Relate AccountsProduction v2.7.2 v2.7.2 2022-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts TKW and Sons Limited traded as a Sub Post Office in the financial year end 28th February 2023. The company also traded as supermarket for one month at the beginning of the year. 13 July 2023 2 35 NI057904 2023-02-28 NI057904 2022-02-28 NI057904 2021-02-28 NI057904 2022-03-01 2023-02-28 NI057904 2021-03-01 2022-02-28 NI057904 uk-bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 NI057904 uk-curr:PoundSterling 2022-03-01 2023-02-28 NI057904 uk-bus:AbridgedAccounts 2022-03-01 2023-02-28 NI057904 uk-core:ShareCapital 2023-02-28 NI057904 uk-core:ShareCapital 2022-02-28 NI057904 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI057904 uk-core:RetainedEarningsAccumulatedLosses 2022-02-28 NI057904 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI057904 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-02-28 NI057904 uk-bus:FRS102 2022-03-01 2023-02-28 NI057904 uk-core:Goodwill 2022-03-01 2023-02-28 NI057904 uk-core:LandBuildings 2022-03-01 2023-02-28 NI057904 uk-core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 NI057904 uk-core:MotorVehicles 2022-03-01 2023-02-28 NI057904 uk-core:Goodwill 2022-02-28 NI057904 uk-core:Goodwill 2023-02-28 NI057904 uk-core:ParentEntities 2022-03-01 2023-02-28 NI057904 uk-core:UltimateParent 2022-03-01 2023-02-28 NI057904 2022-03-01 2023-02-28 NI057904 uk-bus:Director1 2022-03-01 2023-02-28 NI057904 uk-bus:CompanySecretaryDirector1 2022-03-01 2023-02-28 NI057904 uk-bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
TKW and Sons Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 28 February 2023



TKW and Sons Limited
Company Registration Number: NI057904
ABRIDGED BALANCE SHEET
as at 28 February 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 40,104 53,854
Tangible assets 5 442,355 565,182
───────── ─────────
482,459 619,036
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Current Assets
Stocks - 79,392
Debtors 194,580 12,329
Cash and cash equivalents - 167,443
───────── ─────────
194,580 259,164
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Creditors: amounts falling due within one year (461) (463,731)
───────── ─────────
Net Current Assets/(Liabilities) 194,119 (204,567)
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Total Assets less Current Liabilities 676,578 414,469
 
Provisions for liabilities - (23,337)
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Net Assets 676,578 391,132
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Capital and Reserves
Called up share capital 100 100
Retained earnings 676,478 391,032
───────── ─────────
Shareholders' Funds 676,578 391,132
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 13 July 2023 and signed on its behalf by
           
________________________________     ________________________________
Martin O'Higgins     Seamus Devlin
Director     Director
           



TKW and Sons Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 28 February 2023

   
1. General Information
 
TKW and Sons Limited is a private company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI057904. The registered office of the company is 23 Main Street, Castlewellan, Co. Down, BT31 9DF, Northern Ireland. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

These financial statements cover the individual entity for the year ended 28th February 2023. The financial statements ending 28th February 2022 were for a thirteen month period and as such are not entirely comparable.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 28 February 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - not depreciated
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - disposed in prior year
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
 
Exceptional item
Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
       
3. Employees
 
The average monthly number of employees are:
 
  2023 2022
  Number Number
 
Employees 2 35
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 March 2022 275,000 275,000
  ───────── ─────────
 
At 28 February 2023 275,000 275,000
  ───────── ─────────
Amortisation
At 1 March 2022 221,146 221,146
Charge for financial year 13,750 13,750
  ───────── ─────────
At 28 February 2023 234,896 234,896
  ───────── ─────────
Net book value
At 28 February 2023 40,104 40,104
  ═════════ ═════════
At 28 February 2022 53,854 53,854
  ═════════ ═════════
         
5. Tangible assets
  Land and Fixtures, Total
  buildings fittings and  
  freehold equipment  
  £ £ £
Cost
At 1 March 2022 442,355 395,050 837,405
Disposals - (395,050) (395,050)
  ───────── ───────── ─────────
At 28 February 2023 442,355 - 442,355
  ───────── ───────── ─────────
Depreciation
At 1 March 2022 - 272,223 272,223
On disposals - (272,223) (272,223)
  ───────── ───────── ─────────
At 28 February 2023 - - -
  ───────── ───────── ─────────
Net book value
At 28 February 2023 442,355 - 442,355
  ═════════ ═════════ ═════════
At 28 February 2022 442,355 122,827 565,182
  ═════════ ═════════ ═════════
   
6. Parent and ultimate parent company
 
The company regards Mourne Food & Drink Ltd as its parent company.
 
The companys ultimate parent undertaking is Mourne Food & Drink Ltd.
The address of Mourne Food & Drink Ltd is 112 Camlough Road, Bessbrook, Newry, Co. Down..
Mourne Food & Drink Ltd is regarded as both the controlling party and the ultimate controlling party.
 
       
7. Security given over creditors
 
Property owned by TKW and Sons Limited and its parent company were provided as security over a liability of the parent company. This was further supported by a negative pledge.
       
8. Exceptional item
 
An amount of £232,501 was taken to the Profit & Loss Account in the financial year end 28th February 2023. This related to the write off of a Director Loan Account in existence before the company was purchased by Mourne Food & Drink Ltd.