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REGISTERED NUMBER: 01884157 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

K & R Auto Services Limited

K & R Auto Services Limited (Registered number: 01884157)






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


K & R Auto Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T J Broad
K Broad





REGISTERED OFFICE: Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ





REGISTERED NUMBER: 01884157 (England and Wales)





ACCOUNTANTS: DHP Acountants Ltd
15 Buxton Old Road
Disley
Stockport
SK12 2BB

K & R Auto Services Limited (Registered number: 01884157)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,695,188 1,667,254

CURRENT ASSETS
Stocks 285,893 331,963
Debtors 5 34,629 67,734
Cash at bank 3,413 136,296
323,935 535,993
CREDITORS
Amounts falling due within one year 6 756,928 813,562
NET CURRENT LIABILITIES (432,993 ) (277,569 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,262,195

1,389,685

CREDITORS
Amounts falling due after more than
one year

7

(549,191

)

(637,950

)

PROVISIONS FOR LIABILITIES (90,518 ) (91,246 )
NET ASSETS 622,486 660,489

CAPITAL AND RESERVES
Called up share capital 220 220
Revaluation reserve 9 358,505 358,505
Retained earnings 263,761 301,764
SHAREHOLDERS' FUNDS 622,486 660,489

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 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.

K & R Auto Services Limited (Registered number: 01884157)

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 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 10 April 2024 and were signed on its behalf by:





T J Broad - Director


K & R Auto Services Limited (Registered number: 01884157)

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

1. STATUTORY INFORMATION

K & R Auto Services 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 33% on cost and 15% on cost

Freehold property is not depreciated. This represents a departure from the provisions of the Companies Act 2006. The company has had a policy and practice of regular maintenance and repair, the charges for which are recognised in the Income Statement as incurred. The company believes that such a policy ensures that the estimated residual values of properties at the reporting date are maintained at levels not materially different from the carrying amount of the assets. As such, no depreciation charge is made on the grounds that any such charge would be immaterial.

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

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price to complete and sell. The impairment loss is recognised immediately in the Profit and Loss account.

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.


K & R Auto Services Limited (Registered number: 01884157)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 1,600,000 101,499 1,701,499
Additions - 58,931 58,931
Disposals - (14,400 ) (14,400 )
At 31 December 2023 1,600,000 146,030 1,746,030
DEPRECIATION
At 1 January 2023 - 34,245 34,245
Charge for year - 22,572 22,572
Eliminated on disposal - (5,975 ) (5,975 )
At 31 December 2023 - 50,842 50,842
NET BOOK VALUE
At 31 December 2023 1,600,000 95,188 1,695,188
At 31 December 2022 1,600,000 67,254 1,667,254

K & R Auto Services Limited (Registered number: 01884157)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 1,600,000 - 1,600,000
Cost - 146,030 146,030
1,600,000 146,030 1,746,030

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,166,969 1,166,969

Freehold land and buildings were valued on an open market basis on 21 July 2022 by Middleton Barton Valuation Limited .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 18,301 43,098
Other debtors 16,328 24,636
34,629 67,734

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 105,319 105,319
Trade creditors 84,011 77,531
Taxation and social security 53,361 109,470
Other creditors 514,237 521,242
756,928 813,562

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 549,191 637,950

K & R Auto Services Limited (Registered number: 01884157)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 285,689 313,309

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Vehicle creditors 290,107 335,944
Bank loans 515,752 554,511
805,859 890,455

9. RESERVES
Revaluatio
reserve
£   
At 1 January 2023
and 31 December 2023 358,505

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,323 (2022: £4,395). At the year end contributions accrued not paid amounted to £2,071 (2022: £704).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the end of the year the directors were owed £199,825 (2022: £146,819) by the company.

12. RELATED PARTY DISCLOSURES

At the year end, a balance was included in trade debtors of £nil (2022: £159) this was due from Broad Holdings SW Ltd.

Broad Holdings SW Ltd is a related party by virtue of common directorship and control. All transactions were carried out on normal commercial terms.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by its Directors.