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Company registration number: 05167341
KELLEY MORGAN MODELS LTD
Unaudited filleted financial statements
31 March 2023
KELLEY MORGAN MODELS LTD
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
KELLEY MORGAN MODELS LTD
Directors and other information
Directors S R Kelley
Mrs P Kelley
M Kelley
Secretary Mrs P Kelley
Company number 05167341
Registered office Unit 2
Lawson Street
North Shields
Tyne & Wear
Business address Unit 2
Lawson Street
North Shields
Tyne & Wear
Bankers Barclays Bank plc
3 Northumberland Square
North Shields
Tyne & Wear
KELLEY MORGAN MODELS LTD
Statement of financial position
31st March 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 24,337 15,257
Debtors 5 389,334 224,740
Cash at bank and in hand 114,197 197,992
_______ _______
527,868 437,989
Creditors: amounts falling due
within one year 6 ( 50,563) ( 21,262)
_______ _______
Net current assets 477,305 416,727
_______ _______
Total assets less current liabilities 477,305 416,727
_______ _______
Net assets 477,305 416,727
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 477,205 416,627
_______ _______
Shareholders funds 477,305 416,727
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 June 2023 , and are signed on behalf of the board by:
S R Kelley
Director
Company registration number: 05167341
KELLEY MORGAN MODELS LTD
Notes to the financial statements
Year ended 31st March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kelley Morgan Models Ltd, Unit 2, Lawson Street, North Shields, Tyne & Wear.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Stock and work in progress
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks and work in progress to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 13 ).
5. Debtors
2023 2022
£ £
Trade debtors 289,718 105,034
Other debtors 99,616 119,706
_______ _______
389,334 224,740
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 40,565 6,730
Social security and other taxes 4,581 5,507
Other creditors 5,417 9,025
_______ _______
50,563 21,262
_______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
K M M (Partnership) - purchases 213,000 298,000 ( 728) ( 17)
_______ _______ _______ _______
The company is related to Kelley Morgan Modelmakers (KMM) a partnership whose members are directors of the company. The company purchases goods and services from the Partnership at commercial rates.
8. Controlling party
The controlling party is Mr S R Kelley , a director.