Registered number
07777109
I J KELLAM LIMITED
Filleted Accounts
31 March 2023
I J KELLAM LIMITED
Registered number: 07777109
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 520,000 520,000
Tangible assets 4 23,492 28,074
543,492 548,074
Current assets
Stocks 9,750 7,567
Debtors 5 55,118 60,431
Cash at bank and in hand 38,103 19,285
102,971 87,283
Creditors: amounts falling due within one year 6 (63,496) (46,773)
Net current assets 39,475 40,510
Total assets less current liabilities 582,967 588,584
Creditors: amounts falling due after more than one year 7 (231,992) (323,992)
Provisions for liabilities (5,823) (1,850)
Net assets 345,152 262,742
Capital and reserves
Called up share capital 99 99
Profit and loss account 345,053 262,643
Shareholder's funds 345,152 262,742
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.
Yahya Aziz Patel
Director
Approved by the board on 9 November 2023
I J KELLAM LIMITED
Notes to the Accounts
for the period from 1 May 2022 to 31 March 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:
Leasehold land and buildings over the lease term
Plant and machinery 20% Reducing Balance
Fixtures, fittings, tools and equipment 20% 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 520,000
At 31 March 2023 520,000
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 520,000
At 30 April 2022 520,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 81,847
Additions 691
At 31 March 2023 82,538
Depreciation
At 1 May 2022 53,773
Charge for the period 5,273
At 31 March 2023 59,046
Net book value
At 31 March 2023 23,492
At 30 April 2022 28,074
5 Debtors 2023 2022
£ £
Trade debtors 53,118 51,417
Other debtors 2,000 9,014
55,118 60,431
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 42,059 39,820
Taxation and social security costs 21,437 6,953
63,496 46,773
7 Creditors: amounts falling due after one year 2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 231,992 323,992
8 Related party transactions
I J Kellam Limited has provided a cross guarantee by way of a a charge over all the assets of the company for a loan taken out by its holding company.
9 Controlling party
The company is under the control of its Holding company YAP Management Ltd.
10 Other information
I J KELLAM LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
The Martinwells Centre Thompson Avenue, Edlington
Doncaster
South Yorkshire
DN12 1JD
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