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Company registration number: 07977478
KAYS AUTOSPECIALISTS LIMITED
Unaudited financial statements
31 March 2024
KAYS AUTOSPECIALISTS LIMITED
Contents
Directors and other information
Director's report
Accountant's report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
KAYS AUTOSPECIALISTS LIMITED
Directors and other information
Director Mr A. Shepherd
Company number 07977478
Registered office 15 Lampits Hill
Corringham
Essex
SS17 9AA
Business address Kings Road
Charfleets Industrial Estate
Canvey Island
Essex
SS8 0RA
Accountant A.W. Fenn & Co
15 Lampits Hill
Corringham
Essex
SS17 9AA
Bankers Lloyds TSB
Grover Walk
Corringham
Essex
KAYS AUTOSPECIALISTS LIMITED
Director's report
Year ended 31st March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31st March 2024.
Director
The director who served the company during the year was as follows:
Mr A. Shepherd
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 August 2024 and signed on behalf of the board by:
Mr A. Shepherd
Director
KAYS AUTOSPECIALISTS LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of KAYS AUTOSPECIALISTS LIMITED
Year ended 31st March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of KAYS AUTOSPECIALISTS LIMITED for the year ended 31st March 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of KAYS AUTOSPECIALISTS LIMITED, as a body, in accordance with the terms of my engagement letter dated 12th October 2021. My work has been undertaken solely to prepare for your approval the financial statements of KAYS AUTOSPECIALISTS LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than KAYS AUTOSPECIALISTS LIMITED and its director as a body for my work or for this report.
It is your duty to ensure that KAYS AUTOSPECIALISTS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KAYS AUTOSPECIALISTS LIMITED. You consider that KAYS AUTOSPECIALISTS LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of KAYS AUTOSPECIALISTS LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
A.W. Fenn & Co
Chartered Certified Accountants
15 Lampits Hill
Corringham
Essex
SS17 9AA
22nd August 2024
KAYS AUTOSPECIALISTS LIMITED
Statement of comprehensive income
Year ended 31st March 2024
2024 2023
Note £ £
Turnover 4,532,165 4,497,724
Cost of sales ( 1,981,655) ( 2,049,541)
_______ _______
Gross profit 2,550,510 2,448,183
Administrative expenses ( 1,636,175) ( 1,526,413)
_______ _______
Operating profit 914,335 921,770
Other interest receivable and similar income 22,409 1,876
_______ _______
Profit before taxation 5 936,744 923,646
Tax on profit ( 431,677) -
_______ _______
Profit for the financial year and total comprehensive income 505,067 923,646
_______ _______
All the activities of the company are from continuing operations.
KAYS AUTOSPECIALISTS LIMITED
Statement of financial position
31st March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 1,114,836 1,310,605
_______ _______
1,114,836 1,310,605
Current assets
Stocks 385,000 350,000
Debtors 8 69,049 56,816
Cash at bank and in hand 2,335,263 1,462,746
_______ _______
2,789,312 1,869,562
Creditors: amounts falling due
within one year 9 ( 362,236) ( 109,171)
_______ _______
Net current assets 2,427,076 1,760,391
_______ _______
Total assets less current liabilities 3,541,912 3,070,996
Provisions for liabilities - ( 3,076)
_______ _______
Net assets 3,541,912 3,067,920
_______ _______
Capital and reserves
Called up share capital 104,145 104,145
Revaluation reserve 672,500 672,500
Capital redemption reserve 104,145 104,145
Profit and loss account 2,661,122 2,187,130
_______ _______
Shareholder funds 3,541,912 3,067,920
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr A. Shepherd
Director
Company registration number: 07977478
KAYS AUTOSPECIALISTS LIMITED
Statement of changes in equity
Year ended 31st March 2024
Called up share capital Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £
At 1st April 2022 208,290 672,500 - 2,053,640 2,934,430
Profit for the year 923,646 923,646
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 923,646 923,646
Dividends paid and payable ( 40,156) ( 40,156)
Redemption of shares ( 104,145) 104,145 ( 750,000) ( 750,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners ( 104,145) - 104,145 ( 790,156) ( 790,156)
_______ _______ _______ _______ _______
At 31st March 2023 and 1st April 2023 104,145 672,500 104,145 2,187,130 3,067,920
Profit for the year 505,067 505,067
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 505,067 505,067
Dividends paid and payable ( 31,075) ( 31,075)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 31,075) ( 31,075)
_______ _______ _______ _______ _______
At 31st March 2024 104,145 672,500 104,145 2,661,122 3,541,912
_______ _______ _______ _______ _______
KAYS AUTOSPECIALISTS LIMITED
Notes to the financial statements
Year ended 31st March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Lampits Hill, Corringham, Essex, SS17 9AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - written off over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 10% straightline balance basis
Plant and machinery - 25% reducing balance basis
Fittings fixtures and equipment - 25% reducing balance basis
Motor vehicles - 25% reducing balance basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2023: 21 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 272,004 269,785
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1st April 2023 and 31st March 2024 115,943 115,943
_______ _______
Amortisation
At 1st April 2023 and 31st March 2024 115,943 115,943
_______ _______
Carrying amount
At 31st March 2024 - -
_______ _______
At 31st March 2023 - -
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st April 2023 1,497,500 108,989 410,483 303,599 2,320,571
Additions - 971 ( 30,356) 70,765 41,380
_______ _______ _______ _______ _______
At 31st March 2024 1,497,500 109,960 380,127 374,364 2,361,951
_______ _______ _______ _______ _______
Depreciation
At 1st April 2023 547,000 82,974 275,563 104,429 1,009,966
Charge for the year 149,750 6,747 - 80,652 237,149
_______ _______ _______ _______ _______
At 31st March 2024 696,750 89,721 275,563 185,081 1,247,115
_______ _______ _______ _______ _______
Carrying amount
At 31st March 2024 800,750 20,239 104,564 189,283 1,114,836
_______ _______ _______ _______ _______
At 31st March 2023 950,500 26,015 134,920 199,170 1,310,605
_______ _______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 3,520 -
Other debtors 65,529 56,816
_______ _______
69,049 56,816
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 65,043 55,784
Corporation tax 289,563 -
Social security and other taxes - 23,338
Other creditors 7,630 30,049
_______ _______
362,236 109,171
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 925 925
Later than 1 year and not later than 5 years 3,471 4,396
_______ _______
4,396 5,321
_______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Sales to Lazy Sheep Company Ltd 31,496 -
Purchases from Lazy Sheep Company Ltd 49,875 25,262
_______ _______
The above transactions are with a company that has a common director and shareholder. The company also paid dividends totalling £31,075 (2023 £40,156) during this year, the serving director receives dividends.
12. Controlling party
The company is controlled by its director.