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REGISTERED NUMBER: 01319546 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

King's Lynn Auto Electrical Limited

King's Lynn Auto Electrical Limited (Registered number: 01319546)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


King's Lynn Auto Electrical Limited (Registered number: 01319546)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £ £
Fixed assets
Tangible assets 5 244,546 255,137

Current assets
Stocks 184,085 183,512
Debtors 6 224,715 269,663
Investments 7 50,000 50,000
Cash at bank and in hand 74,593 77,566
533,393 580,741
Creditors
Amounts falling due within one year 8 (275,879 ) (293,317 )
Net current assets 257,514 287,424
Total assets less current liabilities 502,060 542,561

Creditors
Amounts falling due after more than one
year

9

(6,667

)

(16,667

)

Provisions for liabilities (11,365 ) (7,440 )
Net assets 484,028 518,454

Capital and reserves
Called up share capital 5,500 5,500
Revaluation reserve 10 92,205 261,424
Capital redemption reserve 5,500 5,500
Retained earnings 380,823 246,030
484,028 518,454

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

King's Lynn Auto Electrical Limited (Registered number: 01319546)

Balance Sheet - continued
30 September 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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 January 2025 and were signed on its behalf by:





Mr K A Thompson - Director


King's Lynn Auto Electrical Limited (Registered number: 01319546)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. Statutory information

King's Lynn Auto Electrical Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01319546

Registered office: 22 - 26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 4% on cost
Plant and machinery - 15% p.a. reducing balance
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. 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.

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

King's Lynn Auto Electrical Limited (Registered number: 01319546)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 Statement of Income and Retained Earnings, 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.


King's Lynn Auto Electrical Limited (Registered number: 01319546)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. Accounting policies - continued
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 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.

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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet 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.

4. Employees and directors

The average number of employees during the year was 14 (2023 - 15 ) .

King's Lynn Auto Electrical Limited (Registered number: 01319546)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
Cost
At 1 October 2023 379,869 37,195 57,521 101,786 576,371
Additions - 3,993 858 16,450 21,301
Disposals - - (16,832 ) (17,345 ) (34,177 )
At 30 September 2024 379,869 41,188 41,547 100,891 563,495
Depreciation
At 1 October 2023 165,585 30,472 51,002 74,175 321,234
Charge for year 15,195 1,058 996 6,903 24,152
Eliminated on disposal - - (16,409 ) (10,028 ) (26,437 )
At 30 September 2024 180,780 31,530 35,589 71,050 318,949
Net book value
At 30 September 2024 199,089 9,658 5,958 29,841 244,546
At 30 September 2023 214,284 6,723 6,519 27,611 255,137

6. Debtors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade debtors 218,257 267,963
Other debtors 6,458 1,700
224,715 269,663

7. Current asset investments
30.9.24 30.9.23
£ £
Unlisted investments 50,000 50,000

8. Creditors: amounts falling due within one year
30.9.24 30.9.23
£ £
Bank loans and overdrafts 44,772 22,312
Trade creditors 191,136 222,230
Taxation and social security 31,991 42,654
Other creditors 7,980 6,121
275,879 293,317

King's Lynn Auto Electrical Limited (Registered number: 01319546)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


9. Creditors: amounts falling due after more than one year
30.9.24 30.9.23
£ £
Bank loans 6,667 16,667

10. Reserves
Revaluation
reserve
£
At 1 October 2023 261,424
Reclassification to profit and
loss account (169,219 )

At 30 September 2024 92,205

Profit and loss account - This reserve records distributable retained earnings and accumulated losses.