Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue2022-09-01falseSale of used cars and light motor vehicles2223false 08190136 2022-09-01 2023-08-31 08190136 2021-09-01 2022-08-31 08190136 2023-08-31 08190136 2022-08-31 08190136 c:Director4 2022-09-01 2023-08-31 08190136 d:Buildings 2022-09-01 2023-08-31 08190136 d:Buildings 2023-08-31 08190136 d:Buildings 2022-08-31 08190136 d:Buildings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:PlantMachinery 2022-09-01 2023-08-31 08190136 d:PlantMachinery 2023-08-31 08190136 d:PlantMachinery 2022-08-31 08190136 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:MotorVehicles 2022-09-01 2023-08-31 08190136 d:MotorVehicles 2023-08-31 08190136 d:MotorVehicles 2022-08-31 08190136 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:FurnitureFittings 2022-09-01 2023-08-31 08190136 d:FurnitureFittings 2023-08-31 08190136 d:FurnitureFittings 2022-08-31 08190136 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:OfficeEquipment 2022-09-01 2023-08-31 08190136 d:OfficeEquipment 2023-08-31 08190136 d:OfficeEquipment 2022-08-31 08190136 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08190136 d:CurrentFinancialInstruments 2023-08-31 08190136 d:CurrentFinancialInstruments 2022-08-31 08190136 d:Non-currentFinancialInstruments 2023-08-31 08190136 d:Non-currentFinancialInstruments 2022-08-31 08190136 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08190136 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08190136 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08190136 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08190136 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 08190136 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 08190136 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 08190136 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 08190136 d:ShareCapital 2023-08-31 08190136 d:ShareCapital 2022-08-31 08190136 d:RetainedEarningsAccumulatedLosses 2023-08-31 08190136 d:RetainedEarningsAccumulatedLosses 2022-08-31 08190136 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 08190136 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 08190136 d:TaxLossesCarry-forwardsDeferredTax 2023-08-31 08190136 d:TaxLossesCarry-forwardsDeferredTax 2022-08-31 08190136 d:OtherDeferredTax 2023-08-31 08190136 d:OtherDeferredTax 2022-08-31 08190136 c:FRS102 2022-09-01 2023-08-31 08190136 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08190136 c:FullAccounts 2022-09-01 2023-08-31 08190136 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08190136 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 08190136 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 08190136 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 08190136 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 08190136 2 2022-09-01 2023-08-31 08190136 6 2022-09-01 2023-08-31 08190136 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number:  08190136














KINGSLEY CARS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


 
KINGSLEY CARS LTD
REGISTERED NUMBER: 08190136

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
418,707
489,166

Investments
 5 
100
100

  
418,807
489,266

Current assets
  

Stocks
  
1,223,774
1,339,086

Debtors: amounts falling due within one year
 6 
172,269
124,312

Cash at bank and in hand
 7 
71,076
35,411

  
1,467,119
1,498,809

Creditors: amounts falling due within one year
 8 
(627,947)
(467,430)

Net current assets
  
 
 
839,172
 
 
1,031,379

Total assets less current liabilities
  
1,257,979
1,520,645

Creditors: amounts falling due after more than one year
 9 
(899,084)
(952,327)

Provisions for liabilities
  

Deferred tax
  
(20,473)
(41,716)

  
 
 
(20,473)
 
 
(41,716)

Net assets
  
338,422
526,602


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
338,322
526,502

  
338,422
526,602


Page 1

 
KINGSLEY CARS LTD
REGISTERED NUMBER: 08190136
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Sawbridge
Director

Date: 20 November 2024

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act
2006 and registered in England and Wales (no. 08190136). The address of the registered office is
A40 Eynsham By-Pass,Eynsham,Witney,Oxfordshire,England,OX29 4EF.
These financial statements present information about the company as an individual undertaking. The
principal activity of the company is that of restoration and resale of classic cars. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 4

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 5

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
20%
Plant and machinery
-
20%
Motor vehicles
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2022 - 23).

Page 7

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 September 2022
149,101
360,722
316,590
24,072
14,192


Additions
-
2,730
30,500
-
833



At 31 August 2023

149,101
363,452
347,090
24,072
15,025



Depreciation


At 1 September 2022
66,428
177,201
112,547
12,772
6,564


Charge for the year on owned assets
16,535
37,250
46,909
2,260
1,567



At 31 August 2023

82,963
214,451
159,456
15,032
8,131



Net book value



At 31 August 2023
66,138
149,001
187,634
9,040
6,894



At 31 August 2022
82,673
183,521
204,043
11,300
7,629
Page 8

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 September 2022
864,677


Additions
34,063



At 31 August 2023

898,740



Depreciation


At 1 September 2022
375,512


Charge for the year on owned assets
104,521



At 31 August 2023

480,033



Net book value



At 31 August 2023
418,707



At 31 August 2022
489,166


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
100



At 31 August 2023
100




Page 9

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
151,324
79,296

Other debtors
15,984
40,720

Prepayments and accrued income
4,961
4,296

172,269
124,312



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
71,076
35,411

Less: bank overdrafts
(27,171)
-

43,905
35,411


Page 10

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
27,171
-

Bank loans
50,000
158,000

Other loans
151,734
-

Trade creditors
71,488
57,279

Amounts owed to group undertakings
-
5,308

Other taxation and social security
175,576
61,611

Obligations under finance lease and hire purchase contracts
107,102
48,997

Other creditors
42,376
10,235

Accruals and deferred income
2,500
126,000

627,947
467,430


The following liabilities were secured:

2023
2022
£
£



Bank overdrafts
27,171
-

Bank loans
50,000
158,000

77,171
158,000

Details of security provided:

The bank overdrafts and bank loans are secured by fixed and floating charges held against the assets of the company.
The obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 11

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
100,000
150,000

Other loans
799,084
691,528

Net obligations under finance leases and hire purchase contracts
-
110,799

899,084
952,327


The following liabilities were secured:

2023
2022
£
£



Bank loans
100,000
150,000

Net obligations under finance leases and hire purchase contracts
-
110,799

100,000
260,799

Details of security provided:

The bank overdrafts and bank loans are secured by fixed and floating charges held against the assets of the company.
The obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 12

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
50,000
158,000

Other loans
151,734
-


201,734
158,000

Amounts falling due 1-2 years

Bank loans
50,000
50,000

Other loans
799,084
691,528


849,084
741,528

Amounts falling due 2-5 years

Bank loans
50,000
100,000


50,000
100,000


1,100,818
999,528



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
48,997
48,997

Between 1-5 years
62,278
110,799

111,275
159,796

Page 13

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Deferred taxation




2023


£






At beginning of year
(41,716)


Charged to profit or loss
21,243



At end of year
(20,473)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(50,042)
(42,071)

Tax losses carried forward
29,346
94

Other timing differences
223
261

(20,473)
(41,716)


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £15,653 (2022 - £13,468) . Contributions totalling £894 (2022 - £1,205) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
KINGSLEY CARS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Related party transactions

At the balance sheet date the following amounts were due (to) / from related parties at the balance sheet date:


2023
2022
£
£

M Oorloff
190,500
190,500
D Oorloff
143,370
250,000
Kingsley Re-Fuel Ltd
15,984
1,273
349,854
441,773

M Oorloff is a director. 
D Oorloff was a director in the financial year.
Kingsley Re-Fuel Ltd is a connected company.


15.


Controlling party

The company is under the control of M Rausing by virtue of his shareholding. 

 
Page 15