KY Auto Traders Limited 07354306 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is that of car dealers. Digita Accounts Production Advanced 6.30.9574.0 true 07354306 2022-09-01 2023-08-31 07354306 2023-08-31 07354306 core:CurrentFinancialInstruments 2023-08-31 07354306 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 07354306 bus:SmallEntities 2022-09-01 2023-08-31 07354306 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 07354306 bus:AbridgedAccounts 2022-09-01 2023-08-31 07354306 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 07354306 bus:RegisteredOffice 2022-09-01 2023-08-31 07354306 bus:Director1 2022-09-01 2023-08-31 07354306 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 07354306 core:OfficeEquipment 2022-09-01 2023-08-31 07354306 countries:England 2022-09-01 2023-08-31 07354306 2021-09-01 2022-08-31 07354306 2022-08-31 07354306 core:CurrentFinancialInstruments 2022-08-31 07354306 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 07354306

KY Auto Traders Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 August 2023

 

KY Auto Traders Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

KY Auto Traders Limited

Company Information

Director

Mr K Yeung

Registered office

1st Floor, 44 Worship Street
London
EC2A 2EA

Accountants

Tan Lam Partnership
Chartered Certified Accountants
1st Floor, 44 Worship Street
London
EC2A 2EA

 

KY Auto Traders Limited

(Registration number: 07354306)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

100,002

-

Current assets

 

Debtors

108,620

108,620

Cash at bank and in hand

 

229,824

308,899

 

338,444

417,519

Prepayments and accrued income

 

25,329

25,329

Creditors: Amounts falling due within one year

(129,702)

(141,612)

Net current assets

 

234,071

301,236

Total assets less current liabilities

 

334,073

301,236

Accruals and deferred income

 

(49,850)

(45,550)

Net assets

 

284,223

255,686

Capital and reserves

 

Called up share capital

100

100

Retained earnings

284,123

255,586

Shareholders' funds

 

284,223

255,686

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.

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 19 April 2024
 

 

KY Auto Traders Limited

(Registration number: 07354306)
Abridged Balance Sheet as at 31 August 2023

.........................................
Mr K Yeung
Director

 

KY Auto Traders Limited

Notes to the Unaudited Abridged 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.

The address of its registered office is:
1st Floor, 44 Worship Street
London
EC2A 2EA

These financial statements were authorised for issue by the director on 19 April 2024.

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 abridged 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 abridged 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.

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.

 

KY Auto Traders Limited

Notes to the Unaudited Abridged 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

Office equipment

20% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

KY Auto Traders Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).