchase contracts - 14,400
16,667 53,936

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 325,000 480,000

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
Mr P G Kynaston and Mrs J M Kynaston
Balance outstanding at start of year 7,731 (13,256 )
Amounts advanced 129,607 137,132
Amounts repaid (110,250 ) (116,145 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,088 7,731

Mr S R Kynaston
Balance outstanding at start of year 4,000 -
Amounts advanced 22,195 25,600
Amounts repaid (21,600 ) (21,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,595 4,000

Mr T H Kynaston
Balance outstanding at start of year 1,440 -
Amounts advanced 23,862 30,540
Amounts repaid (21,600 ) (29,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,702 1,440

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £153,450 were paid to the directors .

13. BOUNCE BACK LOAN

The bank loan is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to May 2026.