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Company registration number: 04577750
Kingsley Car Sales Limited
Unaudited filleted abridged financial statements
for the year ended
31 October 2023
Kingsley Car Sales Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Kingsley Car Sales Limited
Directors and other information
Directors Mr P A Shapland
Mrs M T Shapland
Secretary Mrs M T Shapland
Company number 04577750
Registered office The Pill
Kingsley Road
Bideford
Devon
EX39 2PF
Business address The Pill
Kingsley Road
Bideford
Devon
EX39 2PF
Accountants Giffords LLP
Office 8 The Barns, Farm Road,
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
Kingsley Car Sales Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Kingsley Car Sales Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kingsley Car Sales Limited for the year ended 31 October 2023 which comprise the abridged statement of financial position and 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 Kingsley Car Sales Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kingsley Car Sales Limited and state those matters that we have agreed to state to the board of directors of Kingsley Car Sales 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 Kingsley Car Sales Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kingsley Car Sales 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 Kingsley Car Sales Limited. You consider that Kingsley Car Sales 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 Kingsley Car Sales 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.
Giffords LLP
Chartered Accountants
Office 8 The Barns, Farm Road,
Caddsdown Industrial Park
Bideford
Devon
EX39 3BT
12 April 2024
Kingsley Car Sales Limited
Abridged statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,533 1,541
________ ________
1,533 1,541
Current assets
Stocks 90,124 70,034
Debtors 5,845 3,669
Cash at bank and in hand 154,226 215,014
________ ________
250,195 288,717
Creditors: amounts falling due
within one year ( 83,069) ( 79,932)
________ ________
Net current assets 167,126 208,785
________ ________
Total assets less current liabilities 168,659 210,326
Creditors: amounts falling due
after more than one year ( 15,833) ( 25,833)
Provisions for liabilities ( 292) ( 292)
________ ________
Net assets 152,534 184,201
________ ________
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 151,534 183,201
________ ________
Shareholders funds 152,534 184,201
________ ________
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 02 April 2024 , and are signed on behalf of the board by:
Mr P A Shapland
Director
Company registration number: 04577750
Kingsley Car Sales Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kingsley Car Sales Limited, The Pill, Kingsley Road, Bideford, Devon, EX39 2PF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 8 years straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
£
Cost
At 1 November 2022 7,626
Additions 150
________
At 31 October 2023 7,776
________
Depreciation
At 1 November 2022 6,085
Charge for the year 158
________
At 31 October 2023 6,243
________
Carrying amount
At 31 October 2023 1,533
________
At 31 October 2022 1,541
________
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2023 2022
£ £
Annual Rent 8,000 8,000
________ ________
During the year the company paid rent to the company's directors, Mr & Mrs Shapland.