The Kingsmead Motor Company Limited - Accounts to registrar (filleted) - small 18.2
The Kingsmead Motor Company Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2020 |
for |
The Kingsmead Motor Company Limited |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Kingsmead Motor Company Limited |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
30 Gay Street |
Bath |
BA1 2PA |
SOLICITORS: |
One Glass Wharf |
Bristol |
BS2 OZX |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Balance Sheet |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Balance Sheet - continued |
31 December 2020 |
31.12.20 | 31.12.19 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Capital redemption reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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. |
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 |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
The Kingsmead Motor Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Computer equipment | - |
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. |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
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. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2020 |
and 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2020 |
and 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
The directors feel that the value of the investment property accurately reflects the current market conditions. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.20 | 31.12.19 |
value: | £ | £ |
Ordinary Shares | £1 | 51,110 | 51,110 |
The Kingsmead Motor Company Limited (Registered number: 00174963) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2020 | 1,565,467 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2020 | 1,530,745 |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £112,330 (2019 - £60,666) were paid to the directors . |
Included within other creditors is a total of £81,032 (2019 - £81,032) 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. |