Registered number
08466390
NICHOLSON & KEEP LIMITED
Filleted Accounts
31 March 2022
NICHOLSON & KEEP LIMITED
Registered number: 08466390
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 970,200 1,058,400
Tangible assets 4 10,596 (18,573)
980,796 1,039,827
Current assets
Stocks 54,661 69,351
Debtors 5 138,748 220,736
Cash at bank and in hand 303,608 213,640
497,017 503,727
Creditors: amounts falling due within one year 6 (376,171) (548,317)
Net current assets/(liabilities) 120,846 (44,590)
Total assets less current liabilities 1,101,642 995,237
Creditors: amounts falling due after more than one year 7 (500,000) (500,000)
Net assets 601,642 495,237
Capital and reserves
Called up share capital 100 100
Profit and loss account 601,542 495,137
Shareholders' funds 601,642 495,237
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Shah
Director
Approved by the board on 26 August 2022
NICHOLSON & KEEP LIMITED
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Goodwill over 20 years
Fixtures, fittings, tools and equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 1,764,000
At 31 March 2022 1,764,000
Amortisation
At 1 April 2021 705,600
Provided during the year 88,200
At 31 March 2022 793,800
Net book value
At 31 March 2022 970,200
At 31 March 2021 1,058,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2021 127,156 11,790 138,946
Additions - 14,125 14,125
At 31 March 2022 127,156 25,915 153,071
Depreciation
At 1 April 2021 145,731 11,788 157,519
Charge for the year (18,575) 3,531 (15,044)
At 31 March 2022 127,156 15,319 142,475
Net book value
At 31 March 2022 - 10,596 10,596
At 31 March 2021 (18,575) 2 (18,573)
5 Debtors 2022 2021
£ £
Trade debtors 123,868 207,390
Other debtors - vat 14,880 13,346
138,748 220,736
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 50,000
Trade creditors 210,004 192,785
Directors and family accounts 118,447 197,982
Taxes and social security costs 47,720 54,780
Other creditors - prepayments - 52,770
376,171 548,317
7 Creditors: amounts falling due after one year 2022 2021
£ £
Directors and family loans 500,000 500,000
8 Other information
NICHOLSON & KEEP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 The Parade
Valley Drive
Gravesend
Kent
DA12 5RT
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