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REGISTERED NUMBER: 07982978 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KNIGHT ENGINE SERVICES LTD

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


KNIGHT ENGINE SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D W Knight
C E Knight





REGISTERED OFFICE: Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ





REGISTERED NUMBER: 07982978 (England and Wales)





ACCOUNTANTS: Shaw Gibbs Limited
Eagle House
28 Billing Road
Northampton
NN1 5AJ

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 119,563 124,309
119,563 124,309

CURRENT ASSETS
Stocks 12,000 28,000
Debtors 6 175,906 133,854
Cash at bank 261,898 242,111
449,804 403,965
CREDITORS
Amounts falling due within one year 7 114,384 103,636
NET CURRENT ASSETS 335,420 300,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

454,983

424,638

PROVISIONS FOR LIABILITIES 22,718 23,381
NET ASSETS 432,265 401,257

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 432,165 401,157
SHAREHOLDERS' FUNDS 432,265 401,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:




D W Knight - Director



C E Knight - Director


KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Knight Engine Services Ltd is a private company, limited by shares , registered in England and Wales. 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.

First Year Adoption
This is the first year in which the financial statements have been prepared under FRS 102 (1A). Refer to the notes for an explanation of the transition.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

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

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 8 (2023 - 8 ) .

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 83,000
AMORTISATION
At 1 April 2023
and 31 March 2024 83,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 32,095 102,135 1,673
Additions - 12,979 -
At 31 March 2024 32,095 115,114 1,673
DEPRECIATION
At 1 April 2023 14,431 46,270 854
Charge for year 1,766 5,787 82
At 31 March 2024 16,197 52,057 936
NET BOOK VALUE
At 31 March 2024 15,898 63,057 737
At 31 March 2023 17,664 55,865 819

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 78,112 2,668 216,683
Additions - - 12,979
At 31 March 2024 78,112 2,668 229,662
DEPRECIATION
At 1 April 2023 28,886 1,933 92,374
Charge for year 9,844 246 17,725
At 31 March 2024 38,730 2,179 110,099
NET BOOK VALUE
At 31 March 2024 39,382 489 119,563
At 31 March 2023 49,226 735 124,309

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 116,804 92,087
Directors' current accounts 59,102 41,767
175,906 133,854

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 32,880 32,693
Tax 32,703 31,261
Social security and other taxes - 3,921
VAT 45,001 32,056
Other creditors 755 755
Accruals and deferred income 3,045 2,950
114,384 103,636

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 15,000 15,000
Between one and five years 60,000 60,000
75,000 75,000

KNIGHT ENGINE SERVICES LTD (REGISTERED NUMBER: 07982978)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

10. OTHER FINANCIAL COMMITMENTS

The total minimum lease commitments to be paid at the year end: £75,000 (2023:£75,000)

11. TRANSACTIONS WITH DIRECTORS

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
C E Knight and D W Knight
Balance outstanding at start of year 41,767 18,736
Amounts advanced 87,603 (70,488 )
Amounts repaid (70,268 ) 93,519
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 59,102 41,767