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Registration number: NI021246

Keeble (N.I.) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Keeble (N.I.) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Keeble (N.I.) Limited

Company Information

Directors

Mr Noel P McNally

Mr Sean McGurgan

Registered office

6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

Accountants

Hopper & Co
Chartered Accountants
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG

 

Keeble (N.I.) Limited

(Registration number: NI021246)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

315,942

186,335

Current assets

 

Stocks

5

42,031

70,993

Debtors

6

385,072

342,248

Cash at bank and in hand

 

159,599

281,138

 

586,702

694,379

Creditors: Amounts falling due within one year

7

(366,567)

(376,007)

Net current assets

 

220,135

318,372

Total assets less current liabilities

 

536,077

504,707

Provisions for liabilities

(6,820)

-

Net assets

 

529,257

504,707

Capital and reserves

 

Called up share capital

8

4,370

4,370

Revaluation reserve

36,883

36,883

Retained earnings

488,004

463,454

Shareholders' funds

 

529,257

504,707

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

 

Keeble (N.I.) Limited

(Registration number: NI021246)
Balance Sheet as at 31 December 2022

.........................................
Mr Noel P McNally
Director

.........................................
Mr Sean McGurgan
Director

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
6 Doagh Road
Ballyclare
Co Antrim
BT39 9BG
Northern Ireland

The principal place of business is:
Unit 13
Dunmurry Industrial Estate
Derriaghy
Belfast
Antrim
BT17 9HU

These financial statements were authorised for issue by the Board on 29 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Premises

5% straight line

Production Equipment

15% reducing balance

Office fixtures

15% straight line

IT Equipment

33% straight line

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.

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2021 - 11).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

137,373

568,579

705,952

Additions

131,506

32,084

163,590

At 31 December 2022

268,879

600,663

869,542

Depreciation

At 1 January 2022

121,345

398,272

519,617

Charge for the year

7,587

26,396

33,983

At 31 December 2022

128,932

424,668

553,600

Carrying amount

At 31 December 2022

139,947

175,995

315,942

At 31 December 2021

16,028

170,307

186,335

Included within the net book value of land and buildings above is £139,948 (2021 - £16,028) in respect of freehold land and buildings.
 

5

Stocks

2022
£

2021
£

Finished goods and goods for resale

42,031

70,993

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

361,363

294,371

Prepayments

2,007

2,744

Other debtors

21,702

45,133

 

385,072

342,248

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

9

42,060

50,000

trade creditors

 

214,561

226,956

Taxation and social security

 

89,826

88,081

Accruals and deferred income

 

2,150

2,150

Other creditors

 

17,970

8,820

 

366,567

376,007

Creditors: amounts falling due after more than one year

2022
£

2021
£

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

4,370

4,370

4,370

4,370

         

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

42,060

50,000

10

Dividends

   

2022

 

2021

   

£

 

£

Final dividend of £1.00 (2021 - £2.00) per ordinary share

 

20,000

 

70,000

Interim dividend of £3.00 (2021 - £4.00) per ordinary share

 

-

 

-

   

20,000

 

70,000

         

11

Related party transactions

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Sean McGurgan

Directors Loan

15,613

16,000

(29,488)

2,126

         
       

Mr Noel P McNally

Directors Loan

2,843

17,700

(32,050)

(11,507)

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Mr Sean McGurgan

Directors Loan

8,728

22,029

(15,144)

15,613

         
       

Mr Noel P McNally

Directors Loan

3,788

3,554

(4,500)

2,843

         
       

 

 

Keeble (N.I.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

87,444

87,444