REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Kempston Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Kempston Limited |
Kempston Limited (Registered number: 01425972) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Kempston Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Kempston Limited (Registered number: 01425972) |
Balance Sheet |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings | 10 |
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 |
Kempston Limited (Registered number: 01425972) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Kempston Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
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 |
Land and buildings | - |
Plant and machinery etc | - |
The freehold property is carried at revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for absolute and slow moving items. |
Work in progress |
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
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. |
Kempston Limited (Registered number: 01425972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. The company also operates a defined benefit pension scheme for certain directors. No contributions are currently being made by the company since the scheme is sufficiently funded. |
Financial instruments |
Financial Instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, 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 |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2021 |
Additions |
Revaluations |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Revaluation adjustments | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Kempston Limited (Registered number: 01425972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2021 |
Additions |
Revaluations |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Revaluation adjustments | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 144,896 (2021 - £ 144,896 ) which is not depreciated. |
In March 2022 the freehold properties were valued at £1,739,000 by Harwoods Chartered Surveyors. |
Cost or valuation at 31 March 2022 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2022 | 698,427 | - | - |
Valuation in 2016 | 266,457 | - | - |
Cost | 774,116 | 2,318,076 | 250,692 |
1,739,000 | 2,318,076 | 250,692 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2022 | - | - | 698,427 |
Valuation in 2016 | - | - | 266,457 |
Cost | 34,004 | 60,924 | 3,437,812 |
34,004 | 60,924 | 4,402,696 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 774,116 | 774,116 |
Aggregate depreciation | 63,211 | 50,627 |
Value of land in freehold land and buildings | 144,896 | 144,896 |
Kempston Limited (Registered number: 01425972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Directors' current accounts | 425 | 423 |
Prepayments and accrued income |
The company is subject to an invoice discounting agreement which is secured on the company debtor book. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 235,753 | 193,105 |
Other creditors |
Directors' current accounts | 156,965 | 204,080 |
Accruals and deferred income |
The bank overdraft and loan is secured by a first legal mortgage over the company's freehold property known as the West Side of Brunel Road, Bedford and all moveable plant & machinery. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts | 16,667 | 147,672 |
The hire purchase creditor is secured on the assets to which it relates. |
9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 224,248 | 165,267 |
Kempston Limited (Registered number: 01425972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2021 |
Credit to Income Statement during year | ( |
) |
Deferred tax on revaluation |
Balance at 31 March 2022 |
The deferred taxation provision comprises £141,516 in respect of the timing differences between capital allowances for tax purposes and depreciation for accounting purposes and a deferred taxation provision of £82,732 on the revaluation of the freehold property after deducting cost plus indexation. Deferred taxation is calculated at the 19% corporation tax rate. |
10. | RESERVES |
The revaluation reserve represents the non-distributable element of the profit and loss reserve. |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr R Thornton who owns 51% of the ordinary share capital. |