Company registration number 10476561 (England and Wales)
MICHAEL KIERNAN CARS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MICHAEL KIERNAN CARS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MICHAEL KIERNAN CARS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,877
19,679
Current assets
Stocks
134,872
154,143
Debtors
4
16,276
3,905
Cash at bank and in hand
145,805
112,061
296,953
270,109
Creditors: amounts falling due within one year
5
(223,036)
(224,183)
Net current assets
73,917
45,926
Total assets less current liabilities
87,794
65,605
Provisions for liabilities
(3,469)
(4,870)
Net assets
84,325
60,735
Capital and reserves
Called up share capital
6
400
400
Profit and loss reserves
83,925
60,335
Total equity
84,325
60,735

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 December 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 20 September 2024
D Kiernan
Director
Company registration number 10476561 (England and Wales)
MICHAEL KIERNAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Michael Kiernan Cars Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.

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
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% Straight line
Computers
20% Straight line
Motor vehicles
20% Straight line

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

MICHAEL KIERNAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

MICHAEL KIERNAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
29,013
Depreciation and impairment
At 1 January 2023
9,334
Depreciation charged in the year
5,802
At 31 December 2023
15,136
Carrying amount
At 31 December 2023
13,877
At 31 December 2022
19,679
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,048
-
0
Prepayments and accrued income
4,228
3,905
16,276
3,905
MICHAEL KIERNAN CARS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
18,295
34,037
Corporation tax
27,263
9,985
Other taxation and social security
24,955
20,692
Other creditors
147,523
155,469
Accruals and deferred income
5,000
4,000
223,036
224,183
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
100
100
100
100
Ordinary C shares of £1 each
100
100
100
100
Ordinary D shares of £1 each
100
100
100
100
400
400
400
400
7
Related party transactions

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Key management personnel
147,523
155,269

The amounts owed to key management personnel shown above, relate to unsecured loans carrying no interest and are repayable on demand.

2023-12-312023-01-01false20 September 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityD Kiernanfalsefalsetrue104765612023-01-012023-12-31104765612023-12-31104765612022-12-3110476561core:OtherPropertyPlantEquipment2023-12-3110476561core:OtherPropertyPlantEquipment2022-12-3110476561core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3110476561core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110476561core:CurrentFinancialInstruments2023-12-3110476561core:CurrentFinancialInstruments2022-12-3110476561core:ShareCapital2023-12-3110476561core:ShareCapital2022-12-3110476561core:RetainedEarningsAccumulatedLosses2023-12-3110476561core:RetainedEarningsAccumulatedLosses2022-12-3110476561bus:Director12023-01-012023-12-3110476561core:FurnitureFittings2023-01-012023-12-3110476561core:ComputerEquipment2023-01-012023-12-3110476561core:MotorVehicles2023-01-012023-12-311047656112023-01-012023-12-31104765612022-01-012022-12-3110476561core:OtherPropertyPlantEquipment2022-12-3110476561core:OtherPropertyPlantEquipment2023-01-012023-12-3110476561bus:OrdinaryShareClass12023-01-012023-12-3110476561bus:OrdinaryShareClass22023-01-012023-12-3110476561bus:OrdinaryShareClass32023-01-012023-12-3110476561bus:OrdinaryShareClass42023-01-012023-12-3110476561bus:OrdinaryShareClass12023-12-3110476561bus:OrdinaryShareClass12022-12-3110476561bus:OrdinaryShareClass22023-12-3110476561bus:OrdinaryShareClass22022-12-3110476561bus:OrdinaryShareClass32023-12-3110476561bus:OrdinaryShareClass32022-12-3110476561bus:OrdinaryShareClass42023-12-3110476561bus:OrdinaryShareClass42022-12-3110476561bus:OrdinaryShareClass12022-01-012022-12-3110476561bus:OrdinaryShareClass22022-01-012022-12-3110476561bus:OrdinaryShareClass32022-01-012022-12-3110476561bus:OrdinaryShareClass42022-01-012022-12-3110476561bus:PrivateLimitedCompanyLtd2023-01-012023-12-3110476561bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3110476561bus:FRS1022023-01-012023-12-3110476561bus:AuditExemptWithAccountantsReport2023-01-012023-12-3110476561bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP