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Registration number: 04675927

Key Kars Workshop Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Key Kars Workshop Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Key Kars Workshop Limited

(Registration number: 04675927)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

175,100

183,228

Current assets

 

Stocks

6

4,170

2,744

Debtors

7

22,144

20,868

Cash at bank and in hand

 

61,953

42,872

 

88,267

66,484

Creditors: Amounts falling due within one year

8

(74,566)

(66,544)

Net current assets/(liabilities)

 

13,701

(60)

Total assets less current liabilities

 

188,801

183,168

Provisions for liabilities

(22,090)

(22,978)

Net assets

 

166,711

160,190

Capital and reserves

 

Called up share capital

100

100

Retained earnings

166,611

160,090

Shareholders' funds

 

166,711

160,190

For the financial year ending 28 February 2025 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2025 and signed on its behalf by:
 

.........................................
Mr A Clasper
Director

 

Key Kars Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 Board on 1 August 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 Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 property

40 years straight line

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

7 years straight line

 

Key Kars Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

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.

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.

 

Key Kars Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 6).

 

Key Kars Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

24,000

24,000

At 28 February 2025

24,000

24,000

Amortisation

At 1 March 2024

24,000

24,000

At 28 February 2025

24,000

24,000

Carrying amount

At 28 February 2025

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

183,073

208,176

17,635

408,884

Additions

-

10,172

3,250

13,422

Disposals

-

-

(2,500)

(2,500)

At 28 February 2025

183,073

218,348

18,385

419,806

Depreciation

At 1 March 2024

91,755

124,222

9,679

225,656

Charge for the year

4,577

14,126

2,788

21,491

Eliminated on disposal

-

-

(2,441)

(2,441)

At 28 February 2025

96,332

138,348

10,026

244,706

Carrying amount

At 28 February 2025

86,741

80,000

8,359

175,100

At 29 February 2024

91,318

83,954

7,956

183,228

Included within the net book value of land and buildings above is £86,741 (2024 - £91,318) in respect of freehold land and buildings.
 

 

Key Kars Workshop Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6

Stocks

2025
£

2024
£

Other inventories

4,170

2,744

7

Debtors

2025
£

2024
£

Trade debtors

13,953

11,756

Other debtors

3,000

3,444

Prepayments

5,191

5,668

22,144

20,868

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Trade creditors

 

26,195

31,577

Amounts owed to related parties

276

275

Taxation and social security

 

14,827

12,440

Corporation tax

 

28,571

18,347

Other creditors

 

3,123

2,394

Accrued expenses

 

1,574

1,511

 

74,566

66,544