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Registered number: 12882304
Kong Performance & Auto Mechanics Ltd
Financial Statements
For The Year Ended 30 April 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 12882304
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 9,724 11,540
9,724 11,540
CURRENT ASSETS
Stocks 5 79,249 74,932
Debtors 6 1,368 -
Cash at bank and in hand 12,859 5,771
93,476 80,703
Creditors: Amounts Falling Due Within One Year 7 (177,798 ) (132,963 )
NET CURRENT ASSETS (LIABILITIES) (84,322 ) (52,260 )
TOTAL ASSETS LESS CURRENT LIABILITIES (74,598 ) (40,720 )
NET LIABILITIES (74,598 ) (40,720 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (74,698 ) (40,820 )
SHAREHOLDERS' FUNDS (74,598) (40,720)
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D Kelly
Director
30th January 2025
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kong Performance & Auto Mechanics Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12882304 . The registered office is Unit 7a Magnet Business Park, Pacific Road, Bootle, Merseyside, L20 4DX. The company's functional and presentational currency is GBP and no level of rounding has been used in the preparation of the financial statements.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 May 2023 14,805 1,500 16,305
As at 30 April 2024 14,805 1,500 16,305
Depreciation
As at 1 May 2023 4,109 656 4,765
Provided during the period 1,605 211 1,816
As at 30 April 2024 5,714 867 6,581
Net Book Value
As at 30 April 2024 9,091 633 9,724
As at 1 May 2023 10,696 844 11,540
5. Stocks
2024 2023
£ £
Stock 79,249 74,932
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,368 -
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 40,305 52,043
Bank loans and overdrafts 16,178 17,554
Other creditors 118,283 60,928
Taxation and social security 3,032 2,438
177,798 132,963
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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