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REGISTERED NUMBER: 00814100 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Kingsway Autos Limited

Kingsway Autos Limited (Registered number: 00814100)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Kingsway Autos Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: A Kallagher
D Kallagher



SECRETARY: J Kallagher



REGISTERED OFFICE: Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE



REGISTERED NUMBER: 00814100 (England and Wales)



ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE



BANKERS: Barclays Bank Plc
De Burgh House
Market Road
Wickford
Essex
SS12 0BA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Kingsway Autos Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingsway Autos Limited for the year ended 31 October 2023 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kingsway Autos 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 Kingsway Autos Limited and state those matters that we have agreed to state to the Board of Directors of Kingsway Autos Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kingsway Autos Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kingsway Autos 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 Kingsway Autos Limited. You consider that Kingsway Autos 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 Kingsway Autos 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.






Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


1 February 2024

Kingsway Autos Limited (Registered number: 00814100)

Balance Sheet
31 October 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,250 7,151
Investments 5 15,313 12,608
30,563 19,759

CURRENT ASSETS
Stocks 216,989 195,102
Debtors 6 6,130 5,684
Cash at bank and in hand 742,238 654,060
965,357 854,846
CREDITORS
Amounts falling due within one year 7 164,622 136,781
NET CURRENT ASSETS 800,735 718,065
TOTAL ASSETS LESS CURRENT
LIABILITIES

831,298

737,824

PROVISIONS FOR LIABILITIES 2,431 755
NET ASSETS 828,867 737,069

CAPITAL AND RESERVES
Called up share capital 8 3,000 3,000
Retained earnings 825,867 734,069
SHAREHOLDERS' FUNDS 828,867 737,069

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

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

Kingsway Autos Limited (Registered number: 00814100)

Balance Sheet - continued
31 October 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 Board of Directors and authorised for issue on 27 January 2024 and were signed on its behalf by:




A Kallagher - Director



D Kallagher - Director


Kingsway Autos Limited (Registered number: 00814100)

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

1. STATUTORY INFORMATION

Kingsway Autos 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

Compliance with accounting standards
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.
Freehold property - 2% on cost
Fixtures and fittings - Straight line over 5 years
Motor vehicles - 25% on cost and Straight line over 5 years

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 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
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Kingsway Autos Limited (Registered number: 00814100)

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

2. ACCOUNTING POLICIES - continued

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 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 35,976 87,985 22,559 146,520
Additions - 10,346 - 10,346
At 31 October 2023 35,976 98,331 22,559 156,866
DEPRECIATION
At 1 November 2022 32,800 84,010 22,559 139,369
Charge for year 719 1,528 - 2,247
At 31 October 2023 33,519 85,538 22,559 141,616
NET BOOK VALUE
At 31 October 2023 2,457 12,793 - 15,250
At 31 October 2022 3,176 3,975 - 7,151

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 November 2022 12,608
Revaluations 2,705
At 31 October 2023 15,313
NET BOOK VALUE
At 31 October 2023 15,313
At 31 October 2022 12,608

Kingsway Autos Limited (Registered number: 00814100)

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

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 October 2023 is represented by:

Listed
investments
£   
Valuation in 2020 14,944
Valuation in 2021 2,504
Valuation in 2022 (4,840 )
Valuation in 2023 2,705
15,313

Listed investments consist of a diversified portfolio of shares in listed companies. The market value of the shares at the year end was £15,313 (2022: £12,60).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Prepayments and accrued income 6,130 5,684

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/10/23 31/10/22
£    £   
Trade creditors 59,477 29,769
Tax 52,956 56,029
Social security and other taxes 1,327 1,628
Pension Liability 94 -
VAT 22,144 21,137
Net wages control account - 10
Directors' current accounts 139 139
Accruals and deferred income 28,485 28,069
164,622 136,781

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/10/23 31/10/22
value: £    £   
1,480 Ordinary £1 1,480 1,480
1,520 A Ordinary £1 1,520 1,520
3,000 3,000

Kingsway Autos Limited (Registered number: 00814100)

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

9. RELATED PARTY DISCLOSURES

The directors were paid dividends of £100,000, (2022: £100,000) during the year.

As at the balance sheet date, the company owed the directors £139 (2022: £139).

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Kallagher.