Registered number
03507557
Kevin James Limited
Filleted Accounts
28 February 2023
Kevin James Limited
Registered number: 03507557
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 85,277 33,098
Investments 4 100 100
85,377 33,198
Current assets
Stocks 77,311 64,507
Debtors 5 522,459 872,008
Cash at bank and in hand 480,058 108,339
1,079,828 1,044,854
Creditors: amounts falling due within one year 6 (548,181) (600,486)
Net current assets 531,647 444,368
Total assets less current liabilities 617,024 477,566
Creditors: amounts falling due after more than one year 7 (58,236) -
Provisions for liabilities (16,203) (6,289)
Net assets 542,585 471,277
Capital and reserves
Called up share capital 100 100
Profit and loss account 542,485 471,177
Shareholders' funds 542,585 471,277
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr K James
Director
Approved by the board on 27 November 2023
Kevin James Limited
Notes to the Accounts
for the year ended 28 February 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.
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:
Plant and machinery 33% straight line
Motor vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Grants
No grants were received during the year and interest on the Bounce Back Loan is charged to the Profit and Loss Account.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 27 28
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 47,918 84,023 131,941
Additions 4,902 81,566 86,468
At 28 February 2023 52,820 165,589 218,409
Depreciation
At 1 March 2022 36,718 62,125 98,843
Charge for the year 8,423 25,866 34,289
At 28 February 2023 45,141 87,991 133,132
Net book value
At 28 February 2023 7,679 77,598 85,277
At 28 February 2022 11,200 21,898 33,098
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2022 100
At 28 February 2023 100
5 Debtors 2023 2022
£ £
Trade debtors 371,703 722,259
Amounts owed by group undertakings and undertakings in which the company has a participating interest 143,115 133,615
Other debtors 7,641 16,134
522,459 872,008
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals and deferred income 28,685 31,675
Bank loans and overdrafts 75,433 42,561
Obligations under finance lease and hire purchase contracts 10,836 -
Trade creditors 137,149 241,156
Taxation and social security costs 110,829 101,908
Director's loan account 14 14
Other creditors 185,235 183,172
548,181 600,486
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 58,236 -
8 Other financial commitments 2023 2022
£ £
Total next twelve months minimum payments under non-cancellable operating leases 15,456 35,327
9 Related party transactions
Kevin James Limited is the parent company of Touchbase MTC Limited, a fully owed subsidiary. During the year rent of £11,000 (2022: £6,000) was paid to Touchbase MTC Limited. At the year end date an amount of £143,115 (2022: £133,615) was due from that company and is included in Debtors. In the year the company the company contined to trade with KJL Document Solutions Limited a company in which Mr & Mrs James are shareholders and Mr K James is a Director. Trading has also taken place with this company and the amount due for unpaid trading invoices at the year end date amounted to £49,461 (2022: £196,009).
10 Controlling party
The controlling interest is held by Mr K James who is the director.
11 Other information
Kevin James Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cumberland House
24-28 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ
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