| K Williams Motorcycles Limited |
|
| Balance Sheet |
|
| As at 30 November 2021 |
|
| Notes |
|
|
2021 |
|
|
2020 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
19,939 |
|
|
18,529 |
|
| Current assets |
| Stocks |
|
|
12,000 |
|
|
12,000 |
| Debtors |
4 |
|
2,272 |
|
|
4,185 |
| Cash at bank and in hand |
|
|
37,574 |
|
|
33,735 |
|
|
|
51,846 |
|
|
49,920 |
|
| Creditors: amounts falling due within one year |
5 |
|
(20,033) |
|
|
(27,342) |
|
| Net current assets |
|
|
|
31,813 |
|
|
22,578 |
|
| Total assets less current liabilities |
|
|
|
51,752 |
|
|
41,107 |
|
| Provisions for liabilities |
| Deferred Taxation |
|
|
|
(3,490) |
|
|
(3,073) |
|
|
| Net assets |
|
|
|
48,262 |
|
|
38,034 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
48,261 |
|
|
38,033 |
|
| Shareholders' funds |
|
|
|
48,262 |
|
|
38,034 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
| ……………………………. |
| K R Williams |
| Director |
| Approved by the board on 15 August 2022 |
|
| K Williams Motorcycles Limited |
|
| Notes to the Accounts |
|
| For the Year Ended 30 November 2021 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Tangible fixed assets and depreciation |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold property improvements |
10% straight line |
|
Plant and machinery |
10% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
|
Stocks |
|
Stocks are measured at the lower of cost and net realisable value. |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
Government grants |
|
Government grants received as compensation for expenses or losses incurred are recognised in income when receivable. |
|
|
|
| 2 |
Employees |
2021 |
|
2020 |
| Number |
Number |
|
Average number of persons employed by the company |
|
(excluding directors) |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 December 2020 |
7,841 |
|
27,313 |
|
3,500 |
|
38,654 |
|
Additions |
- |
|
4,673 |
|
- |
|
4,673 |
|
At 30 November 2021 |
7,841 |
|
31,986 |
|
3,500 |
|
43,327 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2020 |
5,488 |
|
13,762 |
|
875 |
|
20,125 |
|
Charge for the year |
784 |
|
1,823 |
|
656 |
|
3,263 |
|
At 30 November 2021 |
6,272 |
|
15,585 |
|
1,531 |
|
23,388 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2021 |
1,569 |
|
16,401 |
|
1,969 |
|
19,939 |
|
At 30 November 2020 |
2,353 |
|
13,551 |
|
2,625 |
|
18,529 |
|
|
|
| 4 |
Debtors |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade debtors |
2,272 |
|
3,363 |
|
Other debtors |
- |
|
822 |
|
|
|
|
|
|
2,272 |
|
4,185 |
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2021 |
|
2020 |
| £ |
£ |
|
|
Trade creditors |
5,558 |
|
10,915 |
|
Taxation and social security costs |
3,203 |
|
3,515 |
|
Directors loan |
11,272 |
|
12,912 |
|
|
|
|
|
|
20,033 |
|
27,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
