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REGISTERED NUMBER: 03675240 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

KYNASTON AUTO BODIES (EXETER) LTD

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KYNASTON AUTO BODIES (EXETER) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr P G Kynaston
Mr S R Kynaston
Mrs J M Kynaston
Mr T H Kynaston



SECRETARY: Mrs J M Kynaston



REGISTERED OFFICE: 32 Marsh Green Road West
Marsh Barton Trading Estate
Exeter
Devon
EX2 8PN



REGISTERED NUMBER: 03675240 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds Bank Plc
234 High Street
Exeter
EX4 3NL

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 300,000 320,000
Tangible assets 5 132,586 125,055
432,586 445,055

CURRENT ASSETS
Stocks 6 217,447 335,418
Debtors 7 484,037 444,769
Cash at bank and in hand 13,563 79,460
715,047 859,647
CREDITORS
Amounts falling due within one year 8 846,365 828,754
NET CURRENT (LIABILITIES)/ASSETS (131,318 ) 30,893
TOTAL ASSETS LESS CURRENT LIABILITIES 301,268 475,948

CREDITORS
Amounts falling due after more than one
year

9

-

(16,667

)

PROVISIONS FOR LIABILITIES (31,493 ) (31,493 )
NET ASSETS 269,775 427,788

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 269,675 427,688
SHAREHOLDERS' FUNDS 269,775 427,788

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.

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

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 29 January 2025 and were signed on its behalf by:





Mr P G Kynaston - Director


KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Kynaston Auto Bodies (Exeter) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold Premium - Straight line over the life of the lease
Long leasehold - Straight line over the life of the lease
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 400,000
AMORTISATION
At 1 October 2023 80,000
Amortisation for year 20,000
At 30 September 2024 100,000
NET BOOK VALUE
At 30 September 2024 300,000
At 30 September 2023 320,000

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. TANGIBLE FIXED ASSETS
Leasehold Long Plant and
Premium leasehold machinery
£    £    £   
COST
At 1 October 2023 15,042 65,648 526,520
Additions - 9,856 26,910
At 30 September 2024 15,042 75,504 553,430
DEPRECIATION
At 1 October 2023 13,105 65,647 420,041
Charge for year 484 - 26,698
At 30 September 2024 13,589 65,647 446,739
NET BOOK VALUE
At 30 September 2024 1,453 9,857 106,691
At 30 September 2023 1,937 1 106,479

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 35,442 62,431 705,083
Additions 1,000 4,737 42,503
At 30 September 2024 36,442 67,168 747,586
DEPRECIATION
At 1 October 2023 26,129 55,106 580,028
Charge for year 2,578 5,212 34,972
At 30 September 2024 28,707 60,318 615,000
NET BOOK VALUE
At 30 September 2024 7,735 6,850 132,586
At 30 September 2023 9,313 7,325 125,055

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 October 2023
and 30 September 2024 53,718
DEPRECIATION
At 1 October 2023 19,339
Charge for year 6,896
At 30 September 2024 26,235
NET BOOK VALUE
At 30 September 2024 27,483
At 30 September 2023 34,379

6. STOCKS
2024 2023
£    £   
Stocks 109,878 49,482
Work-in-progress 48,238 186,605
Finished goods 59,331 99,331
217,447 335,418

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 455,666 378,693
Other debtors 123 -
Directors' current accounts - 35,385
Prepayments 28,248 30,691
484,037 444,769

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 115,138 22,034
Hire purchase contracts - 7,200
Trade creditors 199,434 347,079
Tax 23,591 74,345
Social security and other taxes 93,131 31,426
VAT 172,643 105,947
Other creditors 16,354 18,274
PPG Industries 35,423 54,164
Factored debts direct 177,134 136,275
Pension contributions 7,510 6,472
Directors' current accounts 592 -
Accrued expenses 5,415 25,538
846,365 828,754

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years - 16,667

10. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 325,000 325,000

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
Mr P G Kynaston and Mrs J M Kynaston
Balance outstanding at start of year 27,088 7,731
Amounts advanced 73,415 129,607
Amounts repaid (101,000 ) (110,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (497 ) 27,088

Mr S R Kynaston and Mr S R Kynaston
Balance outstanding at start of year 4,595 4,000
Amounts advanced 1,233 22,195
Amounts repaid (5,875 ) (21,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (47 ) 4,595

KYNASTON AUTO BODIES (EXETER) LTD (REGISTERED NUMBER: 03675240)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr T H Kynaston
Balance outstanding at start of year 3,702 1,440
Amounts advanced - 23,862
Amounts repaid (3,750 ) (21,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (48 ) 3,702

Loans are unsecured, interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £70,830 (2023 - £153,450) were paid to the directors .

13. BOUNCE BACK LOAN

The bank loan is a COVID-19 Bounce Back Loan, guaranteed by the government. Term runs to May 2026.