REGISTERED NUMBER: 15003510 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

KIMMY'S AUTOS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R G Melton

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

REGISTERED NUMBER:

15003510 (England and Wales)

SENIOR STATUTORY AUDITOR:

Robert Booty ACA FCCA CTA

AUDITORS:

Wheelers

Chartered Accountants, Tax Consultants

& Statutory Auditors

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

FIXED ASSETS

Intangible assets

4

226

-

Tangible assets

5

119,072

22,764

119,298

22,764

CURRENT ASSETS

Stocks

6

16,745

2,704

Debtors

7

76,788

28,066

Cash at bank and in hand

11,109

-

104,642

30,770

CREDITORS

Amounts falling due within one year

8

84,792

57,771

NET CURRENT ASSETS/(LIABILITIES)

19,850

(27,001

)

TOTAL ASSETS LESS CURRENT LIABILITIES

139,148

(4,237

)

CREDITORS

Amounts falling due after more than one year

9

325,000

-

NET LIABILITIES

(185,852

)

(4,237

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(185,952

)

(4,337

)

(185,852

)

(4,237

)

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 director and authorised for issue on 2 October 2025 and were signed by:

R G Melton - Director

1.	STATUTORY INFORMATION

Kimmy's Autos 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

At the balance sheet date the company had net liabilities of £185,852 by virtue of its total liabilities exceeding its total assets. The director is confident that the going concern basis for the preparation of the financial statements is appropriate, and has confirmed his continuing support for the company in writing.

Material uncertainty relating to going concern

While the director is confident that the going concern basis for the preparation of the financial statements is appropriate he also accepts that the company's ability to continue is reliant on the support of Stuart Holdings Limited, the parent company.

Since commencing trading on 1 September 2023, the company has incurred losses and its liabilities have exceeded its assets. The company has relied on the financial support of its fellow group companies to fund its operations and invest in capital expenditure. The director believes this to be driven by the business being in its infancy and that position will improve as activity and turnover grows.

Management has prepared forecasts that indicate that the company is expected to achieve profitability in the future, based on the following key assumptions:

- Reduction in wages through restructuring of the workforce.

- Reduction in overheads through consolidation of premises.

- Increased turnover through higher labour rates and growth in customer demand supported by advertising and referrals.

- Improved margins through consistent application of mark-ups on parts.

The forecasts also indicate that the company will remain reliant on the continued financial support of fellow group companies until profitability is achieved.

The main trading companies within the group operate within the construction industry. Based on the most relevant information to hand at the time of approving these financial statements it was considered that there are enough economic uncertainties facing these businesses that this may cast significant doubt on Stuart Holdings Limited being able to support the company, and hence continue as a going concern. Therefore, this may mean that the company is unable to realise its assets and discharge its liabilities in the normal course of business.

The management team are experienced in navigating the industry specific challenges that are being faced and are optimistic that they can manage costs and develop the pipeline of upcoming contracts within the group moving forward.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Vehicle licence plates are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Leasehold improvements

-

Straight line over 10 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% reducing balance

Stocks

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

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.

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 3 (2023 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

247

At 31 August 2024

247

AMORTISATION

Charge for year

21

At 31 August 2024

21

NET BOOK VALUE

At 31 August 2024

226

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1 September 2023

-

12,350

-

Additions

12,339

62,398

3,128

At 31 August 2024

12,339

74,748

3,128

DEPRECIATION

Charge for year

109

4,119

305

At 31 August 2024

109

4,119

305

NET BOOK VALUE

At 31 August 2024

12,230

70,629

2,823

At 31 August 2023

-

12,350

-

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2023

10,414

-

22,764

Additions

28,071

1,549

107,485

At 31 August 2024

38,485

1,549

130,249

DEPRECIATION

Charge for year

6,631

13

11,177

At 31 August 2024

6,631

13

11,177

NET BOOK VALUE

At 31 August 2024

31,854

1,536

119,072

At 31 August 2023

10,414

-

22,764

6.

STOCKS

31.8.24

31.8.23

£

£

Stocks

16,745

2,704

7.

DEBTORS

31.8.24

31.8.23

£

£

Amounts falling due within one year:

Trade debtors

6,385

-

Amounts owed by group undertakings

6,926

-

Other debtors

59,064

28,066

72,375

28,066

Amounts falling due after more than one year:

Other debtors

4,413

-

Aggregate amounts

76,788

28,066

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

£

£

Trade creditors

13,856

-

Amounts owed to group undertakings

48,390

57,771

Taxation and social security

5,262

-

Other creditors

17,284

-

84,792

57,771

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

£

£

Amounts owed to group undertakings

325,000

-

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.24

31.8.23

£

£

Parent company loan

373,390

57,771

The above loan is secured by a debenture in favour of Stuart Holdings Limited which contains fixed and floating charges over the assets of the company.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The report of the Auditors was unqualified.

Without qualifying their opinion, the auditor drew attention to the existence of a material uncertainty related to going concern as set out in note 2.

Robert Booty ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of Wheelers

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 August 2024 and the period ended 31 August 2023:

31.8.24

31.8.23

£

£

R G Melton

Balance outstanding at start of year

24,661

-

Amounts advanced

-

24,661

Amounts repaid

(24,661

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

24,661

13.	RELATED PARTY DISCLOSURES

Amounts owed to group companies

Amounts owed from group companies

£

£

Stuart Holdings Limited

373,390

-

Stuart Cranes & Plant Limited

-

2,764

SDM Safety Netting & Scaffolding Ltd

-

4,162

Total

373,390

6,926

During the period, parent company Stuart Holdings Limited, funded the pre-trading expenses for the company as no bank account was in existence. Stuart Holdings Limited then continued to fund the initial capital expenditure incurred by the company. This loan was interest free.

At the end of the period, amounts still outstanding from staff loans to group employees amounted to £18,963 (2023 - £nil).

14.	ULTIMATE PARENT COMPANY

Stuart Holdings Limited (incorporated in England and Wales) is regarded by the directors as being

the company's ultimate parent company.

The registered office of Stuart Holdings Limited is 27-29 Old Market, Wisbech, Cambridgeshire, England, PE13 1NE. Copies of group accounts can be obtained from Companies House.

15.	LEASE AGREEMENT

A lease agreement for the property which Kimmy's Autos Limited trades from has been signed in SDM Fabrication Limited's name, a fellow group company. The lease was signed in August 2023 for a 10 year term with a break clause after 5 years.