Registration number:
KD Kars Ltd
for the Year Ended 31 May 2021
KD Kars Ltd
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
KD Kars Ltd
Company Information
Directors |
Mark Doyle Rory Doyle |
Registered office |
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Solicitors |
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Accountants |
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KD Kars Ltd
(Registration number: NI617511)
Abridged Balance Sheet as at 31 May 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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KD Kars Ltd
(Registration number: NI617511)
Abridged Balance Sheet as at 31 May 2021
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
The financial statements were approved and authorised by the Board on ......................................................
.............................................................
Mark Doyle
Director
.............................................................
Rory Doyle
Director
KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The significant 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged 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.
The financial statements are presented in sterling which is the functional currency of the company.
All members have consented to the abridgement of these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the vehicles.
Government grants
Government grants are recognised at the fair value of the amount 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.
KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
Interest receivable
Interest income is recognised using the effective interest method and is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Asset class |
Depreciation method and rate |
Plant, Machinery & Equipment |
20% Straight Line |
Motor Vehicles |
20% Straight Line |
Leasehold Assets |
2% Straight Line |
Goodwill
Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. The period chosen for writing off goodwill is 10 years. Provision is made for any impairment.
Amortisation
Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% Straight Line |
Trade debtors
Debtors with no stated interest rate and receivable 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.
KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Trade creditors
Creditors with no stated interest rate and 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
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.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Defined contribution pension obligation
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
Intangible assets |
Total |
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Cost or valuation |
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At 1 June 2020 |
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At 31 May 2021 |
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Amortisation |
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At 1 June 2020 |
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Amortisation charge |
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At 31 May 2021 |
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Carrying amount |
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At 31 May 2021 |
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At 31 May 2020 |
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KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
Tangible assets |
Land and Buildings |
Leasehold Assets |
Plant, Machinery & Equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 June 2020 |
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Additions |
- |
- |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 31 May 2021 |
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Depreciation |
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At 1 June 2020 |
- |
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Charge for the year |
- |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 May 2021 |
- |
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Carrying amount |
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At 31 May 2021 |
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- |
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At 31 May 2020 |
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- |
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KD Kars Ltd
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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2,000 |
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2,000 |