KDI Motors Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04628090 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2020

for

KDI MOTORS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K J Iddon

REGISTERED OFFICE:

Hoole Service Centre

2a Carver Hey Farm

Moss Lane

Little Hoole, Preston

PR4 4SX

REGISTERED NUMBER:

04628090 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

5,492

7,323

CURRENT ASSETS

Stocks

5

2,750

2,750

Debtors

6

39,794

27,700

Cash at bank and in hand

272

272

42,816

30,722

CREDITORS

Amounts falling due within one year

7

47,199

43,610

NET CURRENT LIABILITIES

(4,383

)

(12,888

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,109

(5,565

)

PROVISIONS FOR LIABILITIES

1,043

1,391

NET ASSETS/(LIABILITIES)

66

(6,956

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

64

(6,958

)

SHAREHOLDERS' FUNDS

66

(6,956

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17th September 2020 and were signed by:

Mr K J Iddon - Director

1.	STATUTORY INFORMATION

KDI Motors Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments' of FRS 102 to all 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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st April 2019

and 31st March 2020

23,539

708

24,247

DEPRECIATION

At 1st April 2019

16,216

708

16,924

Charge for year

1,831

-

1,831

At 31st March 2020

18,047

708

18,755

NET BOOK VALUE

At 31st March 2020

5,492

-

5,492

At 31st March 2019

7,323

-

7,323

5.

STOCKS

31.3.20

31.3.19

£

£

Stocks

2,750

2,750

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

2,000

2,000

Other debtors

9,421

5,978

Directors' current accounts

28,373

19,722

39,794

27,700

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

14,764

14,373

Trade creditors

15,404

15,765

Tax

3,104

1,527

Social security and other taxes

8,074

8,248

Other creditors

4,353

2,297

Accrued expenses

1,500

1,400

47,199

43,610

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

As at 31 March 2020, the Director owed £28,373 (2019 £19,723) to the company. During the year the directors

paid to the company interest on their overdrawn directors loan accounts at a rate of 2.5% per annum.

10.	ULTIMATE CONTROLLING PARTY

During the accounting period, the company has been controlled by Mr K Iddon, the director,by virtue of his

holding 100% of the issued ordinary share capital.