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REGISTERED NUMBER: NI641342 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

KNIGHTSBRIDGECARSNI LIMITED

KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KNIGHTSBRIDGECARSNI LIMITED

Company Information
for the Year Ended 31 October 2023







DIRECTOR: C Forsythe





REGISTERED OFFICE: 37 Knightsbridge
Lisburn
Co. Antrim
BT28 3DG





REGISTERED NUMBER: NI641342 (Northern Ireland)





ACCOUNTANTS: Toman Accountancy Services Ltd
Unit HF 9, Twin Spires Complex
Howard Buildings
155 Northumberland Street
Belfast
Antrim
BT13 2JF

KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)

Statement of Financial Position
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,590 14,148

CURRENT ASSETS
Stocks 187,804 217,464
Debtors 5 1,633 2,624
Cash at bank and in hand 29,609 84,755
219,046 304,843
CREDITORS
Amounts falling due within one year 6 75,602 138,603
NET CURRENT ASSETS 143,444 166,240
TOTAL ASSETS LESS CURRENT
LIABILITIES

154,034

180,388

CREDITORS
Amounts falling due after more than one
year

7

(34,668

)

(44,678

)

PROVISIONS FOR LIABILITIES (2,012 ) (3,224 )
NET ASSETS 117,354 132,486

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 117,254 132,386
SHAREHOLDERS' FUNDS 117,354 132,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)

Statement of Financial Position - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 31 October 2024 and were signed by:





C Forsythe - Director


KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

KNIGHTSBRIDGECARSNI LIMITED is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In preparing these financial statements the director has made the following judgements:

The director determines whether there are indicators of impairment of the company's tangible fixed assets. Factors taken considered include economic viability and expected future performance of the assets and the business in general.

Estimates are made in respect of the recoverable value of stock and the need for impairment provisions. These considerations are undertaken regularly by the director, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
All financial statements of the company are considered to meet the definition of basic financial instruments.

-Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

-Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issues costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowing are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

KNIGHTSBRIDGECARSNI LIMITED (Registered number: NI641342)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022
and 31 October 2023 23,477 707 24,184
DEPRECIATION
At 1 November 2022 9,606 430 10,036
Charge for year 3,467 91 3,558
At 31 October 2023 13,073 521 13,594
NET BOOK VALUE
At 31 October 2023 10,404 186 10,590
At 31 October 2022 13,871 277 14,148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 534 1,525
Other debtors 1,099 1,099
1,633 2,624

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 9,413 4,770
Taxation and social security 29,183 46,605
Other creditors 37,006 87,228
75,602 138,603

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 34,668 44,678

8. ULTIMATE CONTROLLING PARTY

The controlling party is C Forsythe.