Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312024-05-20The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalsefalse122023-01-01No description of principal activity11 03085869 2023-01-01 2023-12-31 03085869 2022-01-01 2022-12-31 03085869 2023-12-31 03085869 2022-12-31 03085869 c:Director1 2023-01-01 2023-12-31 03085869 c:Director2 2023-01-01 2023-12-31 03085869 d:Buildings 2023-01-01 2023-12-31 03085869 d:Buildings 2023-12-31 03085869 d:Buildings 2022-12-31 03085869 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:PlantMachinery 2023-01-01 2023-12-31 03085869 d:PlantMachinery 2023-12-31 03085869 d:PlantMachinery 2022-12-31 03085869 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:MotorVehicles 2023-01-01 2023-12-31 03085869 d:MotorVehicles 2023-12-31 03085869 d:MotorVehicles 2022-12-31 03085869 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:FurnitureFittings 2023-01-01 2023-12-31 03085869 d:FurnitureFittings 2023-12-31 03085869 d:FurnitureFittings 2022-12-31 03085869 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:OfficeEquipment 2023-01-01 2023-12-31 03085869 d:OfficeEquipment 2023-12-31 03085869 d:OfficeEquipment 2022-12-31 03085869 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03085869 d:CurrentFinancialInstruments 2023-12-31 03085869 d:CurrentFinancialInstruments 2022-12-31 03085869 d:Non-currentFinancialInstruments 2023-12-31 03085869 d:Non-currentFinancialInstruments 2022-12-31 03085869 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03085869 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03085869 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03085869 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03085869 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03085869 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 03085869 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03085869 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03085869 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 03085869 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 03085869 d:ShareCapital 2023-12-31 03085869 d:ShareCapital 2022-12-31 03085869 d:CapitalRedemptionReserve 2023-12-31 03085869 d:CapitalRedemptionReserve 2022-12-31 03085869 d:RetainedEarningsAccumulatedLosses 2023-12-31 03085869 d:RetainedEarningsAccumulatedLosses 2022-12-31 03085869 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 03085869 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 03085869 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03085869 c:OrdinaryShareClass1 2023-12-31 03085869 c:OrdinaryShareClass1 2022-12-31 03085869 c:FRS102 2023-01-01 2023-12-31 03085869 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03085869 c:FullAccounts 2023-01-01 2023-12-31 03085869 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03085869 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 03085869 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 03085869 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 03085869 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 03085869 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03085869 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03085869 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03085869 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03085869 2 2023-01-01 2023-12-31 03085869 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 03085869 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 03085869 d:LeasedAssetsHeldAsLessee 2023-12-31 03085869 d:LeasedAssetsHeldAsLessee 2022-12-31 03085869 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 03085869














KENT AUTO DEVELOPMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023

 
KENT AUTO DEVELOPMENTS LIMITED
REGISTERED NUMBER:03085869

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note

Fixed assets
  

Tangible assets
 4 
457,862
346,178

Current assets
  

Stocks
  
95,440
100,000

Debtors: amounts falling due within one year
 5 
35,583
71,096

Cash at bank and in hand
 6 
17,234
209,732

  
148,257
380,828

Creditors: amounts falling due within one year
 7 
(138,497)
(201,541)

Net current assets
  
 
 
9,760
 
 
179,287

Total assets less current liabilities
  
467,622
525,465

Creditors: amounts falling due after more than one year
 8 
(57,277)
(122,757)

Provisions for liabilities
  

Deferred tax
 12 
(37,318)
(98,194)

Net assets
  
£373,027
£304,514


Capital and reserves
  

Called up share capital 
  
167
167

Capital redemption reserve
  
20,000
20,000

Profit and loss account
  
352,860
284,347

  
£373,027
£304,514


Page 1

 
KENT AUTO DEVELOPMENTS LIMITED
REGISTERED NUMBER:03085869

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 May 2024.




___________________________
Mr C Woollard
___________________________
Mr P Woollard
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
KENT AUTO DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kent Auto Developments Limited is a private company limited by shares incorporated in England and Wales. The company registration number is 03085869. The registered office address of the company is Brooker Farm, Newchurch, Romney Marsh, Kent, TN29 0DT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
KENT AUTO DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KENT AUTO DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
land not depreciated
Plant and machinery
-
16.7% - 25% reducing balance basis
Motor vehicles
-
25% reducing balance basis
Fixtures and fittings
-
20% reducing balance basis
Office equipment
-
20% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
KENT AUTO DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts
Page 6

 
KENT AUTO DEVELOPMENTS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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

Page 7

 
KENT AUTO DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total



Cost or valuation


At 1 January 2023
49,848
848,336
61,759
13,673
4,384
978,000


Additions
-
235,568
-
-
-
235,568



At 31 December 2023

49,848
1,083,904
61,759
13,673
4,384
1,213,568



Depreciation


At 1 January 2023
-
584,473
32,653
12,495
2,201
631,822


Charge for the year on owned assets
-
113,304
9,910
235
435
123,884



At 31 December 2023

-
697,777
42,563
12,730
2,636
755,706



Net book value



At 31 December 2023
£49,848
£386,127
£19,196
£943
£1,748
£457,862



At 31 December 2022
£49,848
£263,863
£29,106
£1,178
£2,183
£346,178

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022



Plant and machinery
168,710
154,946

£168,710
£154,946


5.


Debtors

2023
2022


Trade debtors
30,830
45,733

Prepayments and accrued income
4,753
5,197

Tax recoverable
-
20,166

£35,583
£71,096


Page 8

 
KENT AUTO DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022

Cash at bank and in hand
17,234
209,732

Less: bank overdrafts
(65)
(18,537)

£17,169
£191,195



7.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
65
18,537

Bank loans
3,000
3,000

Trade creditors
34,804
56,148

Other taxation and social security
21,421
21,237

Obligations under finance lease and hire purchase contracts
62,480
69,417

Other creditors
13,393
29,331

Accruals and deferred income
3,334
3,871

£138,497
£201,541



8.


Creditors: Amounts falling due after more than one year

2023
2022

Bank loans
8,500
11,500

Net obligations under finance leases and hire purchase contracts
48,777
111,257

£57,277
£122,757


Page 9

 
KENT AUTO DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022

Amounts falling due within one year

Bank loans
3,000
3,000

Amounts falling due 1-2 years

Bank loans
3,000
3,000

Amounts falling due 2-5 years

Bank loans
5,500
6,000

Amounts falling due after more than 5 years

Bank loans
-
2,500

£11,500
£14,500



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022


Within one year
62,480
69,417

Between 1-5 years
48,777
111,257

£111,257
£180,674

Obligations under finance leases and hire purchase contracts are secured on the assets concerned.


11.


Financial instruments

2023
2022

Financial assets


Financial assets measured at fair value through profit or loss
£17,234
£209,732




Financial assets measured at fair value through profit or loss comprise bank and cash in hand.

Page 10

 
KENT AUTO DEVELOPMENTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Deferred taxation




2023





At beginning of year
98,194


Charged to profit or loss
(60,876)



At end of year
£37,318

The provision for deferred taxation is made up as follows:

2023
2022


Accelerated capital allowances
101,337
98,194

Tax losses carried forward
(64,019)
-

£37,318
£98,194


13.


Share capital

2023
2022
Allotted, called up and fully paid



67 (2022 - 67) Ordinary B shares of £1.00 each
67
67
100 (2022 - 100) Ordinary A shares of £1.00 each
100
100

£167

£167



14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,716 (2022 - £7,471). Contributions totalling £1,723 (2022 - £3,251) were payable to the fund at the balance sheet date and are included in creditors.

Page 11