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Registration number: NI614109

B J Kelso Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

B J Kelso Limited

(Registration number: NI614109)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

339,242

281,715

Current assets

 

Stocks

5

148,827

132,972

Debtors

6

135,585

106,362

Other financial assets

5,130

5,130

Cash at bank and in hand

 

105,105

36,925

 

394,647

281,389

Creditors: Amounts falling due within one year

7

(63,175)

(57,387)

Net current assets

 

331,472

224,002

Total assets less current liabilities

 

670,714

505,717

Creditors: Amounts falling due after more than one year

7

(10,515)

-

Provisions for liabilities

(28,082)

(29,124)

Net assets

 

632,117

476,593

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

632,115

476,591

Shareholders' funds

 

632,117

476,593

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

B J Kelso Limited

(Registration number: NI614109)
Balance Sheet as at 31 January 2023

Approved and authorised by the director on 13 October 2023
 

.........................................
Mr Bryce Kelso
Director

 

B J Kelso Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is: 81 Tamlaght Road, Upperlands, Maghera, Co. Londonderry, BT56 5XB.

These financial statements were authorised for issue by the director on 13 October 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.

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 and after eliminating sales within the company.

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.

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.

 

B J Kelso Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Plant and machinery

15% 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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

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.

 

B J Kelso Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

B J Kelso Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Land and buildings
£

Entitlements
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

184,988

1,350

429,185

615,523

Additions

4,562

-

129,834

134,396

Disposals

-

-

(1,217)

(1,217)

At 31 January 2023

189,550

1,350

557,802

748,702

Depreciation

At 1 February 2022

33,975

-

299,833

333,808

Charge for the year

13,232

-

63,637

76,869

Eliminated on disposal

-

-

(1,217)

(1,217)

At 31 January 2023

47,207

-

362,253

409,460

Carrying amount

At 31 January 2023

142,343

1,350

195,549

339,242

At 31 January 2022

151,013

1,350

129,352

281,715

5

Stocks

2023
£

2022
£

Stock

148,827

132,972

6

Debtors

2023
£

2022
£

Trade debtors

35,714

40,190

Prepayments

133

125

Other debtors

99,738

66,047

 

135,585

106,362

 

B J Kelso Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

2023
£

2022
£

Due within one year

Hire purchase

12,354

-

Other creditors

50,821

57,387

63,175

57,387

Due after one year

Hire purchase

10,515

-

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Related party transactions

The following balance was owed by the director at the year end:

2023
 £

2022
 £

Directors current account

45,253

42,405