REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
KEN BRIGGS LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
KEN BRIGGS LTD |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Statement of Income and Retained Earnings | 6 |
Balance Sheet | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 |
KEN BRIGGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
12 Abbey Road |
GRIMSBY |
DN32 0HL |
BANKERS: |
7 Market Place |
Market Rasen |
LN8 3HJ |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2023 |
The director presents his strategic report for the year ended 31 May 2023. |
REVIEW OF BUSINESS |
The Company's principal activity is the wholesale supply of poultry and other meat products throughout Lincolnshire and Humber region. |
The director regularly reviews the supply chain and has close contact with the customers of the company to ensure consistent high product quality and competitive pricing is maintained. |
Business Environment |
The market is very competitive; however, the customers of the company are mainly independent retailers and restaurants that focus on the quality of the products and the service provided. The market has remained buoyant following the recent pandemic and the resulting periods of lockdown. |
Whilst there is competition from large regional and national suppliers, the company benefits from the director's local knowledge of the customers and the geographical areas in which it operates. |
Strategy |
The company will continue to review its products and maintain close contact with its customers with the aim of expanding product lines and extending the geographical area in which it operates. |
Key Performance Indicators |
The Gross Profit percentage for the year is 11% (2022 - 14%) |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks and uncertainties associated with the Company are set out as follows:- |
Financial Risks |
The company is exposed to the irrecoverability of customer debts. It undertakes assessments of its customers to minimise this risk. |
Supply Chain |
The risk of business interruption due to supply chain problems, caused by the recent pandemic and ensuing transportation issues remains, but at much lower levels than previously encountered. |
ON BEHALF OF THE BOARD: |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31 MAY 2023 |
The director presents his report with the financial statements of the company for the year ended 31 May 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of a wholesaler of poultry and meat products. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 May 2023 will be £ |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Smethurst & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KEN BRIGGS LTD |
Opinion |
We have audited the financial statements of Ken Briggs Ltd (the 'company') for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
KEN BRIGGS LTD |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- Discussions with management and Directors to identify and known or suspected instances of fraud. |
- Review of risks to the Company and it's systems in relation to misstatements and fraud through enquiring with management, ensuring any risks unidentified by them are considered. |
- Tailoring of the audit tests using a risk based approach to identify fraud and irregularity including those in relation to revenue recognition and management override. |
- Identification of key laws and regulations applicable to the Company and review of compliance by enquiring with management of any breaches, reviewing Companies House Website along with the board and audit committee minutes. |
There are inherent limitations in the audit procedures described above and the further removed laws and regulations are from the financial transactions, the less likely we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
12 Abbey Road |
GRIMSBY |
DN32 0HL |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
525,017 | 998,238 |
Other operating income |
OPERATING PROFIT | 5 |
Profit/loss on sale of investments | 6 |
545,863 | 1,020,690 |
Income from fixed asset investments |
Interest receivable and similar income | 7 |
19,095 | 14,860 |
564,958 | 1,035,550 |
Gain/loss on revaluation of assets | 4,859 | (36,194 | ) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
Profit and loss account at beginning of year |
Dividends | 9 | ( |
) | ( |
) |
PROFIT AND LOSS ACCOUNT AT END OF YEAR |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
BALANCE SHEET |
31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Stocks | 14 |
Debtors | 15 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Allotted, called up and |
fully paid share capital | 18 |
Profit and loss account | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (109,349 | ) | (253,334 | ) |
Sale of tangible fixed assets |
Sale of fixed asset investments | ( |
) | ( |
) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 300,000 | 485,000 |
Amount withdrawn by directors | (316,149 | ) | (519,587 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,525,258 |
Cash and cash equivalents at end of year | 2 | 1,998,226 | 1,791,700 |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.5.23 | 31.5.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
(Gain)/loss on revaluation of fixed assets | (4,859 | ) | 36,194 |
Finance income | (19,095 | ) | (14,860 | ) |
814,235 | 1,066,472 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 1,998,226 | 1,791,700 |
Year ended 31 May 2022 |
31.5.22 | 1.6.21 |
£ | £ |
Cash and cash equivalents | 1,791,700 | 1,525,258 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.22 | Cash flow | At 31.5.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,791,700 | 206,526 | 1,998,226 |
1,791,700 | 1,998,226 |
Total | 1,791,700 | 206,526 | 1,998,226 |
4. | ACQUISITION OF BUSINESS |
During the year the company acquired the customer portfolio of a business in a similar market sector. |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Ken Briggs Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill arising on the acquisition of businesses, represents the excess of the fair value of consideration over the fair value of identifiable assets and liabilities acquired. |
Goodwill is amortised in equal instalments over its expected useful life which is estimated at twenty years, except where it has been identified as impaired in the period, in which case it is written down as appropriate. |
In the directors opinion the useful economic life of the goodwill is twenty years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated impairment losses. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.5.23 | 31.5.22 |
£ | £ |
Wages and salaries | 176,549 | 185,387 |
Social security costs | 11,498 | 11,120 |
Pension costs | 58,134 | 23,806 |
246,181 | 220,313 |
The average number of employees during the year was 8. (2022 - 9) |
4. | DIRECTORS' EMOLUMENTS |
31.5.23 | 31.5.22 |
£ | £ |
Directors' remuneration | 8,550 | 8,400 |
Directors' pension costs | 55,000 | 20,000 |
63,550 | 28,400 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.5.23 | 31.5.22 |
£ | £ |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
6. | EXCEPTIONAL ITEMS |
31.5.23 | 31.5.22 |
£ | £ |
Profit/loss on sale of investments |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.5.23 | 31.5.22 |
£ | £ |
Interest received |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.5.23 | 31.5.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.5.23 | 31.5.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Depreciation in excess of capital allowances |
Deferred Tax | (44,675 | ) | (1,015 | ) |
Adjustment relating to effective corporation tax rate | (41,150 | ) | - |
Total tax charge | 120,038 | 197,285 |
9. | DIVIDENDS |
31.5.23 | 31.5.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
10. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
AMORTISATION |
At 1 June 2022 |
Amortisation for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
11. | TANGIBLE FIXED ASSETS |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
Impairments |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
The sale of the long leasehold property to the director has been agreed post year end, which has resulted in an impairment loss being recognised. |
12. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 June 2022 |
Additions |
Disposals |
Movement on revaluation | (15,510 | ) |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
Cost or valuation at 31 May 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2023 | 121,352 |
Cost | 1,334,773 |
1,456,125 |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
13. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2022 |
Movement in fair value of investment property |
20,369 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
A professional valuation of the investment properties has been used at the year end, the director therefore considers that the above represents fair value. |
14. | STOCKS |
31.5.23 | 31.5.22 |
£ | £ |
Stocks |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Trade debtors |
Other debtors |
K B Investment Holdings Ltd Loan | 117,401 | 110,446 |
K B Property Holdings Ltd Loan | 260,433 | 145,433 |
Directors' loan accounts | 500,251 | 484,102 |
Taxation Receivable |
VAT |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Trade creditors |
Corporation Tax Payable |
Social security and other taxes |
Other creditors |
17. | PROVISIONS FOR LIABILITIES |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax | 9,976 | 54,651 |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Unused amounts reversed during year | ( |
) |
Corporation tax rate change | 15,019 |
Movement in Fair Value | (55,547 | ) |
Balance at 31 May 2023 |
18. | ALLOTTED, CALLED UP AND |
FULLY PAID SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The Ordinary Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights and are not redeemable. |
19. | RESERVES |
Profit |
and loss |
account |
£ |
At 1 June 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2023 |
20. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022: |
31.5.23 | 31.5.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
KEN BRIGGS LTD (REGISTERED NUMBER: 04761156) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
21. | RELATED PARTY DISCLOSURES |
The company has a loan account with the following two companies which are both wholly owned by the director. |
K. B. Property Holdings Ltd |
Due from the company at 31.05.22 £145,433 |
Amounts advanced in the year £115,000 |
Balance owing at 31.05.23 £260,433 |
K. B. Investment Holdings Ltd |
Due from the company at 31.05.22 £110,446 |
Amounts advanced in the year £ 6,955 |
Balance owing at 31.05.23 £117,401 |
Both of these loans are repayable on demand. |
22. | FIRST YEAR ADOPTION |
In preparing the accounts, the director has considered whether in applying the accounting policies required by FRS 102, the restatement of comparative items was required. |
There was no effect on the reserves of the company on transition to FRS 102. |