Registered number
04602786
K Williams Motorcycles Limited
Filleted Accounts
30 November 2023
K Williams Motorcycles Limited
Balance Sheet
As at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,017 17,726
Current assets
Stocks 13,000 13,000
Debtors 4 2,286 2,280
Cash at bank and in hand 74,891 53,786
90,177 69,066
Creditors: amounts falling due within one year 5 (27,258) (23,743)
Net current assets 62,919 45,323
Total assets less current liabilities 78,936 63,049
Provisions for liabilities
Deferred Taxation (3,043) (3,218)
Net assets 75,893 59,831
Capital and reserves
Called up share capital 1 1
Profit and loss account 75,892 59,830
Shareholders' funds 75,893 59,831
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
…………………………….
K R Williams
Director
Approved by the board on 12 July 2024
K Williams Motorcycles Limited
Notes to the Accounts
For the Year Ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents the value, net of value added tax, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property improvements 10% straight line
Plant and machinery 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and net realisable value.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Government grants received as compensation for expenses or losses incurred are recognised in income when receivable.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company
(excluding directors) - 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2022 7,841 32,768 3,500 44,109
Additions - 1,101 - 1,101
At 30 November 2023 7,841 33,869 3,500 45,210
Depreciation
At 1 December 2022 7,056 17,304 2,023 26,383
Charge for the year 785 1,656 369 2,810
At 30 November 2023 7,841 18,960 2,392 29,193
Net book value
At 30 November 2023 - 14,909 1,108 16,017
At 30 November 2022 785 15,464 1,477 17,726
4 Debtors 2023 2022
£ £
Trade debtors 2,286 2,280
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 11,934 7,963
Taxation and social security costs 6,097 7,233
Directors loan 9,227 8,547
27,258 23,743
6 Related party transactions
At the balance sheet date the Company owed the Director the sum of £9,227 (2022: £8,547 owed to the Director) in respect of an interest free loan.
During the year the Company leased its trading premises from the Director. The total rent paid to the Director in the year was £6,000.
A Dividend of £1,000 was paid to the Director during the year.
7 Controlling party
The company is controlled by the Director.
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