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Registered number: 03562495
Keay Vital Parts Limited
Financial Statements
For The Year Ended 31 May 2024
C K R
Chartered Certified Accountants
C K R House
70 East Hill
Dartford
Kent
DA1 1RZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03562495
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,428 3,238
2,428 3,238
CURRENT ASSETS
Stocks 5 28,750 34,950
Debtors 6 13,049 23,074
Cash at bank and in hand 24,989 35,705
66,788 93,729
Creditors: Amounts Falling Due Within One Year 7 (26,758 ) (36,231 )
NET CURRENT ASSETS (LIABILITIES) 40,030 57,498
TOTAL ASSETS LESS CURRENT LIABILITIES 42,458 60,736
PROVISIONS FOR LIABILITIES
Deferred Taxation (461 ) (615 )
NET ASSETS 41,997 60,121
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 41,897 60,021
SHAREHOLDERS' FUNDS 41,997 60,121
Page 1
Page 2
For the year ending 31 May 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 Korhan Bayraktar
Director
18 December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Keay Vital Parts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03562495 . The registered office is CKR House, 70 East Hill, Dartford, DA1 1RZ.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 25% Reducing Balance Basis
Fixtures & Fittings 25% Reducing Balance Basis
Computer Equipment 25% Reducing Balance Basis
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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 12,912 8,101 1,162 22,175
As at 31 May 2024 12,912 8,101 1,162 22,175
Depreciation
As at 1 June 2023 10,709 7,937 291 18,937
Provided during the period 551 41 218 810
As at 31 May 2024 11,260 7,978 509 19,747
Net Book Value
As at 31 May 2024 1,652 123 653 2,428
As at 1 June 2023 2,203 164 871 3,238
5. Stocks
2024 2023
£ £
Materials 28,750 34,950
6. Debtors
2024 2023
£ £
Due within one year
Amazon balance 5,798 10,599
Ebay balance 7,200 4,370
Etsy balance - 241
Shopify balance 51 871
EBay Dispute Reserved Balances - 4,679
Other debtors (6) - 2,190
Other taxes and social security - 124
13,049 23,074
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 8,939 5,363
Corporation tax 219 5,589
Other taxes and social security 132 -
VAT 12,527 21,545
Shopify balance. - (19 )
Etsy sales tax - 5
Pension Control - 11
Credit Card - (974 )
Etsy closing balance 393 -
Accruals and deferred income 4,500 3,500
Director's loan account 48 1,211
26,758 36,231
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5