Registered number
04471537
Kirk & Randall Ltd
Filleted Accounts
31 December 2022
Kirk & Randall Ltd
Registered number: 04471537
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 37,172 70,271
Current assets
Stocks 7,570,135 7,197,799
Debtors 4 1,101,337 1,094,519
Cash at bank and in hand 5,982 13,952
8,677,454 8,306,270
Creditors: amounts falling due within one year 5 (377,865) (472,576)
Net current assets 8,299,589 7,833,694
Total assets less current liabilities 8,336,761 7,903,965
Creditors: amounts falling due after more than one year 6 (10,799,175) (10,494,075)
Net liabilities (2,462,414) (2,590,110)
Capital and reserves
Called up share capital 1 1
Profit and loss account (2,462,415) (2,590,111)
Shareholder's funds (2,462,414) (2,590,110)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C D P Vaughan
Director
Approved by the board on 30 September 2023
Kirk & Randall Ltd
Notes to the Accounts
for the year ended 31 December 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 and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 4 years
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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 7 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 623,002 37,468 660,470
Additions 4,712 - 4,712
Disposals (3,083) - (3,083)
At 31 December 2022 624,631 37,468 662,099
Depreciation
At 1 January 2022 552,733 37,466 590,199
Charge for the year 37,811 - 37,811
On disposals (3,083) - (3,083)
At 31 December 2022 587,461 37,466 624,927
Net book value
At 31 December 2022 37,170 2 37,172
At 31 December 2021 70,269 2 70,271
4 Debtors 2022 2021
£ £
Trade debtors 1,042,456 1,053,745
Other debtors 58,881 40,774
1,101,337 1,094,519
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 182,191 183,518
Taxation and social security costs 168,827 260,992
Other creditors 16,847 18,066
377,865 472,576
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 24,167 34,167
Other creditors 10,775,008 10,459,908
10,799,175 10,494,075
7 Other information
Kirk & Randall Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Sacombe House
Sacombe Park
Ware
Hertfordshire
SG12 0JB
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