15 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 120,000 120,000 xbrli:pure xbrli:shares iso4217:GBP 04848141 2023-08-01 2024-07-31 04848141 2024-07-31 04848141 2023-07-31 04848141 2022-08-01 2023-07-31 04848141 2023-07-31 04848141 2022-07-31 04848141 core:NetGoodwill 2023-08-01 2024-07-31 04848141 core:PlantMachinery 2023-08-01 2024-07-31 04848141 core:MotorVehicles 2023-08-01 2024-07-31 04848141 bus:Director3 2023-08-01 2024-07-31 04848141 core:WithinOneYear 2024-07-31 04848141 core:WithinOneYear 2023-07-31 04848141 core:NetGoodwill 2024-07-31 04848141 core:PlantMachinery 2023-07-31 04848141 core:MotorVehicles 2023-07-31 04848141 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 04848141 core:PlantMachinery 2024-07-31 04848141 core:MotorVehicles 2024-07-31 04848141 core:AfterOneYear 2024-07-31 04848141 core:AfterOneYear 2023-07-31 04848141 core:ShareCapital 2024-07-31 04848141 core:ShareCapital 2023-07-31 04848141 core:RevaluationReserve 2024-07-31 04848141 core:RevaluationReserve 2023-07-31 04848141 core:RetainedEarningsAccumulatedLosses 2024-07-31 04848141 core:RetainedEarningsAccumulatedLosses 2023-07-31 04848141 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 04848141 core:PlantMachinery 2023-07-31 04848141 core:MotorVehicles 2023-07-31 04848141 bus:SmallEntities 2023-08-01 2024-07-31 04848141 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 04848141 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04848141 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04848141 bus:FullAccounts 2023-08-01 2024-07-31 04848141 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 04848141 core:FurnitureFittingsToolsEquipment 2024-07-31 04848141 core:FurnitureFittingsToolsEquipment 2023-07-31
COMPANY REGISTRATION NUMBER: 04848141
KEN ALLEN AUTOWRECKERS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2024
KEN ALLEN AUTOWRECKERS LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
503,336
546,278
CURRENT ASSETS
Stocks
46,034
30,020
Debtors
7
193,597
164,045
Cash at bank and in hand
170,342
157,648
-----------
-----------
409,973
351,713
CREDITORS: amounts falling due within one year
8
159,510
120,230
-----------
-----------
NET CURRENT ASSETS
250,463
231,483
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
753,799
777,761
CREDITORS: amounts falling due after more than one year
9
50,965
75,929
PROVISIONS
50,841
50,325
-----------
-----------
NET ASSETS
651,993
651,507
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
30,000
30,000
Profit and loss account
621,893
621,407
-----------
-----------
SHAREHOLDERS FUNDS
651,993
651,507
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
KEN ALLEN AUTOWRECKERS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mrs J Whatmuff
Director
Company registration number: 04848141
KEN ALLEN AUTOWRECKERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9, Northgate, White Lund Industrial Estate, Morecambe, Lancashire, LA3 3AY, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2023: 17 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
120,000
-----------
Amortisation
At 1 August 2023 and 31 July 2024
120,000
-----------
Carrying amount
At 31 July 2024
-----------
At 31 July 2023
-----------
6. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
260,000
471,780
368,876
20,099
1,120,755
-----------
-----------
-----------
---------
--------------
Depreciation
At 1 August 2023
358,127
199,084
17,266
574,477
Charge for the year
17,048
25,469
425
42,942
-----------
-----------
-----------
---------
--------------
At 31 July 2024
375,175
224,553
17,691
617,419
-----------
-----------
-----------
---------
--------------
Carrying amount
At 31 July 2024
260,000
96,605
144,323
2,408
503,336
-----------
-----------
-----------
---------
--------------
At 31 July 2023
260,000
113,653
169,792
2,833
546,278
-----------
-----------
-----------
---------
--------------
7. DEBTORS
2024
2023
£
£
Trade debtors
85,597
56,696
Prepayments and accrued income
8,000
7,349
Other debtors
100,000
100,000
-----------
-----------
193,597
164,045
-----------
-----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,201
11,443
Accruals and deferred income
3,135
3,020
Corporation tax
24,185
1,920
Social security and other taxes
52,200
15,909
Obligations under finance leases and hire purchase contracts
24,964
24,964
Director loan accounts
42,825
62,974
-----------
-----------
159,510
120,230
-----------
-----------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
50,965
75,929
---------
---------
10. RELATED PARTY TRANSACTIONS
The company loaned Mackenzie Trading Limited £100,000 in 2023 as at 31st July 2024 this remains outstanding and is included in other debtors.