Company registration number 09647900 (England and Wales)
MARK KELLY 4X4 SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
MARK KELLY 4X4 SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
MARK KELLY 4X4 SERVICES LTD
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,309
5,746
Tangible assets
4
55,558
42,039
59,867
47,785
Current assets
Stocks
3,398
4,489
Debtors
5
43,502
38,931
Cash at bank and in hand
36,970
37,011
83,870
80,431
Creditors: amounts falling due within one year
6
(46,371)
(49,748)
Net current assets
37,499
30,683
Total assets less current liabilities
97,366
78,468
Creditors: amounts falling due after more than one year
7
(5,996)
(3,493)
Provisions for liabilities
(8,049)
(7,364)
Net assets
83,321
67,611
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
83,221
67,511
Total equity
83,321
67,611
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
MARK KELLY 4X4 SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 3 March 2023
Mr M E Kelly
Director
Company Registration No. 09647900
MARK KELLY 4X4 SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Mark Kelly 4X4 Services Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Michael House, Castle Street, Exeter, Devon, United Kingdom, EX4 3LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the remainder of the lease
Plant and machinery
25% on the written down value/MOT bay straight line over 15 years
Fixtures, fittings & equipment
25% on the written down value
Motor vehicles
25% on the written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
MARK KELLY 4X4 SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
1.7
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
MARK KELLY 4X4 SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
14,368
Amortisation and impairment
At 1 July 2021
8,622
Amortisation charged for the year
1,437
At 30 June 2022
10,059
Carrying amount
At 30 June 2022
4,309
At 30 June 2021
5,746
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021
1,787
80,223
82,010
Additions
1,975
20,765
22,740
At 30 June 2022
3,762
100,988
104,750
Depreciation and impairment
At 1 July 2021
189
39,782
39,971
Depreciation charged in the year
210
9,011
9,221
At 30 June 2022
399
48,793
49,192
Carrying amount
At 30 June 2022
3,363
52,195
55,558
At 30 June 2021
1,598
40,441
42,039
MARK KELLY 4X4 SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
6,357
8,661
Other debtors
37,145
30,270
43,502
38,931
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
3,493
6,560
Trade creditors
22,448
29,597
Taxation and social security
15,404
11,159
Other creditors
5,026
2,432
46,371
49,748
Included within other creditors are balances totalling £1,999 (2021 - £Nil) relating to amounts owed under hire purchase contracts. Hire purchase contracts are secured over assets of the company.
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
3,493
Other creditors
5,996
5,996
3,493
Included within other creditors are balances totalling £5,996(2021 - £Nil) relating to amounts owed under hire purchase contracts. Hire purchase contracts are secured over assets of the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
252,500
197,750
MARK KELLY 4X4 SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.00
29,900
54,973
498
(49,481)
35,890
29,900
54,973
498
(49,481)
35,890
Amounts due to the company are unsecured and repayable on demand.