Registered number
01829249
Knightwell Limited
Report and Accounts
31 January 2023
Accountancy 4 Wealth Limited
Chartered Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Knightwell Limited
Registered number: 01829249
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 64,406 101,840
Current assets
Stocks 414,100 284,869
Debtors 5 533,776 55,836
Cash at bank and in hand 1,105,616 531,608
2,053,492 872,313
Creditors: amounts falling due within one year 6 (1,499,356) (683,352)
Net current assets 554,136 188,961
Total assets less current liabilities 618,542 290,801
Provisions for liabilities - (3,401)
Net assets 618,542 287,400
Capital and reserves
Called up share capital 100 100
Profit and loss account 618,442 287,300
Shareholders' funds 618,542 287,400
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.
M M Maguire
Director
Approved by the board on 1 August 2023
Knightwell Limited
Notes to the Accounts
for the year ended 31 January 2023
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.
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 15% reducing balance
Motor vehicles 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 60,000
At 31 January 2023 60,000
Amortisation
At 1 February 2022 60,000
At 31 January 2023 60,000
Net book value
At 31 January 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 119,548 104,791 224,339
At 31 January 2023 119,548 104,791 224,339
Depreciation
At 1 February 2022 89,759 32,740 122,499
Charge for the year 19,421 18,013 37,434
At 31 January 2023 109,180 50,753 159,933
Net book value
At 31 January 2023 10,368 54,038 64,406
At 31 January 2022 29,789 72,051 101,840
5 Debtors 2023 2022
£ £
Trade debtors - 40,000
Other debtors 533,776 15,836
533,776 55,836
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 75,000 65,000
Corporation tax 92,737 65,663
Other taxes and social security costs - 1,494
Other creditors 1,331,619 551,195
1,499,356 683,352
7 Related party transactions
There are no related party transactions.
8 Controlling party
The company is controlled by its directors who are the shareholders.
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