4 5 Key Kars Limited 03427291 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the sale of second hand motor vehicles Digita Accounts Production Advanced 6.30.9574.0 true 03427291 2023-09-01 2024-08-31 03427291 2024-08-31 03427291 2 2024-08-31 03427291 core:RetainedEarningsAccumulatedLosses 2024-08-31 03427291 core:ShareCapital 2024-08-31 03427291 core:CurrentFinancialInstruments 2024-08-31 03427291 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 03427291 core:Non-currentFinancialInstruments 2024-08-31 03427291 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 03427291 core:FurnitureFittingsToolsEquipment 2024-08-31 03427291 core:LandBuildings 2024-08-31 03427291 bus:SmallEntities 2023-09-01 2024-08-31 03427291 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 03427291 bus:FilletedAccounts 2023-09-01 2024-08-31 03427291 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03427291 bus:RegisteredOffice 2023-09-01 2024-08-31 03427291 bus:Director3 2023-09-01 2024-08-31 03427291 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03427291 core:Buildings 2023-09-01 2024-08-31 03427291 core:FurnitureFittings 2023-09-01 2024-08-31 03427291 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 03427291 core:LandBuildings 2023-09-01 2024-08-31 03427291 countries:EnglandWales 2023-09-01 2024-08-31 03427291 2023-08-31 03427291 core:FurnitureFittingsToolsEquipment 2023-08-31 03427291 core:LandBuildings 2023-08-31 03427291 2022-09-01 2023-08-31 03427291 2023-08-31 03427291 2 2023-08-31 03427291 core:RetainedEarningsAccumulatedLosses 2023-08-31 03427291 core:ShareCapital 2023-08-31 03427291 core:CurrentFinancialInstruments 2023-08-31 03427291 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 03427291 core:Non-currentFinancialInstruments 2023-08-31 03427291 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 03427291 core:FurnitureFittingsToolsEquipment 2023-08-31 03427291 core:LandBuildings 2023-08-31 xbrli:pure iso4217:GBP

Registration number: 03427291

Key Kars Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Key Kars Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Key Kars Limited

(Registration number: 03427291)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

121,025

124,398

Current assets

 

Stocks

6

192,254

304,052

Debtors

7

4,756

3,697

Cash at bank and in hand

 

144,478

39,772

 

341,488

347,521

Creditors: Amounts falling due within one year

8

(192,630)

(179,775)

Net current assets

 

148,858

167,746

Total assets less current liabilities

 

269,883

292,144

Creditors: Amounts falling due after more than one year

8

(17,839)

(42,371)

Provisions for liabilities

(323)

(379)

Net assets

 

251,721

249,394

Capital and reserves

 

Called up share capital

100

100

Retained earnings

251,621

249,294

Shareholders' funds

 

251,721

249,394

For the financial year ending 31 August 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 his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 January 2025
 

.........................................
Mr M A Reed
Director

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
9 Thorne Road
Doncaster
DN1 2HJ
United Kingdom

The principal place of business is:
Fieldside
Thorne
Doncaster
South Yorkshire
DN8 4AB

These financial statements were authorised for issue by the director on 13 January 2025.

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred 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.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Freehold buildings

40 years straight line basis

Fixtures, fittings and equipment

15% reducing balance basis

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.

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

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.

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,373

3,427

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

183,775

6,484

190,259

At 31 August 2024

183,775

6,484

190,259

Depreciation

At 1 September 2023

61,374

4,487

65,861

Charge for the year

3,075

298

3,373

At 31 August 2024

64,449

4,785

69,234

Carrying amount

At 31 August 2024

119,326

1,699

121,025

At 31 August 2023

122,401

1,997

124,398

Included within the net book value of land and buildings above is £119,326 (2023 - £122,401) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

192,254

304,052

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

4,000

-

Prepayments

 

756

698

Corporation tax

-

2,999

 

4,756

3,697

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and overdrafts

9

23,758

23,037

Trade creditors

 

10,001

-

Amounts owed to related parties

135,806

131,047

Taxation and social security

 

11,948

21,688

Corporation tax

 

6,015

-

Other creditors

 

221

-

Accrued expenses

 

4,881

4,003

 

192,630

179,775

Due after one year

 

Loans and borrowings

9

17,839

42,371

Creditors include bank loans and overdrafts which are secured of £13,758 (2023 - £13,037).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

17,839

42,371

Creditors include bank loans and overdrafts which are secured of £9,619 (2023 - £24,097).

 

Key Kars Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,839

42,371

Current loans and borrowings

2024
£

2023
£

Bank borrowings

23,758

23,037