REGISTERED NUMBER: |
KELLY & CO. (CRAMB BROS) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
KELLY & CO. (CRAMB BROS) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
KELLY & CO. (CRAMB BROS) LIMITED (REGISTERED NUMBER: 00135927) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
KELLY & CO. (CRAMB BROS) LIMITED (REGISTERED NUMBER: 00135927) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Quoted investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 8 |
Fair value reserve | 8 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KELLY & CO. (CRAMB BROS) LIMITED (REGISTERED NUMBER: 00135927) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Kelly & Co. (Cramb Bros) Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Directors' opinion, there are no significant judgements or key sources of estimation uncertainty. |
Investment property |
Investment properties are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current and 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. |
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. |
KELLY & CO. (CRAMB BROS) LIMITED (REGISTERED NUMBER: 00135927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Quoted investments |
Quoted investments are shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Revaluations | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Quoted investments consist of listed equities which are revalued annually to net realisable value, by reference to the stock market. The original cost of the quoted investments at 31st March 2023 was £1,210,170 (2022: 1,200,416). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2022 | 252,837 |
Cost | 97,163 |
350,000 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
KELLY & CO. (CRAMB BROS) LIMITED (REGISTERED NUMBER: 00135927) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other creditors |
8. | RESERVES |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 2,222,832 |
Deficit for the year | ( |
) | ( |
) |
Dividends | ( |
) | ( |
) |
Revaluation in year | 100,517 | - | (100,517 | ) | - |
At 31 March 2023 | 2,080,565 |
Unrealised gains and losses on revaluation of quoted investments are recognised through the profit and loss account as required by FRS 102. |
Deferred tax is recognised on the net unrealised gain, being the difference between the original cost of the investments, adjusted for indexation allowance, and the fair value at the balance sheet date. |
During the year, there was a revaluation loss of £77,623 (2022: gain of £63,094) on the quoted investments, which is recognised within the income statement and fair value reserve net of movement on deferred taxation of £22,894 (2022: £11,988). |
9. | RELATED PARTY DISCLOSURES |
At the year end the company owed £333 (2022: £333) to |