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REGISTERED NUMBER: 03542850 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

KCS OF SURREY LIMITED

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KCS OF SURREY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: S Purvis





SECRETARY: A J Purvis





REGISTERED OFFICE: Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL





REGISTERED NUMBER: 03542850 (England and Wales)





ACCOUNTANTS: RJP LLP
Ground Floor
Egerton House
68 Baker Street
Weybridge
Surrey
KT13 8AL

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 22,844 37,149
Investment property 6 160,000 160,000
182,844 197,149

CURRENT ASSETS
Stocks 7 1,944,503 1,746,185
Debtors 8 498,289 938,616
2,442,792 2,684,801
CREDITORS
Amounts falling due within one year 9 1,878,898 2,025,355
NET CURRENT ASSETS 563,894 659,446
TOTAL ASSETS LESS CURRENT LIABILITIES 746,738 856,595

CREDITORS
Amounts falling due after more than one year 10 (132,275 ) (185,179 )

PROVISIONS FOR LIABILITIES 12 (3,305 ) (3,605 )
NET ASSETS 611,158 667,811

CAPITAL AND RESERVES
Called up share capital 13 2 2
Share premium 7,661 7,661
Retained earnings 603,495 660,148
SHAREHOLDERS' FUNDS 611,158 667,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

BALANCE SHEET - continued
31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 April 2024 and were signed by:





S Purvis - Director


KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

KCS of Surrey 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 invoiced sales of second hand cars. Turnover is recognised when the vehicle is collected by the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been fully amortised.

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

Investment property
In accordance with FRS 102: Investment property is property (land or building, or part of a building, or both) held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both. An entity shall measure investment property at its initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs. Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

The directors consider that the value included in the accounts is a fair valuation of the property's market value at the balance sheet date.

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

Cost is defined as the actual cost of vehicles purchased and the costs incurred to make the vehicle fit for resale. Net realisable value is defined as the expected selling price less any expected future costs.


KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
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 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.

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 18 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 306,867
AMORTISATION
At 1 January 2023
and 31 December 2023 306,867
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 244,246
Additions 4,463
At 31 December 2023 248,709
DEPRECIATION
At 1 January 2023 207,097
Charge for year 18,768
At 31 December 2023 225,865
NET BOOK VALUE
At 31 December 2023 22,844
At 31 December 2022 37,149

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 160,000
NET BOOK VALUE
At 31 December 2023 160,000
At 31 December 2022 160,000

Investment property was valued on an open market basis on 31 December 2023 by the director.

7. STOCKS
31.12.23 31.12.22
£    £   
Stocks 1,944,503 1,746,185

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 131,333 544,943
Other debtors 366,956 393,673
498,289 938,616

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 363,853 181,501
Trade creditors 149,004 148,793
Taxation and social security 81,486 183,117
Other creditors 1,284,555 1,511,944
1,878,898 2,025,355

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 132,275 185,179

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years - 17,840

11. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 311,537 130,093
Bank loans 184,591 236,587
Used car stocking loan 753,582 1,038,285
1,249,710 1,404,965

National Westminster Bank Plc holds a fixed and floating charge dated 12 October 2003 over the assets of the company. They also hold a legal charge over the investment property dated 16 March 2018.

12. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 3,305 3,605

Deferred
tax
£   
Balance at 1 January 2023 3,605
Deferred tax (300 )
Balance at 31 December 2023 3,305

KCS OF SURREY LIMITED (REGISTERED NUMBER: 03542850)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary A Shares £0.01 1 1
100 Ordinary B Shares £0.01 1 1
24 Ordinary C Shares £0.01 - -
2 2

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31.12.23 31.12.22
£    £   
Director
Balance outstanding at start of year (11,239 ) 467,073
Amounts advanced 415,626 517,651
Amounts repaid (526,562 ) (995,963 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (122,175 ) (11,239 )

15. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed £603 to a shareholder with a participating interest in the company (2022 - £6,103). The loan is interest free.