REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
K.S. CAR ELECTRICS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
K.S. CAR ELECTRICS LIMITED |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
K.S. CAR ELECTRICS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
www.michaelfiliou.com |
Salisbury House |
81 High Street |
Potters Bar |
Hertfordshire |
EN6 5AS |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
K.S. Car Electrics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about K.S. Car Electrics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the value of rental income chargeable in respect of the company's investment properties. Turnover is recognised evenly over the period of the rental agreement. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 January 2023 |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Salisbury House, 81 High Street, Potters Bar, Hertfordshire EN6 5AS |
Nature of business: |
% |
Class of shares: | holding |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 February 2023 |
Additions |
Disposals | ( |
) |
Revaluations | 3,577,463 |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 January 2023 |
In March 2023, the company sold all of its investment properties to its wholly owned subsidiaries at their market values totalling £3,685,000. The loans owed to the company of £3,685,000 that this sale created were waived and fully written off in the books of the company and its three wholly owned subsidiaries, GMAKS Enterprises Ltd, Cadenza Holdings Ltd and NCKG Ltd at £1,070,000, £1,115,000 and £1,500,000 respectively. |
Fair value at 31 March 2024 is represented by: |
£ |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation |
Social security and other taxes |
Other creditors |
Directors' current accounts | 1,535 | 13,600 |
Accrued expenses |
K.S. CAR ELECTRICS LIMITED (REGISTERED NUMBER: 01092376) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 FEBRUARY 2023 TO 31 MARCH 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
NIL | Ordinary | £1 | - | 100 |
(2023 - 100 ) |
NIL | A Ordinary | £1 | - | 100 |
(2023 - 100 ) |
NIL | B Ordinary | £1 | - | 150 |
(2023 - 150 ) |
A1 Ordinary | £1 | 75 | - |
A2 Ordinary | £1 | 7 | - |
78 | B1 Ordinary | £1 | 78 | - |
7 | B2 Ordinary | £1 | 7 | - |
105 | C1 Ordinary | £1 | 105 | - |
9 | C2 Ordinary | £1 | 9 | - |
69 | D Ordinary | £1 | 69 | - |
350 | 350 |
On 13 March 2023, all 100 Ordinary A shares of £1 each and 150 Ordinary B shares of £1 each were redesignated as Ordinary shares of £1 each. |
Then, on 20 March 2023, all the 350 Ordinary shares of £1 each were redesignated as 75 A1 Ordinary shares of £1 each, 7 A2 Ordinary shares of £1 each, 78 B1 Ordinary shares of £1 each, 7 B2 Ordinary shares of £1 each, 105 C1 Ordinary shares of £1 each, 9 C2 Ordinary shares of £1 each and 69 D Ordinary shares of £1 each. |
11. | ULTIMATE CONTROLLING PARTY |
There is no one single controlling party. |