Kevin Martin (Specialist Vehicles) Limited 01899535 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Sale of used cars and light motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 01899535 2022-09-01 2023-08-31 01899535 2023-08-31 01899535 bus:Director1 1 2023-08-31 01899535 core:RetainedEarningsAccumulatedLosses 2023-08-31 01899535 core:ShareCapital 2023-08-31 01899535 core:CurrentFinancialInstruments 2023-08-31 01899535 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01899535 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 01899535 core:FurnitureFittingsToolsEquipment 2023-08-31 01899535 core:LandBuildings 2023-08-31 01899535 bus:SmallEntities 2022-09-01 2023-08-31 01899535 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 01899535 bus:FullAccounts 2022-09-01 2023-08-31 01899535 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 01899535 bus:RegisteredOffice 2022-09-01 2023-08-31 01899535 bus:CompanySecretaryDirector1 2022-09-01 2023-08-31 01899535 bus:Director1 2022-09-01 2023-08-31 01899535 bus:Director1 1 2022-09-01 2023-08-31 01899535 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 01899535 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 01899535 core:LandBuildings 2022-09-01 2023-08-31 01899535 core:PlantMachinery 2022-09-01 2023-08-31 01899535 countries:EnglandWales 2022-09-01 2023-08-31 01899535 2022-08-31 01899535 bus:Director1 1 2022-08-31 01899535 core:FurnitureFittingsToolsEquipment 2022-08-31 01899535 core:LandBuildings 2022-08-31 01899535 2021-09-01 2022-08-31 01899535 2022-08-31 01899535 bus:Director1 1 2022-08-31 01899535 core:RetainedEarningsAccumulatedLosses 2022-08-31 01899535 core:ShareCapital 2022-08-31 01899535 core:CurrentFinancialInstruments 2022-08-31 01899535 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 01899535 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 01899535 core:FurnitureFittingsToolsEquipment 2022-08-31 01899535 core:LandBuildings 2022-08-31 01899535 bus:Director1 1 2021-09-01 2022-08-31 01899535 bus:Director1 1 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 01899535

Kevin Martin (Specialist Vehicles) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Kevin Martin (Specialist Vehicles) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Kevin Martin (Specialist Vehicles) Limited

Company Information

Directors

Mr K Martin

Mrs C Martin

Company secretary

Mrs C Martin

Registered office

Grange Lane North
Scunthorpe
North Lincolnshire
DN16 1BN

 

Kevin Martin (Specialist Vehicles) Limited

(Registration number: 01899535)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

48,273

52,277

Current assets

 

Stocks

204,001

209,436

Debtors

5

90,442

88,135

Cash at bank and in hand

 

3,029

4,721

 

297,472

302,292

Creditors: Amounts falling due within one year

6

(220,182)

(99,506)

Net current assets

 

77,290

202,786

Total assets less current liabilities

 

125,563

255,063

Creditors: Amounts falling due after more than one year

6

(14,000)

(22,000)

Net assets

 

111,563

233,063

Capital and reserves

 

Called up share capital

100

100

Retained earnings

111,463

232,963

Shareholders' funds

 

111,563

233,063

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.

Directors' 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 Directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 October 2023 and signed on its behalf by:
 

.........................................
Mr K Martin
Director

 

Kevin Martin (Specialist Vehicles) Limited

Notes to the Unaudited 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 and Wales and the company registration number is 01899535.

The address of its registered office is:
Grange Lane North
Scunthorpe
North Lincolnshire
DN16 1BN

These financial statements were authorised for issue by the Board on 29 October 2023.

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 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 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements cover the individual entity, Kevin Martin (Special Vehicles) Limited.

Related party exemption

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention..

Group accounts not prepared

The company has taken advantage of exmeption, under the terms of 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 not to disclose group accounts..

Going concern

Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

 

Kevin Martin (Specialist Vehicles) Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold Property

2% on cost

Plant and Machinery

10% on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

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

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 8 (2022 - 8).

4

Tangible assets

Freehold Property
£

Plant and Machinery
 £

Total
£

Cost or valuation

At 1 September 2022

166,883

84,638

251,521

At 31 August 2023

166,883

84,638

251,521

Depreciation

At 1 September 2022

119,006

80,238

199,244

Charge for the year

3,338

666

4,004

At 31 August 2023

122,344

80,904

203,248

Carrying amount

At 31 August 2023

44,539

3,734

48,273

At 31 August 2022

47,877

4,400

52,277

5

Debtors

Current

2023
£

2022
£

Trade debtors

19,843

17,687

Other debtors

70,599

70,448

 

90,442

88,135

 

Kevin Martin (Specialist Vehicles) Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

94,962

51,286

Trade creditors

 

32,355

16,785

Amounts owed to group undertakings

7

26,071

20,989

Taxation and social security

 

2,144

2,774

Other creditors

 

64,650

7,672

 

220,182

99,506

Due after one year

 

Bank loans

14,000

22,000


Creditors include an overdraft facility which is secured against the vehicle stock and land buildings owned by the company totalled £86,962 (2022 - £43,286).

7

Related party transactions

ULTIMATE CONTROLLING PARTY

The shares of the company are entirely owned by the parent company Kevin Martin Holdings Limited.

Registered Office:

Grange Lane North
Scunthorpe
North Lincolnshire
DN16 1BN

 

Kevin Martin (Specialist Vehicles) Limited

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

Transactions with Directors

The below advance was unsecured, had no fixed repayment date and no interest was charged.

2023

At 1 September 2022
£

Repayments by Director
£

At 31 August 2023
£

Mr K Martin

784

(20,000)

(19,216)

       
     

 

2022

At 1 September 2021
£

Repayments by Director
£

At 31 August 2022
£

Mr K Martin

2,307

(1,523)

784