Company registration number 10320636 (England and Wales)
KELLY'S NATIONWIDE CARS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
KELLY'S NATIONWIDE CARS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KELLY'S NATIONWIDE CARS LTD
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,507
11,476
Current assets
Debtors
4
2,180
168
Cash at bank and in hand
3,443
2,635
5,623
2,803
Creditors: amounts falling due within one year
5
(48,405)
(45,592)
Net current liabilities
(42,782)
(42,789)
Total assets less current liabilities
(36,275)
(31,313)
Creditors: amounts falling due after more than one year
6
(16,837)
(19,485)
Net liabilities
(53,112)
(50,798)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
(54,112)
(51,798)
Total equity
(53,112)
(50,798)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Haseeb Khan
Director
Company registration number 10320636 (England and Wales)
KELLY'S NATIONWIDE CARS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Kelly's Nationwide Cars Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 152-154 Victoria Road, Aston, Birmingham, West Midlands, UK, B6 5HL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Motor vehicles
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Government grants
Coronavirus Job Retention Scheme grant was received during the previous year and recognised in other operating income.
KELLY'S NATIONWIDE CARS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 September 2022 and 31 August 2023
11,520
13,325
24,845
Depreciation and impairment
At 1 September 2022
7,162
6,207
13,369
Depreciation charged in the year
2,304
2,665
4,969
At 31 August 2023
9,466
8,872
18,338
Carrying amount
At 31 August 2023
2,054
4,453
6,507
At 31 August 2022
4,358
7,118
11,476
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
86
Other debtors
2,094
168
2,180
168
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,648
2,703
Trade creditors
1,579
Taxation and social security
39,748
24,644
Other creditors
4,430
18,245
48,405
45,592
KELLY'S NATIONWIDE CARS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,837
19,485
7
Ultimate Controlling Party
The controlling party is Haseeb Khan.