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REGISTERED NUMBER: SC116575 (Scotland)















Unaudited Financial Statements for the Year Ended 30th April 2023

for

Klic Cars Limited

Klic Cars Limited (Registered number: SC116575)






Contents of the Financial Statements
for the Year Ended 30th April 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 6


Klic Cars Limited

Company Information
for the Year Ended 30th April 2023







DIRECTORS: K McCubbin
Mrs M McCubbin





SECRETARY: K McCubbin





REGISTERED OFFICE: 90-94 Annan Road
Dumfries
DUMFRIESSHIRE
DG1 3EQ





REGISTERED NUMBER: SC116575 (Scotland)





ACCOUNTANTS: Farries Kirk & McVean
Dumfries Enterprise Park
Heathhall
Dumfries
DUMFRIESSHIRE
DG1 3SJ

Klic Cars Limited (Registered number: SC116575)

Balance Sheet
30th April 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 295,729 307,845
295,729 307,845

CURRENT ASSETS
Stocks 1,057,104 914,252
Debtors 6 113,610 98,781
Cash at bank and in hand 33,512 8,362
1,204,226 1,021,395
CREDITORS
Amounts falling due within one year 7 (1,157,073 ) (957,255 )
NET CURRENT ASSETS 47,153 64,140
TOTAL ASSETS LESS CURRENT
LIABILITIES

342,882

371,985

CREDITORS
Amounts falling due after more than one year 8 (110,058 ) (124,676 )

PROVISIONS FOR LIABILITIES (6,939 ) (8,707 )
NET ASSETS 225,885 238,602

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 225,785 238,502
225,885 238,602

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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.

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 16th April 2024 and were signed on its behalf by:



K McCubbin - Director


Klic Cars Limited (Registered number: SC116575)

Notes to the Financial Statements
for the Year Ended 30th April 2023

1. STATUTORY INFORMATION

Klic Cars Limited is a private company, limited by shares , registered in Scotland. 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 net invoiced sale from the provision of vehicle sales, MOT's and repairing services, excluding value added tax.

Goodwill
Goodwill is amortised evenly over its estimated useful life of 5 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 1% on reducing balance
Plant and machinery etc - 33% on cost, 25% on reducing balance and 15% on reducing balance

Amounts written off each asset over the estimated useful life represent cost less residual value.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

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

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.

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.

Klic Cars Limited (Registered number: SC116575)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
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 the sale of goods and services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

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.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transactions costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2022
and 30th April 2023 2,333
AMORTISATION
At 1st May 2022
and 30th April 2023 2,333
NET BOOK VALUE
At 30th April 2023 -
At 30th April 2022 -

Klic Cars Limited (Registered number: SC116575)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st May 2022 286,458 124,308 410,766
Additions - 1,052 1,052
At 30th April 2023 286,458 125,360 411,818
DEPRECIATION
At 1st May 2022 28,058 74,863 102,921
Charge for year 2,591 10,577 13,168
At 30th April 2023 30,649 85,440 116,089
NET BOOK VALUE
At 30th April 2023 255,809 39,920 295,729
At 30th April 2022 258,400 49,445 307,845

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 20,054 13,423
Other debtors 89,550 82,200
109,604 95,623

Amounts falling due after more than one year:
Other debtors 4,006 3,158

Aggregate amounts 113,610 98,781

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,839 53,815
Trade creditors 753,734 585,879
Taxation and social security 35,118 62,859
Other creditors 360,382 254,702
1,157,073 957,255

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 89,204 94,111
Other creditors 20,854 30,565
110,058 124,676

Klic Cars Limited (Registered number: SC116575)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 97,043 101,950

The bank loan is secured by way of a bond and floating charge over the assets of the company.

10. RELATED PARTY DISCLOSURES

At the year end the company owed the directors £11,892 (2022: £34,002). This loan is non interest bearing and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors.