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COMPANY REGISTRATION NUMBER: 01266476
Ken Kimble (Reactor Vessels) Limited
Filleted Unaudited Financial Statements
30 June 2023
Ken Kimble (Reactor Vessels) Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ken Kimble (Reactor Vessels) Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
109,034
115,404
Current assets
Stocks
166,033
165,064
Debtors
6
125,868
88,384
Cash at bank and in hand
141,055
130,470
---------
---------
432,956
383,918
Creditors: amounts falling due within one year
7
236,188
125,955
---------
---------
Net current assets
196,768
257,963
---------
---------
Total assets less current liabilities
305,802
373,367
Creditors: amounts falling due after more than one year
8
25,187
36,193
Provisions
2,418
2,140
---------
---------
Net assets
278,197
335,034
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
277,197
334,034
---------
---------
Shareholder funds
278,197
335,034
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ken Kimble (Reactor Vessels) Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr A Kimble
Director
Company registration number: 01266476
Ken Kimble (Reactor Vessels) Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85 Thomas Way, Lakesview International Business Park, Hersden, Kent, CT3 4NH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
50 years straight line
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
115,420
26,075
69,321
4,078
214,894
Additions
1,662
1,662
---------
--------
--------
-------
---------
At 30 June 2023
115,420
26,075
69,321
5,740
216,556
---------
--------
--------
-------
---------
Depreciation
At 1 July 2022
25,000
22,622
50,792
1,076
99,490
Charge for the year
2,308
518
4,632
574
8,032
---------
--------
--------
-------
---------
At 30 June 2023
27,308
23,140
55,424
1,650
107,522
---------
--------
--------
-------
---------
Carrying amount
At 30 June 2023
88,112
2,935
13,897
4,090
109,034
---------
--------
--------
-------
---------
At 30 June 2022
90,420
3,453
18,529
3,002
115,404
---------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
118,235
83,477
Other debtors
7,633
4,907
---------
--------
125,868
88,384
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,041
8,821
Trade creditors
188,861
40,162
Corporation tax
10,500
1,139
Social security and other taxes
19,308
22,146
Other creditors
7,478
53,687
---------
---------
236,188
125,955
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,187
36,193
--------
--------
9. Directors' advances, credits and guarantees
During the year advances were made to the directors of £nil (2022: £125,051). Advances were repayable on demand and interest free and were fully repaid during the year.
10. Related party transactions
At the balance sheet date the company owed the directors £1,483 (2022: £1,700). During the year the company paid dividends to the Directors of £97,000 (2022: £126,000).