King Trucks Ltd 12469922 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Sale of other motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true true 12469922 2023-03-01 2024-02-29 12469922 2024-02-29 12469922 core:CurrentFinancialInstruments 2024-02-29 12469922 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12469922 core:Non-currentFinancialInstruments 2024-02-29 12469922 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12469922 core:MotorVehicles 2024-02-29 12469922 bus:SmallEntities 2023-03-01 2024-02-29 12469922 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12469922 bus:FullAccounts 2023-03-01 2024-02-29 12469922 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12469922 bus:RegisteredOffice 2023-03-01 2024-02-29 12469922 bus:Director1 2023-03-01 2024-02-29 12469922 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12469922 core:MotorVehicles 2023-03-01 2024-02-29 12469922 countries:EnglandWales 2023-03-01 2024-02-29 12469922 2023-02-28 12469922 core:MotorVehicles 2023-02-28 12469922 2022-03-01 2023-02-28 12469922 2023-02-28 12469922 core:CurrentFinancialInstruments 2023-02-28 12469922 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12469922 core:Non-currentFinancialInstruments 2023-02-28 12469922 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12469922 core:MotorVehicles 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 12469922

King Trucks Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

King Trucks Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

 

King Trucks Ltd

Company Information

Director

Ms Sarah Louise Webster

Registered office

Barnwood Farm
Dale Road
Stanton By Dale
Ilkeston
Derbyshire
DE7 4PE

Accountants

Butler Cook
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

King Trucks Ltd

Director's Report for the Year Ended 29 February 2024

The director presents her report and the financial statements for the year ended 29 February 2024.

Director of the company

The director who held office during the year was as follows:

Ms Sarah Louise Webster

Principal activity

The principal activity of the company is Sale of other motor vehicles

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 November 2024
 

.........................................
Ms Sarah Louise Webster
Director

 

King Trucks Ltd

(Registration number: 12469922)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

51,963

114,124

Current assets

 

Stocks

509,600

411,754

Debtors

6

152,100

117,016

Cash at bank and in hand

 

4,891

5,762

 

666,591

534,532

Creditors: Amounts falling due within one year

7

(326,103)

(316,218)

Net current assets

 

340,488

218,314

Total assets less current liabilities

 

392,451

332,438

Creditors: Amounts falling due after more than one year

7

(43,811)

(45,564)

Net assets

 

348,640

286,874

Capital and reserves

 

Called up share capital

1

1

Retained earnings

348,639

286,873

Shareholders' funds

 

348,640

286,874

 

King Trucks Ltd

(Registration number: 12469922)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 November 2024
 

.........................................
Ms Sarah Louise Webster
Director

 

King Trucks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Barnwood Farm
Dale Road
Stanton By Dale
Ilkeston
Derbyshire
DE7 4PE

These financial statements were authorised for issue by the director on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

King Trucks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

King Trucks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,321

34,420

 

King Trucks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

164,189

164,189

Disposals

(69,995)

(69,995)

At 29 February 2024

94,194

94,194

Depreciation

At 1 March 2023

50,065

50,065

Charge for the year

17,321

17,321

Eliminated on disposal

(25,155)

(25,155)

At 29 February 2024

42,231

42,231

Carrying amount

At 29 February 2024

51,963

51,963

At 28 February 2023

114,124

114,124

6

Debtors

Current

2024
£

2023
£

Trade debtors

144,075

107,757

Other debtors

8,025

9,259

 

152,100

117,016

 

King Trucks Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

67,232

128,073

Trade creditors

 

126,542

43,308

Taxation and social security

 

79,926

84,812

Accruals and deferred income

 

1,850

1,850

Other creditors

 

50,553

58,175

 

326,103

316,218

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

43,811

45,564

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

43,811

45,564

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

1,063

-

Other borrowings

66,169

128,073

67,232

128,073