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REGISTERED NUMBER: 04761156 (England and Wales)















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: Mr. K. Briggs



REGISTERED OFFICE: Peckmill Poultry
Victoria Road
MARKET RASEN
LN8 3ER



REGISTERED NUMBER: 04761156 (England and Wales)



AUDITORS: Smethurst & Co LLP
Statutory Auditors
12 Abbey Road
GRIMSBY
DN32 0HL



BANKERS: Lloyds Bank
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:





Mr. K. Briggs - Director


6 October 2023

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 £555 per share was paid on 5 April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 May 2023 will be £ 55,500 .

DIRECTOR
Mr. K. Briggs held office during the whole of the period from 1 June 2022 to the date of this report.

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:





Mr. K. Briggs - Director


6 October 2023

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.




Helen Spauls (Senior Statutory Auditor)
for and on behalf of Smethurst & Co LLP
Statutory Auditors
12 Abbey Road
GRIMSBY
DN32 0HL

6 October 2023

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 11,533,445 10,429,048

Cost of sales 10,220,693 8,974,087
GROSS PROFIT 1,312,752 1,454,961

Administrative expenses 787,735 456,723
525,017 998,238

Other operating income 20,280 21,630
OPERATING PROFIT 5 545,297 1,019,868

Profit/loss on sale of investments 6 566 822
545,863 1,020,690

Income from fixed asset investments 8,997 3,016
Interest receivable and similar income 7 10,098 11,844
19,095 14,860
564,958 1,035,550
Gain/loss on revaluation of assets 4,859 (36,194 )
PROFIT BEFORE TAXATION 569,817 999,356

Tax on profit 8 120,038 197,285
PROFIT FOR THE FINANCIAL YEAR 449,779 802,071

Profit and loss account at beginning of year 4,799,498 4,154,177

Dividends 9 (55,500 ) (156,750 )

PROFIT AND LOSS ACCOUNT AT END OF
YEAR

5,193,777

4,799,498

KEN BRIGGS LTD (REGISTERED NUMBER: 04761156)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 23,486 20,986
Tangible assets 11 158,459 411,514
Investments 12 1,456,125 1,361,720
Investment property 13 380,000 359,631
2,018,070 2,153,851

CURRENT ASSETS
Stocks 14 69,000 8,200
Debtors 15 1,604,785 1,519,053
Cash at bank and in hand 1,998,226 1,791,700
3,672,011 3,318,953
CREDITORS
Amounts falling due within one year 16 486,228 618,555
NET CURRENT ASSETS 3,185,783 2,700,398
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,203,853

4,854,249

PROVISIONS FOR LIABILITIES 17 9,976 54,651
NET ASSETS 5,193,877 4,799,598

CAPITAL AND RESERVES
Allotted, called up and
fully paid share capital 18 100 100
Profit and loss account 19 5,193,777 4,799,498
SHAREHOLDERS' FUNDS 5,193,877 4,799,598

The financial statements were approved by the director and authorised for issue on 6 October 2023 and were signed by:





Mr. K. Briggs - Director


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 1 644,945 879,831
Tax paid (258,133 ) (155,388 )
Net cash from operating activities 386,812 724,443

Cash flows from investing activities
Purchase of intangible fixed assets (17,500 ) (5,986 )
Purchase of tangible fixed assets (317 ) (29,382 )
Purchase of fixed asset investments (109,349 ) (253,334 )
Sale of tangible fixed assets - 8,000
Sale of fixed asset investments (566 ) (822 )
Interest received 10,098 11,844
Dividends received 8,997 3,016
Net cash from investing activities (108,637 ) (266,664 )

Cash flows from financing activities
Amount introduced by directors 300,000 485,000
Amount withdrawn by directors (316,149 ) (519,587 )
Equity dividends paid (55,500 ) (156,750 )
Net cash from financing activities (71,649 ) (191,337 )

Increase in cash and cash equivalents 206,526 266,442
Cash and cash equivalents at beginning
of year

2

1,791,700

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 569,817 999,356
Depreciation charges 268,372 45,782
(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 (60,800 ) (700 )
Increase in trade and other debtors (9,750 ) (186,124 )
(Decrease)/increase in trade and other creditors (98,740 ) 183
Cash generated from operations 644,945 879,831

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
1,791,700 206,526 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% Straight Line
Plant and machinery - 15% Reducing Balance
Motor vehicles - 25% Reducing Balance
Computer equipment - 33% Straight Line

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

31.5.2331.5.22
£   £   
Wages and salaries176,549185,387
Social security costs11,49811,120
Pension costs 58,134 23,806
246,181220,313

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 20,923 30,782
Goodwill amortisation 15,000 15,000
Auditors' remuneration 2,800 -

6. EXCEPTIONAL ITEMS
31.5.23 31.5.22
£    £   
Profit/loss on sale of investments 566 822

7. INTEREST RECEIVABLE AND SIMILAR INCOME
31.5.23 31.5.22
£    £   
Interest received 10,098 11,844

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 164,713 198,300

Deferred tax (44,675 ) (1,015 )
Tax on profit 120,038 197,285

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 569,817 999,356
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

142,454

189,878

Effects of:
Expenses not deductible for tax purposes 61,990 6,877
Income not taxable for tax purposes (7,483 ) (730 )
Depreciation in excess of capital allowances 8,902 2,275
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 55,500 156,750

10. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 June 2022 300,000 5,986 305,986
Additions 17,500 - 17,500
At 31 May 2023 317,500 5,986 323,486
AMORTISATION
At 1 June 2022 285,000 - 285,000
Amortisation for year 15,000 - 15,000
At 31 May 2023 300,000 - 300,000
NET BOOK VALUE
At 31 May 2023 17,500 5,986 23,486
At 31 May 2022 15,000 5,986 20,986

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 370,026 176,540 112,208 5,798 664,572
Additions - - - 317 317
At 31 May 2023 370,026 176,540 112,208 6,115 664,889
DEPRECIATION
At 1 June 2022 58,577 135,175 53,651 5,655 253,058
Charge for year - 6,205 14,639 79 20,923
Impairments 232,449 - - - 232,449
At 31 May 2023 291,026 141,380 68,290 5,734 506,430
NET BOOK VALUE
At 31 May 2023 79,000 35,160 43,918 381 158,459
At 31 May 2022 311,449 41,365 58,557 143 411,514

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 1,361,720
Additions 109,349
Disposals 566
Movement on revaluation (15,510 )
At 31 May 2023 1,456,125
NET BOOK VALUE
At 31 May 2023 1,456,125
At 31 May 2022 1,361,720

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 359,631
Movement in fair value of investment
property

20,369
At 31 May 2023 380,000
NET BOOK VALUE
At 31 May 2023 380,000
At 31 May 2022 359,631

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 69,000 8,200

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 659,056 757,671
Other debtors - 11,292
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 59,833 -
VAT 7,811 10,109
1,604,785 1,519,053

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 265,001 399,027
Corporation Tax Payable 164,713 198,300
Social security and other taxes 1,857 1,479
Other creditors 54,657 19,749
486,228 618,555

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 54,651
Unused amounts reversed during year (4,147 )
Corporation tax rate change 15,019
Movement in Fair Value (55,547 )
Balance at 31 May 2023 9,976

18. ALLOTTED, CALLED UP AND
FULLY PAID SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 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 4,799,498
Profit for the year 449,779
Dividends (55,500 )
At 31 May 2023 5,193,777

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
£    £   
Mr. K. Briggs
Balance outstanding at start of year 484,102 449,515
Amounts advanced 16,149 34,587
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 500,251 484,102

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.