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Registration number: 04843830

Kliskey Independent Financial Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Kliskey Independent Financial Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kliskey Independent Financial Services Limited

Company Information

Directors

Mr P Kliskey

Miss T L Kliskey

Registered office

66 Morrab Road
Penzance
Cornwall
TR18 2QT

Accountants

D.J. Reynolds & Co.
Chartered Accountants
15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Kliskey Independent Financial Services Limited

(Registration number: 04843830)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,250

Tangible assets

5

185,495

185,298

 

185,495

186,548

Current assets

 

Debtors

6

4,940

6,193

Cash at bank and in hand

 

35,373

27,467

 

40,313

33,660

Creditors: Amounts falling due within one year

7

(40,941)

(43,094)

Net current liabilities

 

(628)

(9,434)

Total assets less current liabilities

 

184,867

177,114

Creditors: Amounts falling due after more than one year

7

(29,138)

(36,908)

Provisions for liabilities

(4,441)

(4,055)

Net assets

 

151,288

136,151

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

151,188

136,051

Shareholders' funds

 

151,288

136,151

For the financial year ending 31 July 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 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.

 

Kliskey Independent Financial Services Limited

(Registration number: 04843830)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 11 October 2023 and signed on its behalf by:
 

.........................................
Mr P Kliskey
Director

 

Kliskey Independent Financial Services Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
66 Morrab Road
Penzance
Cornwall
TR18 2QT

These financial statements were authorised for issue by the Board on 11 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 provision of services in the ordinary course of the company’s activities. Turnover is shown net of rebates.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

 

Kliskey Independent Financial Services Limited

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

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

Freehold property

Not depreciated

Office equipment

15% reducing balance basis

Website

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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.

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.

 

Kliskey Independent Financial Services Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Kliskey Independent Financial Services Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

25,000

25,000

At 31 July 2023

25,000

25,000

Amortisation

At 1 August 2022

23,750

23,750

Amortisation charge

1,250

1,250

At 31 July 2023

25,000

25,000

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

1,250

1,250

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

174,329

32,166

206,495

Additions

2,587

966

3,553

Disposals

(1,566)

-

(1,566)

At 31 July 2023

175,350

33,132

208,482

Depreciation

At 1 August 2022

-

21,197

21,197

Charge for the year

-

1,790

1,790

At 31 July 2023

-

22,987

22,987

Carrying amount

At 31 July 2023

175,350

10,145

185,495

At 31 July 2022

174,329

10,969

185,298

Included within the net book value of land and buildings above is £175,350 (2022 - £174,329) in respect of freehold land and buildings.
 

 

Kliskey Independent Financial Services Limited

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

6

Debtors

2023
£

2022
£

Other debtors

-

880

Prepayments

4,940

5,313

4,940

6,193

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

7,770

7,770

Taxation and social security

 

29,397

31,980

Accruals and deferred income

 

2,178

2,060

Other creditors

 

1,596

1,284

 

40,941

43,094

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

29,138

36,908

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Kliskey Independent Financial Services Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,138

36,908

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,770

7,770

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Repayments by director
£

At 31 July 2023
£

Interest-free loan, repayable on demand

1,284

312

1,596

       
     

 

2022

At 1 August 2021
£

Repayments by director
£

At 31 July 2022
£

Interest-free loan, repayable on demand

972

312

1,284