Registered number
08372078
Kings Norton Body Repairs Limited
Filleted Accounts
31 January 2024
Kings Norton Body Repairs Limited
Registered number: 08372078
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,759 15,170
Current assets
Stocks 52,174 82,770
Debtors 4 71,095 33,763
123,269 116,533
Creditors: amounts falling due within one year 5 (74,368) (74,973)
Net current assets 48,901 41,560
Total assets less current liabilities 64,660 56,730
Creditors: amounts falling due after more than one year 6 (21,047) (37,576)
Net assets 43,613 19,154
Capital and reserves
Called up share capital 100 100
Profit and loss account 43,513 19,054
Shareholders' funds 43,613 19,154
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Simon Keyte
Director
Approved by the board on 2 May 2024
Kings Norton Body Repairs Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2023 6,554 58,203 64,757
Additions 2,018 11,349 13,367
Disposals - (8,000) (8,000)
At 31 January 2024 8,572 61,552 70,124
Depreciation
At 1 February 2023 5,010 44,577 49,587
Charge for the year 534 4,244 4,778
At 31 January 2024 5,544 48,821 54,365
Net book value
At 31 January 2024 3,028 12,731 15,759
At 31 January 2023 1,544 13,626 15,170
4 Debtors 2024 2023
£ £
Trade debtors 66,095 28,763
Other debtors 5,000 5,000
71,095 33,763
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,441 14,510
Trade creditors 45,722 33,597
Taxation and social security costs 22,465 26,126
Other creditors 740 740
74,368 74,973
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,863 31,577
Other creditors 184 5,999
21,047 37,576
7 Other information
Kings Norton Body Repairs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Waterside Business Park
1649 Pershore Road
Birmingham
West Midlands
B30 3DR
Kings Norton Body Repairs Limited 08372078 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Simon Keyte No description of principal activity 08372078 2022-02-01 2023-01-31 08372078 core:WithinOneYear 2023-01-31 08372078 core:AfterOneYear 2023-01-31 08372078 core:ShareCapital 2023-01-31 08372078 core:RetainedEarningsAccumulatedLosses 2023-01-31 08372078 2023-02-01 2024-01-31 08372078 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08372078 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08372078 bus:Director40 2023-02-01 2024-01-31 08372078 1 2023-02-01 2024-01-31 08372078 2 2023-02-01 2024-01-31 08372078 core:LandBuildings 2023-02-01 2024-01-31 08372078 core:PlantMachinery 2023-02-01 2024-01-31 08372078 countries:England 2023-02-01 2024-01-31 08372078 bus:FRS102 2023-02-01 2024-01-31 08372078 bus:FilletedAccounts 2023-02-01 2024-01-31 08372078 2024-01-31 08372078 core:WithinOneYear 2024-01-31 08372078 core:AfterOneYear 2024-01-31 08372078 core:ShareCapital 2024-01-31 08372078 core:RetainedEarningsAccumulatedLosses 2024-01-31 08372078 core:LandBuildings 2024-01-31 08372078 core:PlantMachinery 2024-01-31 08372078 2023-01-31 08372078 core:LandBuildings 2023-01-31 08372078 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure