Year Ended
Registration number:
R & J Kessell Ltd
Balance Sheet
31 March 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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- |
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Debtors |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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R & J Kessell Ltd
Balance Sheet
31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 05407431
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have considered a period of 12 months from approval of these accounts, including appropriate forecasts and taking into account the limited impact which Covid-19 has had and is expected to have on the business, and are satisfied that the going concern basis continues to be appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Caravans & portacabins |
20% reducing balance basis |
Improvements to property |
25 year straight line basis |
Tractors and machinery |
20% reducing balance basis |
Office equipment |
20% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Computer equipment |
4 year straight line basis |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Entitlements |
5 year straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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Amortisation charge |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Tangible assets |
Land and buildings |
Tractors and machinery |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 April 2020 |
- |
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Additions |
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- |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
- |
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Charge for the year |
- |
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At 31 March 2021 |
- |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
- |
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Included within the net book value of land and buildings above is £107,291 (2020 - £Nil) in respect of short leasehold land and buildings.
Included within the net book value of tangible fixed assets is £86,162 (2020 - £96,752) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £21,540 (2020 - £24,188).
R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Stocks |
2021 |
2020 |
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Stock |
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- |
Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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R & J Kessell Ltd
Notes to the Unaudited Financial Statements
Year Ended 31 March 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Hire purchase contracts |
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Other borrowings |
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- |
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2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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- |
HP and finance lease liabilities |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Advances to directors |
2021 |
At 1 April 2020 |
Advances to director |
Repayments by director |
At 31 March 2021 |
Mr R Kessell |
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Directors Loan Account |
100,258 |
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( |
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2020 |
At 1 April 2019 |
Advances to director |
Repayments by director |
At 31 March 2020 |
Mr R Kessell |
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Directors Loan Account |
115,239 |
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( |
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