REGISTERED NUMBER: 01884157 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

K & R Auto Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T J Broad

K Broad

REGISTERED OFFICE:

Cook Way

Bindon Road

Taunton

Somerset

TA2 6BJ

REGISTERED NUMBER:

01884157 (England and Wales)

ACCOUNTANTS:

DHP Accountants Ltd

15 Buxton Old Road

Disley

Stockport

SK12 2BB

FIXED ASSETS

Tangible assets

4

1,676,418

1,695,188

CURRENT ASSETS

Stocks

361,137

285,893

Debtors

5

36,701

34,629

Cash at bank

32,236

3,413

430,074

323,935

CREDITORS

Amounts falling due within one year

6

870,752

756,928

NET CURRENT LIABILITIES

(440,678

)

(432,993

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,235,740

1,262,195

CREDITORS

Amounts falling due after more than one year

7

(457,971

)

(549,191

)

PROVISIONS FOR LIABILITIES

(105,190

)

(90,518

)

NET ASSETS

672,579

622,486

CAPITAL AND RESERVES

Called up share capital

220

220

Revaluation reserve

9

358,505

358,505

Retained earnings

313,854

263,761

SHAREHOLDERS' FUNDS

672,579

622,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 18 September 2025 and were signed on its behalf by:

T J Broad - Director

1.	STATUTORY INFORMATION

K & R Auto Services Limited 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 as modified by the revaluation of certain assets.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

33% on cost and 15% on cost

Freehold property is not depreciated. This represents a departure from the provisions of the Companies Act 2006. The company has had a policy and practice of regular maintenance and repair, the charges for which are recognised in the Income Statement as incurred. The company believes that such a policy ensures that the estimated residual values of properties at the reporting date are maintained at levels not materially different from the carrying amount of the assets. As such, no depreciation charge is made on the grounds that any such charge would be immaterial.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price to complete and sell. The impairment loss is recognised immediately in the Profit and Loss account.

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.

Hire purchase and leasing commitments

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 11 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

1,600,000

146,030

1,746,030

Additions

-

3,956

3,956

At 31 December 2024

1,600,000

149,986

1,749,986

DEPRECIATION

At 1 January 2024

-

50,842

50,842

Charge for year

-

22,726

22,726

At 31 December 2024

-

73,568

73,568

NET BOOK VALUE

At 31 December 2024

1,600,000

76,418

1,676,418

At 31 December 2023

1,600,000

95,188

1,695,188

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2023

1,600,000

-

1,600,000

Cost

-

149,986

149,986

1,600,000

149,986

1,749,986

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.12.24

31.12.23

£

£

Cost

1,166,969

1,166,969

Freehold land and buildings were valued on an open market basis on 21 July 2022 by Middleton Barton Valuation Limited .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

20,066

18,301

Other debtors

16,635

16,328

36,701

34,629

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

101,243

105,319

Trade creditors

74,112

84,011

Taxation and social security

76,398

53,361

Other creditors

618,999

514,237

870,752

756,928

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

457,971

549,191

31.12.24

31.12.23

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

258,594

285,689

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Vehicle creditors

408,400

290,107

Bank loans

471,706

515,752

880,106

805,859

9.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

358,505

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,172 (2023: £4,323). At the year end contributions accrued not paid amounted to £939 (2023: £2,071).

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the end of the year the directors were owed £172,420 (2023: £199,825) by the company.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by its Directors.