Ken Welch Limited 05048095 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of a milkman. Digita Accounts Production Advanced 6.30.9574.0 true true 05048095 2022-03-01 2023-02-28 05048095 2023-02-28 05048095 bus:OrdinaryShareClass1 2023-02-28 05048095 bus:OrdinaryShareClass2 2023-02-28 05048095 core:CurrentFinancialInstruments 2023-02-28 05048095 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 05048095 core:Non-currentFinancialInstruments 2023-02-28 05048095 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 05048095 core:Goodwill 2023-02-28 05048095 core:FurnitureFittingsToolsEquipment 2023-02-28 05048095 bus:SmallEntities 2022-03-01 2023-02-28 05048095 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 05048095 bus:FullAccounts 2022-03-01 2023-02-28 05048095 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 05048095 bus:RegisteredOffice 2022-03-01 2023-02-28 05048095 bus:CompanySecretary1 2022-03-01 2023-02-28 05048095 bus:Director2 2022-03-01 2023-02-28 05048095 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 05048095 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 05048095 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 05048095 core:Goodwill 2022-03-01 2023-02-28 05048095 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 05048095 core:OtherRelatedParties 2022-03-01 2023-02-28 05048095 countries:EnglandWales 2022-03-01 2023-02-28 05048095 2022-02-28 05048095 core:Goodwill 2022-02-28 05048095 core:FurnitureFittingsToolsEquipment 2022-02-28 05048095 2021-03-01 2022-02-28 05048095 2022-02-28 05048095 bus:OrdinaryShareClass1 2022-02-28 05048095 bus:OrdinaryShareClass2 2022-02-28 05048095 core:CurrentFinancialInstruments 2022-02-28 05048095 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 05048095 core:Non-currentFinancialInstruments 2022-02-28 05048095 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 05048095 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05048095

Ken Welch Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Ken Welch Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Ken Welch Limited

Company Information

Director

Mr Kenneth Welch

Company secretary

Mrs Joanna Welch

Registered office

157 Woodfield Road
Harrogate
North Yorkshire
HG1 4JB

 

Ken Welch Limited

(Registration number: 05048095)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

97

139

Current assets

 

Debtors

6

11,804

14,268

Cash at bank and in hand

 

3,626

-

 

15,430

14,268

Creditors: Amounts falling due within one year

7

(18,296)

(11,674)

Net current (liabilities)/assets

 

(2,866)

2,594

Total assets less current liabilities

 

(2,769)

2,733

Creditors: Amounts falling due after more than one year

7

-

(2,522)

Net (liabilities)/assets

 

(2,769)

211

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

(2,772)

208

Shareholders' (deficit)/funds

 

(2,769)

211

For the financial year ending 28 February 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 17 November 2023
 

.........................................
Mr Kenneth Welch
Director

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 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:
157 Woodfield Road
Harrogate
North Yorkshire
HG1 4JB

These financial statements were authorised for issue by the director on 17 November 2023.

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 financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 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

Fixtures and fittings

25% straight line method on cost.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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 benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

7,500

7,500

At 28 February 2023

7,500

7,500

Amortisation

At 1 March 2022

7,500

7,500

At 28 February 2023

7,500

7,500

Carrying amount

At 28 February 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

3,964

3,964

At 28 February 2023

3,964

3,964

Depreciation

At 1 March 2022

3,825

3,825

Charge for the year

42

42

At 28 February 2023

3,867

3,867

Carrying amount

At 28 February 2023

97

97

At 28 February 2022

139

139

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Debtors

2023
£

2022
£

Trade debtors

3,635

6,084

Other debtors

8,169

8,184

11,804

14,268

Current

2023
£

2022
£

Trade debtors

3,635

6,084

Other debtors

8,169

8,184

 

11,804

14,268

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

13,084

6,225

trade creditors

 

5,200

5,117

Taxation and social security

 

12

295

Other creditors

 

-

37

 

18,296

11,674

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

2,522

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary A of £1 each

2

2

2

2

 

3

3

3

3

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

2,522

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

1,582

Other borrowings

13,084

4,643

13,084

6,225

 

Ken Welch Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

10

Related party transactions

Transactions with the director

At the year end, the director owed £5,904 (2022: £5,904) to the company. The maximum amount owed to the company during the year was £5,904. The loan is unsecured and repayable on demand. Interest has been charged during the year at the HM Revenue and Customs official rate.