Registration number: 10879954

K and M Car Sales Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

K and M Car Sales Ltd

Company Information

Directors

Mrs Victoria Charlotte Fraser Mr Christopher Paul Frampton

Registered office

Unit 1 & 2 Antex Park Westbridge Industrial Estate TAVISTOCK Devon PL19 8DE

K and M Car Sales Ltd

(Registration number: 10879954)
Balance Sheet as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	54,008	23,415
Current assets
Stocks	5	239,882	281,439
Debtors	6	6,065	3,458
Cash at bank and in hand		-	44,606
		245,947	329,503
Creditors: Amounts falling due within one year	7	(287,748)	(252,974)
Net current (liabilities)/assets		(41,801)	76,529
Total assets less current liabilities		12,207	99,944
Creditors: Amounts falling due after more than one year	7	(55,700)	(78,774)
Provisions for liabilities		(13,502)	(5,640)
Net (liabilities)/assets		(56,995)	15,530
Capital and reserves
Called up share capital	8	100	100
Retained earnings		(57,095)	15,430
Shareholders' (deficit)/funds		(56,995)	15,530

For the financial year ending 31 July 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.

K and M Car Sales Ltd

(Registration number: 10879954)
Balance Sheet as at 31 July 2025

Approved and authorised by the Board on 23 April 2026 and signed on its behalf by:
 

Mrs Victoria Charlotte Fraser

Director

Mr Christopher Paul Frampton

Director

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 & 2 Antex Park
Westbridge Industrial Estate
TAVISTOCK
Devon
PL19 8DE
United Kingdom

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.

Tax

The tax expense for the period comprises 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.

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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
Plant and machinery	20% reducing balance

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.

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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 8 (2024 - 7).

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

4	Tangible assets

	Plant and machinery £	Total £
Cost or valuation
At 1 August 2024	48,285	48,285
Additions	40,163	40,163
At 31 July 2025	88,448	88,448
Depreciation
At 1 August 2024	24,870	24,870
Charge for the year	9,570	9,570
At 31 July 2025	34,440	34,440
Carrying amount
At 31 July 2025	54,008	54,008
At 31 July 2024	23,415	23,415

5

Stocks

	2025 £	2024 £
Other inventories	239,882	281,439

6

Debtors

Current	2025 £	2024 £
Trade debtors	4,388	1,966
Prepayments	1,677	1,492
	6,065	3,458

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	20,035	10,289
Trade creditors		14,518	-
Taxation and social security		14,850	25,779
Accruals and deferred income		3,065	2,650
Other creditors		235,280	214,256
		287,748	252,974

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	55,700	78,774

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Other borrowings	55,700	78,774

Current loans and borrowings

	2025 £	2024 £
Bank overdrafts	11,261	-
Other borrowings	8,774	10,289
	20,035	10,289

K and M Car Sales Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

10	Related party transactions

Included within creditors is a loan from the director of £54,359 (2024: £55,061). The loan is unsecured and
has no set repayment terms, no interest has been charged on the loan during the year. Although the loan is
technically repayable on demand, the director considers the loan to be part of the long term finance of the company.