Registered number
05625490
Keith James Limited
Filleted Accounts
31 May 2023
Keith James Limited
Registered number: 05625490
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,700 10,200
Tangible assets 4 2,727 3,320
5,427 13,520
Current assets
Stocks 152,000 124,336
Cash at bank and in hand 10,536 22,648
162,536 146,984
Creditors: amounts falling due within one year 5 (112,898) (93,396)
Net current assets 49,638 53,588
Total assets less current liabilities 55,065 67,108
Creditors: amounts falling due after more than one year 6 (35,838) (41,320)
Net assets 19,227 25,788
Capital and reserves
Called up share capital 1 1
Profit and loss account 19,226 25,787
Shareholder's funds 19,227 25,788
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Paul Stocks
Director
Approved by the board on 18 October 2023
Keith James Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 90,000
At 31 May 2023 90,000
Amortisation
At 1 June 2022 79,800
Provided during the year 7,500
At 31 May 2023 87,300
Net book value
At 31 May 2023 2,700
At 31 May 2022 10,200
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 26,258
Additions 315
At 31 May 2023 26,573
Depreciation
At 1 June 2022 22,938
Charge for the year 908
At 31 May 2023 23,846
Net book value
At 31 May 2023 2,727
At 31 May 2022 3,320
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,618 6,618
Trade creditors 67,623 42,102
Taxation and social security costs 13,645 11,187
Other creditors 25,012 33,489
112,898 93,396
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,838 41,320
7 Other information
Keith James Limited is a private company limited by shares and incorporated in England. Its registered office is:
122/124 Town Street
Horsforth
Leeds
West Yorkshire
LS18 4AQ
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