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REGISTERED NUMBER: 01402912 (England and Wales)





















REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


FOR


KRIS MOTOR SPARES LIMITED


KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023











Page



Company Information  

1



Report of the Director  

2



Income Statement  

3



Balance Sheet  

4



Notes to the Financial Statements

6




KRIS MOTOR SPARES LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2023









DIRECTOR:

V C Krishnani





SECRETARY:

V C Krishnani





REGISTERED OFFICE:

50 Seymour Street


London


W1H 7JG





REGISTERED NUMBER:

01402912 (England and Wales)





ACCOUNTANTS:

Orcom Civvals Limited


Accountants


50 Seymour Street


London


W1H 7JG





BANKERS:

Bank of Baroda


Southall Branch


86 The Broadway


Southall


Middlesex


UB1 1QD


KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 NOVEMBER 2023



The director presents his report with the financial statements of the company for the year ended 30 November 2023.  


DIRECTORS

V C Krishnani has held office during the whole of the period from 1 December 2022 to the date of this report.


Other changes in directors holding office are as follows:


P C Krishnani - resigned 16 December 2022


This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.


ON BEHALF OF THE BOARD:






V C Krishnani - Director



21 August 2024


KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


INCOME STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023



2023

2022



Notes

£   

£   

£   

£   



TURNOVER

1,775,677


2,131,792




Cost of sales

773,752


818,511



GROSS PROFIT

1,001,925


1,313,281




Distribution costs

37,810


31,372



Administrative expenses

800,455


515,127



838,265

546,499

OPERATING PROFIT

4

163,660


766,782




Income from fixed asset investments

3,753


3,445



Interest receivable and similar income

34,159


4,679



37,912

8,124

201,572


774,906



Amounts written off investments

49,959


-



PROFIT BEFORE TAXATION

151,613


774,906




Tax on profit

61,505


173,002



PROFIT FOR THE FINANCIAL

YEAR

90,108


601,904




KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


BALANCE SHEET

30 NOVEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

5

579,519


244,582



Investments

6

38,441


579,198



617,960


823,780




CURRENT ASSETS

Stocks

381,100


308,400



Debtors

7

207,708


358,517



Cash at bank

951,533


1,137,299



1,540,341


1,804,216



CREDITORS

Amounts falling due within one year

8

150,505


316,019



NET CURRENT ASSETS

1,389,836


1,488,197



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,007,796


2,311,977




CREDITORS

Amounts falling due after more than

one year

9

(21,938

)

(14,227

)



PROVISIONS FOR LIABILITIES

(261,306

)

(261,306

)


NET ASSETS

1,724,552


2,036,444




KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


BALANCE SHEET - continued

30 NOVEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


CAPITAL AND RESERVES

Called up share capital

38,000


71,000



Share premium

10

38,100


38,100



Revaluation reserve

10

39,933


39,933



Capital redemption reserve

10

33,000


-



Retained earnings

10

1,575,519


1,887,411



SHAREHOLDERS' FUNDS

1,724,552


2,036,444




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.  


The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.  


The financial statements were approved by the director and authorised for issue on 21 August 2024 and were signed by:






V C Krishnani - Director



KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023



1.

STATUTORY INFORMATION



Kris Motor Spares Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with 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 as modified by the revaluation of certain assets.    



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery etc

-  

25% on reducing balance and 15% on reducing balance



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


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.


KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



2.

ACCOUNTING POLICIES - continued



Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


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.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 12 (2022 - 11 ) .


4.

OPERATING PROFIT



The operating profit is stated after charging:



2023


2022

£   

£   



Depreciation - owned assets

34,737


33,151




5.

TANGIBLE FIXED ASSETS


Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST OR VALUATION


At 1 December 2022

60,000


662,429


36,784


56,311


815,524




Additions

342,949


-


-


26,725


369,674




At 30 November 2023

402,949


662,429


36,784


83,036


1,185,198




DEPRECIATION


At 1 December 2022

-


498,218


20,097


52,627


570,942




Charge for year

-


24,632


2,503


7,602


34,737




At 30 November 2023

-


522,850


22,600


60,229


605,679




NET BOOK VALUE


At 30 November 2023

402,949


139,579


14,184


22,807


579,519




At 30 November 2022

60,000


164,211


16,687


3,684


244,582




KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



5.

TANGIBLE FIXED ASSETS - continued



Cost or valuation at 30 November 2023 is represented by:



Fixtures



Freehold


Plant and


and


Motor



property


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



Valuation in 2001

9,733


-


-


-


9,733




Valuation in 2009

200,000


-


-


-


200,000




Valuation in 2014

(100,000

)

-


-


-


(100,000

)



Valuation in 2018

(60,000

)

-


-


-


(60,000

)



Cost

353,216


662,429


36,784


83,036


1,135,465



402,949


662,429


36,784


83,036


1,185,198




6.

FIXED ASSET INVESTMENTS


Listed


Unlisted



investments


investments


Totals

£   

£   

£   



COST


At 1 December 2022

529,198


50,000


579,198




Additions

10,158


-


10,158




Disposals

(500,956

)

-


(500,956

)



Impairments

-


(49,959

)

(49,959

)



At 30 November 2023

38,400


41


38,441




NET BOOK VALUE


At 30 November 2023

38,400


41


38,441




At 30 November 2022

529,198


50,000


579,198




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

134,341


280,283




Other debtors

73,367


78,234



207,708


358,517




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Hire purchase contracts

13,024


10,000




Trade creditors

45,294


116,944




Taxation and social security

79,850


158,061




Other creditors

12,337


31,014



150,505


316,019




KRIS MOTOR SPARES LIMITED (REGISTERED NUMBER: 01402912)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023



9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN

ONE YEAR


2023

2022


£   

£   



Hire purchase contracts

21,938


14,227




Hire purchase contracts are repayable monthly over a three year period and are interest free.

10.

RESERVES


Capital



Retained


Share


Revaluation


redemption



earnings


premium


reserve


reserve


Totals

£   

£   

£   

£   

£   




At 1 December 2022

1,887,411


38,100


39,933


-


1,965,444




Profit for the year

90,108


90,108




Purchase of own shares

(402,000

)

-


-


33,000


(369,000

)



At 30 November 2023

1,575,519


38,100


39,933


33,000


1,686,552




11.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES


The company rents on normal commercial terms two yards from the directors of the company. The amount paid for rents during the year amounted to £60,000 (2022: £42,000).

The directors overdrawn loan account was full discharged within 9 months after the year.