The Kingsmead Motor Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00174963 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

The Kingsmead Motor Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Stewart

R Stewart

SECRETARY:

R Stewart

REGISTERED OFFICE:

Redbridge House

Lower Bristol Road

Bath

North East

Somerset

BA2 3EW

REGISTERED NUMBER:

00174963 (England and Wales)

ACCOUNTANTS:

Moore

Chartered Accountants

30 Gay Street

Bath

BA1 2PA

SOLICITORS:

Burges Salmon

One Glass Wharf

Bristol

BS2 OZX

FIXED ASSETS

Tangible assets

4

194

259

Investment property

5

1,742,434

1,742,434

1,742,628

1,742,693

CURRENT ASSETS

Debtors

6

31,296

42,865

Cash at bank

69,427

78,620

100,723

121,485

CREDITORS

Amounts falling due within one year

7

224,974

222,583

NET CURRENT LIABILITIES

(124,251

)

(101,098

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,618,377

1,641,595

CREDITORS

Amounts falling due after more than one year

8

(9,001

)

(9,001

)

PROVISIONS FOR LIABILITIES

(51,160

)

(50,739

)

NET ASSETS

1,558,216

1,581,855

CAPITAL AND RESERVES

Called up share capital

9

51,110

51,110

Capital redemption reserve

10

16,800

16,800

Retained earnings

10

1,490,306

1,513,945

SHAREHOLDERS' FUNDS

1,558,216

1,581,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 6 August 2022 and were signed on its behalf by:

J C Stewart - Director

1.	STATUTORY INFORMATION

The Kingsmead Motor Company 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

33% on cost and 10% on cost

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

83,878

460

84,338

DEPRECIATION

At 1 January 2021

83,878

201

84,079

Charge for year

-

65

65

At 31 December 2021

83,878

266

84,144

NET BOOK VALUE

At 31 December 2021

-

194

194

At 31 December 2020

-

259

259

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

and 31 December 2021

1,742,434

NET BOOK VALUE

At 31 December 2021

1,742,434

At 31 December 2020

1,742,434

The directors feel that the value of the investment property accurately reflects the current market conditions.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

9,798

11,170

Other debtors

21,498

31,695

31,296

42,865

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

5,705

2,956

Taxation and social security

42,208

32,758

Other creditors

177,061

186,869

224,974

222,583

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Other creditors

9,001

9,001

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

51,110

Ordinary Shares

£1

51,110

51,110

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2021

1,513,945

16,800

1,530,745

Profit for the year

129,691

129,691

Dividends

(153,330

)

(153,330

)

At 31 December 2021

1,490,306

16,800

1,507,106

11.	RELATED PARTY DISCLOSURES

Included within other creditors is a total of £81,034 (2020 - £81,034) owed to the directors of the company or their immediate family members.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors, R Stewart and J C Stewart.

13.	RIGHTS ATTACHING TO SHARES

Preference shares have a right to a cumulative dividend of 3.5% payable in priority to any ordinary

dividend. On a winding up if surplus assets exist the amount paid up on the shares together with any

arrears in dividends is payable to the holders of the preference shares. These shares are

non-redeemable. The shares have no voting rights unless:

(i) the fixed cumulative dividend thereon is in arrears and unpaid for more than six months;

(ii) a resolution is to be proposed for winding up the company or reducing its share capital;

(iii) a resolution is to be proposed modifying any rights or privileges attached to the shares.

Where the above conditions are not met each share has one vote.

Ordinary shares have a right to dividends after payment of the preference dividend according to the

amount paid up or credited as paid up on each share. If surplus assets exist after payment of any

amounts due on the preference shares of the company, then in the event of a winding up such a

surplus will be payable to the holders of the ordinary shares according to the capital paid up or

credited as paid up on such shares. The shares are non redeemable and carry one vote each.