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COMPANY REGISTRATION NUMBER: 12374042
KSR Automotive Scunthorpe Ltd
Filleted Financial Statements
For the year ended
31 December 2023
KSR Automotive Scunthorpe Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
594
840
Current assets
Debtors
6
37,282
4,609
Cash at bank and in hand
4,106
13,766
--------
--------
41,388
18,375
Creditors: amounts falling due within one year
7
( 41,839)
( 37,013)
--------
--------
Net current liabilities
( 451)
( 18,638)
----
--------
Total assets less current liabilities
143
( 17,798)
----
--------
Net assets/(liabilities)
143
( 17,798)
----
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
142
( 17,799)
----
--------
Shareholder funds/(deficit)
143
( 17,798)
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:
E Wheatman
Director
Company registration number: 12374042
KSR Automotive Scunthorpe Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queensway Business Centre, Dunlop Way, Scunthorpe, Lincolnshire, DN16 3RN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The director has received confirmation of continued financial support from the group, such that the director believes that the company has adequate resources to continue in operational existence for the foreseeable future. The director therefore considers that it is appropriate to prepare the financial statements on the going concern basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 January 2023 and 31 December 2023
983
----
Depreciation
At 1 January 2023
143
Charge for the year
246
----
At 31 December 2023
389
----
Carrying amount
At 31 December 2023
594
----
At 31 December 2022
840
----
6. Debtors
2023
2022
£
£
Trade debtors
36,653
Other debtors
629
4,609
--------
-------
37,282
4,609
--------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
109
Amounts owed to group undertakings
33,394
28,550
Other creditors
8,445
8,354
--------
--------
41,839
37,013
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
4,826
5,265
Later than 1 year and not later than 5 years
4,826
-------
--------
4,826
10,091
-------
--------
9. Summary audit opinion
The auditor's report dated 4 September 2024 was unqualified .
The senior statutory auditor was Robert Anderson , for and on behalf of Streets Audit LLP .
10. Related party transactions
Other group entities During the year, the company raised net invoices to other group entities of £142,508 (2022 - £134,650) and the company received net invoices from other group entities of £112,792 (2022 - £26,224). The total amount owed to other group entities at 31 December 2023 is £33,394 (2022 - £28,550).
11. Controlling party
The immediate and ultimate parent undertaking and controlling party is KSR International Co, which prepares group financial statements. The registered office is 95 Erie Street South, Ridgetown, Ontario, Canada, N0P 2C0.