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COMPANY REGISTRATION NUMBER: 03470783
Kings Hill Garage Limited
Filleted Unaudited Financial Statements
31 December 2024
Kings Hill Garage Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kings Hill Garage Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
18,109
24,142
Current assets
Stocks
517,339
498,459
Debtors
7
30,579
20,593
Cash at bank and in hand
11,804
14,760
---------
---------
559,722
533,812
Creditors: amounts falling due within one year
8
292,542
258,011
---------
---------
Net current assets
267,180
275,801
---------
---------
Total assets less current liabilities
285,289
299,943
Creditors: amounts falling due after more than one year
9
4,467
24,343
Provisions
Taxation including deferred tax
4,527
6,035
---------
---------
Net assets
276,295
269,565
---------
---------
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
1
1
Profit and loss account
276,194
269,464
---------
---------
Shareholders funds
276,295
269,565
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kings Hill Garage Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 11 April 2025 , and are signed on behalf of the board by:
Mr P S Anderson
Mr A R Crampton
Director
Director
Company registration number: 03470783
Kings Hill Garage Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
34,738
6,280
32,313
5,186
78,517
--------
-------
--------
-------
--------
Depreciation
At 1 January 2024
19,591
4,522
29,777
485
54,375
Charge for the year
3,786
439
633
1,175
6,033
--------
-------
--------
-------
--------
At 31 December 2024
23,377
4,961
30,410
1,660
60,408
--------
-------
--------
-------
--------
Carrying amount
At 31 December 2024
11,361
1,319
1,903
3,526
18,109
--------
-------
--------
-------
--------
At 31 December 2023
15,147
1,758
2,536
4,701
24,142
--------
-------
--------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2024 and 31 December 2024
160,000
---------
Impairment
At 1 January 2024 and 31 December 2024
160,000
---------
Carrying amount
At 31 December 2024
---------
At 31 December 2023
---------
7. Debtors
2024
2023
£
£
Trade debtors
30,579
15,593
Other debtors
5,000
--------
--------
30,579
20,593
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
70,605
39,488
Trade creditors
25,209
39,846
Amounts owed to group undertakings and undertakings in which the company has a participating interest
14,151
151
Corporation tax
11,992
26,805
Social security and other taxes
26,681
16,177
Other creditors
143,904
135,544
---------
---------
292,542
258,011
---------
---------
Amounts included in bank loans and overdrafts are secured by the company by way of fixed and floating charges over its assets.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,467
24,343
-------
--------
Amounts included in bank loans and overdrafts are secured by the company by way of fixed and floating charges over its assets.
10. Related party transactions
At the year end, the company owed the Directors £141,744 (2023: £131,244). At the year end, the company owed £151 (2023: £151) to a company associated by common control. At the year end, the company owed £14,000 (2023: £nil) to a group company.