Kings Hill Garage Limited Filleted accounts for Companies House (small and micro)

KINGS HILL GARAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03470783

Kings Hill Garage Limited

Filleted Unaudited Financial Statements

31 December 2020

Kings Hill Garage Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Kings Hill Garage Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	51,231	150,323
Investments	6	–	40,000
		--------	---------
		51,231	190,323

Current assets

Stocks		464,161	414,397
Debtors	7	32,699	46,542
Cash at bank and in hand		27,731	31,145
		---------	---------
		524,591	492,084

Creditors: amounts falling due within one year	8	286,947		438,977
		---------		---------
Net current assets			237,644	53,107
			---------	---------
Total assets less current liabilities			288,875	243,430

Creditors: amounts falling due after more than one year	9		142,455	135,209

Provisions

Taxation including deferred tax	7,093	6,373
	---------	---------
Net assets	139,327	101,848
	---------	---------

Capital and reserves

Called up share capital	100	100
Capital redemption reserve	1	1
Profit and loss account	139,226	101,747
	---------	---------
Shareholders funds	139,327	101,848
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2020 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Kings Hill Garage Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 30 September 2021 , and are signed on behalf of the board by:

Mr P S Anderson	Mr T J Wood
Director	Director

Company registration number: 03470783

Kings Hill Garage Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Fixtures and Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or 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 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. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2019: 17 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2020	10,966	8,040	286,651	8,368	314,025
Disposals	–	( 1,968)	( 168,005)	( 8,368)	( 178,341)
	--------	-------	---------	-------	---------
At 31 December 2020	10,966	6,072	118,646	–	135,684
	--------	-------	---------	-------	---------
Depreciation
At 1 January 2020	7,317	2,315	149,529	4,541	163,702
Charge for the year	912	1,228	14,933	–	17,073
Disposals	–	( 1,155)	( 90,626)	( 4,541)	( 96,322)
	--------	-------	---------	-------	---------
At 31 December 2020	8,229	2,388	73,836	–	84,453
	--------	-------	---------	-------	---------
Carrying amount
At 31 December 2020	2,737	3,684	44,810	–	51,231
	--------	-------	---------	-------	---------
At 31 December 2019	3,649	5,725	137,122	3,827	150,323
	--------	-------	---------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2020	38,899
	--------
At 31 December 2019	90,229
	--------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 January 2020 and 31 December 2020	160,000
	---------
Impairment
At 1 January 2020	120,000
Impairment losses	40,000
	---------
At 31 December 2020	160,000
	---------

Carrying amount
At 31 December 2020	–
	---------
At 31 December 2019	40,000
	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	32,699	46,542
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	68,582	94,016
Trade creditors	44,965	108,277
Amounts owed to group undertakings and undertakings in which the company has a participating interest	151	20,151
Corporation tax	24,448	29,362
Social security and other taxes	16,026	22,354
Other creditors	132,775	164,817
	---------	---------
	286,947	438,977
	---------	---------

Amounts included in bank loans and overdrafts are secured by the company by way of fixed and floating charges over its assets.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	142,455	124,171
Other creditors	–	11,038
	---------	---------
	142,455	135,209
	---------	---------

Amounts included in bank loans and overdrafts are secured by the company by way of fixed and floating charges over its assets.

10. Related party transactions

At the year, end the company owed £151 (2019: £151) to a company associated by common control. At the year, end the company owed £nil (2019: £20,000) to a company associated by common control.