REGISTERED NUMBER: |
D.K. AUTOS (ALDERSHOT) LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
D.K. AUTOS (ALDERSHOT) LIMITED |
Financial Statements for the Year Ended 31 December 2023 |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
D.K. AUTOS (ALDERSHOT) LIMITED |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditors |
Nightingale House |
46-48 East Street |
Epsom |
Surrey |
KT17 1HQ |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
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 |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
D.K. Autos (Aldershot) Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have not been prepared on a going concern basis as a result of a hive-across transaction. |
The hive-across transaction involved the transfer of the trade and assets of the Company to Page Automotive Group Limited. As a result of this transaction, the Company ceased trading and its business operations transferred with effect from 31st December 2023. |
Given the hive-across transaction, the Directors have concluded that the Company no longer meets the criteria of a going concern. Consequently, the financial statements have been prepared on a basis other than going concern. These financial statements have been prepared on a basis that reflects the cessation of operations following the hive-across transaction, ensuring that all relevant assets, liabilities, and provisions are recognised appropriately. |
The financial statements are presented in Sterling which is the functional currency of the company. |
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', not to disclose related party transactions with wholly owned subsidiaries within the group. |
TURNOVER |
Turnover represents net invoiced sales for services, excluding value added tax. |
Revenue is recognised upon completion of the job. |
TANGIBLE FIXED ASSETS |
Land and buildings | - |
Plant and machinery etc | - |
STOCKS |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all direct expenditure including an amount to cover staff time spent on jobs. |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
FINANCIAL INSTRUMENTS |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Reclassification/transfer | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Reclassification/transfer | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
D.K. AUTOS (ALDERSHOT) LIMITED (REGISTERED NUMBER: 03742777) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 2 to the financial statements which explains that the directors intend in due course to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter. |
for and on behalf of |
9. | CONTINGENT LIABILITIES |
The company is jointly and severally liable in respect of VAT liabilities arising in other group undertakings. The contingent liability at 31st December 2023 amounted to £446,138 (2022: £301,598) |
The company is jointly and severally liable in respect of a bank loan arising in Page Automotive Group Limited, a fellow group company, which is secured by a floating charge over the company's assets. The contingent liability at 31st December 2023 amounted to £583,333 (2022 - £783,333). |
10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities, assist with the preparation of the financial statements, to process our payroll and file the related information with HMRC. |
11. | ULTIMATE CONTROLLING PARTY |
At 31 December 2023 the parent company is Automotive Vision Ltd and the ultimate controlling party is Mr H S Nash. |