Company Registration No. 03529305 (England and Wales)
KOMBINED MOTOR SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
KOMBINED MOTOR SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr A F Hollingsworth
Mr T A Hollingsworth
Ms V Hollingsworth
Secretary
Ms V Hollingsworth
Company number
03529305
Registered office
6 Enfield Industrial Estate
Redditch
Worcestershire
B97 6BG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank Plc
26-28 Evesham Walk
Kingfisher Centre
Redditch
Worcestershire
B97 4EX
KOMBINED MOTOR SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
KOMBINED MOTOR SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KOMBINED MOTOR SERVICES LIMITED FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kombined Motor Services Limited for the year ended 31 May 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Kombined Motor Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kombined Motor Services Limited and state those matters that we have agreed to state to the Board of Directors of Kombined Motor Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kombined Motor Services Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Kombined Motor Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kombined Motor Services Limited. You consider that Kombined Motor Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kombined Motor Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
28 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
KOMBINED MOTOR SERVICES LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,936
30,595
Current assets
Debtors
4
24,320
23,136
Cash at bank and in hand
5
1
24,325
23,137
Creditors: amounts falling due within one year
5
(11,239)
(12,455)
Net current assets
13,086
10,682
Total assets less current liabilities
36,022
41,277
Creditors: amounts falling due after more than one year
6
(35,816)
(38,578)
Net assets
206
2,699
Capital and reserves
Called up share capital
8
103
103
Profit and loss reserves
103
2,596
Total equity
206
2,699
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KOMBINED MOTOR SERVICES LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
Mr T A Hollingsworth
Director
Company Registration No. 03529305
KOMBINED MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Kombined Motor Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Enfield Industrial Estate, Redditch, Worcestershire, B97 6BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KOMBINED MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2022 - 3).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
196,967
29,711
112,137
338,815
Depreciation and impairment
At 1 June 2022
176,028
24,346
107,846
308,220
Depreciation charged in the year
5,241
1,342
1,076
7,659
At 31 May 2023
181,269
25,688
108,922
315,879
Carrying amount
At 31 May 2023
15,698
4,023
3,215
22,936
At 31 May 2022
20,939
5,365
4,291
30,595
KOMBINED MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,385
Amounts owed by group undertakings
20,458
22,174
Other debtors
533
22,376
22,174
Deferred tax asset
1,944
962
24,320
23,136
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,047
8,669
Trade creditors
1,436
Taxation and social security
2,977
300
Other creditors
2,215
2,050
11,239
12,455
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
35,816
38,578
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
41,863
47,247
Bank loans are secured by way of a government-backed guarantee.
KOMBINED MOTOR SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary 'A' of £1 each
100
100
1 Ordinary 'B' of £1 each
1
1
1 Ordinary 'C' of £1 each
1
1
1 Ordinary 'D' of £1 each
1
1
103
103
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Control
Ultimate parent company
The ultimate parent company is Kombined Holdings Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party due to no controlling interest in the ultimate parent company.
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