Registered number
07586622
R and K Livestock Service Ltd
Filleted Accounts
31 March 2022
R and K Livestock Service Ltd
Registered number: 07586622
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 4,919 6,059
Current assets
Stocks 43,880 47,040
Debtors 4 8,878 13,168
52,758 60,208
Creditors: amounts falling due within one year 5 (22,643) (14,178)
Net current assets 30,115 46,030
Total assets less current liabilities 35,034 52,089
Creditors: amounts falling due after more than one year 6 - (18,000)
Net assets 35,034 34,089
Capital and reserves
Called up share capital 2 2
Profit and loss account 35,032 34,087
Shareholders' funds 35,034 34,089
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.
Mrs K May
Director
Approved by the board on 13 September 2022
R and K Livestock Service Ltd
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant & Machinery 25% reducing balance
Motor Vehicle 25% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2021 19,044 6,700 25,744
Additions 500 - 500
At 31 March 2022 19,544 6,700 26,244
Depreciation
At 1 April 2021 15,812 3,873 19,685
Charge for the year 933 707 1,640
At 31 March 2022 16,745 4,580 21,325
Net book value
At 31 March 2022 2,799 2,120 4,919
At 31 March 2021 3,232 2,827 6,059
4 Debtors 2022 2021
£ £
Trade debtors 988 3,836
Other debtors 7,890 9,332
8,878 13,168
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 18,829 8,660
Trade creditors 1,350 4,152
Corporation tax 1,944 847
Other creditors 520 519
22,643 14,178
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans - 18,000
7 Other information
R and K Livestock Service Ltd is a private company limited by shares and incorporated in England. Its registered office is:
28 Monceux Road
Herstmonceux
East Sussex
BN27 4PE
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