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Registration number: 04414333

Kevin Holland and Sons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Kevin Holland and Sons Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kevin Holland and Sons Limited

Company Information

Directors

Mr Kevin Ronald Holland

Mr Anthony Stuart Holland

Mr Robert Kevin Holland

Mrs Susan Frances Holland

Company secretary

Mr Anthony Stuart Holland

Registered office

93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

Accountants

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Kevin Holland and Sons Limited

(Registration number: 04414333)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

182,690

185,578

Current assets

 

Stocks

5

24,215

21,695

Debtors

6

57,713

125,098

Cash at bank and in hand

 

88,115

88,290

 

170,043

235,083

Creditors: Amounts falling due within one year

7

(105,491)

(128,454)

Net current assets

 

64,552

106,629

Total assets less current liabilities

 

247,242

292,207

Creditors: Amounts falling due after more than one year

7

(52,505)

(75,000)

Provisions for liabilities

(997)

(1,318)

Net assets

 

193,740

215,889

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

193,640

215,789

Shareholders' funds

 

193,740

215,889

For the financial year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 August 2022 and signed on its behalf by:
 

 

Kevin Holland and Sons Limited

(Registration number: 04414333)
Balance Sheet as at 28 February 2022

.........................................
Mr Robert Kevin Holland
Director

 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW
England

These financial statements were authorised for issue by the Board on 12 August 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current and deferred 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.

The current income 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.

 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold property

nil

Leasehold property

9 years straight line

Plant & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2021 - 9).

 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2021

194,951

180,720

44,295

419,966

Additions

-

-

159

159

At 28 February 2022

194,951

180,720

44,454

420,125

Depreciation

At 1 March 2021

20,526

173,357

40,505

234,388

Charge for the year

219

1,841

987

3,047

At 28 February 2022

20,745

175,198

41,492

237,435

Carrying amount

At 28 February 2022

174,206

5,522

2,962

182,690

At 28 February 2021

174,425

7,363

3,790

185,578

Included within the net book value of land and buildings above is £173,986 (2021 - £173,986) in respect of freehold land and buildings and £219 (2021 - £439) in respect of short leasehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

24,215

21,695

6

Debtors

Current

2022
£

2021
£

Trade debtors

49,351

110,527

Prepayments

8,362

10,018

Other debtors

-

4,553

 

57,713

125,098

 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

11,247

5,288

Trade creditors

 

23,296

27,801

Taxation and social security

 

54,351

77,969

Accruals and deferred income

 

1,792

1,698

Other creditors

 

14,805

15,698

 

105,491

128,454

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

52,505

75,000

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

Kevin Holland and Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

52,505

75,000

2022
£

2021
£

Current loans and borrowings

Bank borrowings

-

5,288

Other borrowings

11,247

-

11,247

5,288

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £2,400.00 (2021 - £2,400.00) per ordinary share

 

240,000

 

240,000