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Registered number: 00742527
Kirks Garage Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Martin Nye Limited
Chartered Certified Accountants
186 High Street
Winslow
Buckinghamshire
MK18 3DQ
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00742527
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 179,995 130,101
179,995 130,101
CURRENT ASSETS
Debtors 5 612 603
Cash at bank and in hand 10,065 23,536
10,677 24,139
Creditors: Amounts Falling Due Within One Year 6 (71,425 ) (91,575 )
NET CURRENT ASSETS (LIABILITIES) (60,748 ) (67,436 )
TOTAL ASSETS LESS CURRENT LIABILITIES 119,247 62,665
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (19,338 ) (5,647 )
NET ASSETS 99,909 57,018
CAPITAL AND RESERVES
Called up share capital 9 1,875 1,875
Capital redemption reserve 1,875 1,875
Fair Value Reserve 10 143,016 106,805
Profit and Loss Account (46,857 ) (53,537 )
SHAREHOLDERS' FUNDS 99,909 57,018
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Miss Marie Miller
Director
22nd August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kirks Garage Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00742527 . The registered office is 186 High Street, Winslow, Buckinghamshire, MK18 3DQ. The presentation currency is £ Sterling rounded to the nearest £1.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 10% Reducing Balance
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 2
3 2
Page 3
Page 4
4. Tangible Assets
Investment Properties Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 December 2022 130,000 6,781 1,957 138,738
Revaluation 49,905 - - 49,905
As at 30 November 2023 179,905 6,781 1,957 188,643
Depreciation
As at 1 December 2022 - 6,759 1,878 8,637
Provided during the period - 3 8 11
As at 30 November 2023 - 6,762 1,886 8,648
Net Book Value
As at 30 November 2023 179,905 19 71 179,995
As at 1 December 2022 130,000 22 79 130,101
The investment property was revalued during the year ended 30th November 2013 to its fair value of £130,000, during the year ended 30th November 2023, the investment property was revalued to £179,905. The historical cost of the property was £32,071. Investment property is not depreciated. The revaluation has been taken to a non-distributable fair value reserve, together with the historic accumulated depreciation and the deferred taxation due should the asset be sold at its revalued amount.
5. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 382 373
Other debtors 230 230
612 603
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax 3,119 1,541
VAT 510 238
Accruals and deferred income 1,360 1,360
Directors' loan accounts 66,436 88,436
71,425 91,575
7. Deferred Taxation
The provision for deferred taxation is made up of the following:
2023 2022
£ £
Accelerated capital allowances 20 23
Other timing differences 19,318 5,624
19,338 5,647
Page 4
Page 5
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 December 2022 5,647 5,647
Additions 13,694 13,694
Reversals (3 ) (3)
Balance at 30 November 2023 19,338 19,338
9. Share Capital
2023 2022
Allotted, called up and fully paid £ £
1,875 Ordinary Shares of £ 1.000 each 1,875 1,875
10. Reserves
Fair Value Reserve
£
As at 1 December 2022 106,805
Transfer to profit and loss 36,211
As at 30 November 2023 143,016
The fair value reserve is in respect of revaluation of investment property to its fair value, net of deferred taxation. Full taxation provision has been made with indexation to 31st December 2017, no indexation is available after that date. The fair value reserve is a non-distributable reserve as the profits are unrealised.
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