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Registration number: 10693913

Kremer Ireson Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Kremer Ireson Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Kremer Ireson Ltd

(Registration number: 10693913)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

32,633

14,843

Current assets

 

Stocks

7

1,000

1,000

Debtors

8

57,875

20,399

Cash at bank and in hand

 

6,701

26,007

 

65,576

47,406

Creditors: Amounts falling due within one year

9

(30,499)

(46,534)

Net current assets

 

35,077

872

Total assets less current liabilities

 

67,710

15,715

Creditors: Amounts falling due after more than one year

9

(72,193)

(14,317)

Provisions for liabilities

-

(2,374)

Net liabilities

 

(4,483)

(976)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(4,583)

(1,076)

Shareholders' deficit

 

(4,483)

(976)

 

Kremer Ireson Ltd

(Registration number: 10693913)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2023
 

.........................................
H Ireson
Director

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The current restaurant premises closed as the business is transferring to new premises. The new premises will be opening in 2023. The director is confident that they can sustain the business during this transfer and therefore the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of restaurant services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance basis

Land and buildings

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Taxation

2023

2022

£

£

Corporation tax

(6,216)

11,568

Deferred tax

(2,374)

507

(8,590)

12,075

4

Other operating income

2023

2022

£

£

Government grant for small business rate relief

-

8,000

Coronavirus job retention scheme

-

10,200

-

18,200

5

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 4).

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

16,132

23,910

40,042

Additions

-

27,101

27,101

Disposals

(16,132)

-

(16,132)

At 31 March 2023

-

51,011

51,011

Depreciation

At 1 April 2022

10,784

14,415

25,199

Charge for the year

1,070

3,963

5,033

Eliminated on disposal

(11,854)

-

(11,854)

At 31 March 2023

-

18,378

18,378

Carrying amount

At 31 March 2023

-

32,633

32,633

At 31 March 2022

5,348

9,495

14,843

7

Stocks

2023
£

2022
£

Stock

1,000

1,000

8

Debtors

Current

2023
£

2022
£

Other debtors

57,875

20,399

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

1,291

12,659

Trade creditors

4,766

-

Taxation and social security

20,801

29,897

Other creditors

3,641

3,978

30,499

46,534

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

72,193

14,317

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,291

1,259

Other borrowings

-

11,400

1,291

12,659

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,026

4,317

Other borrowings

69,167

10,000

72,193

14,317

 

Kremer Ireson Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

H Ireson

19,037

33,612

(962)

51,687

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

H Ireson

31,396

15,349

(27,708)

19,037

         
       

 

Other transactions with the director

H Ireson had a loan with the company on which there is an obligation to pay interest at the HMRC offical rate.
The loan is repayable on demand and loan interest is paid in priority to capital. At the balance sheet date the
amount due from H Ireson was £51,687 (2022: £19,037).