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Registration number: 10496418

Kris Holt Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Kris Holt Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kris Holt Ltd

Company Information

Director

Mr K Holt

Registered office

7 Longlands Crescent
Heysham
Morecambe
LA3 2NP

Accountants

Rotherham Taylor Limited
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Kris Holt Ltd

(Registration number: 10496418)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37,962

8,810

Current assets

 

Debtors

5

19,473

8,682

Cash at bank and in hand

 

4,228

-

 

23,701

8,682

Creditors: Amounts falling due within one year

6

(33,459)

(12,795)

Net current liabilities

 

(9,758)

(4,113)

Total assets less current liabilities

 

28,204

4,697

Creditors: Amounts falling due after more than one year

6

(28,540)

(4,583)

Provisions for liabilities

(39)

(64)

Net (liabilities)/assets

 

(375)

50

Capital and reserves

 

Called up share capital

50

50

Retained earnings

(425)

-

Shareholders' (deficit)/funds

 

(375)

50

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 27 November 2023
 

 

Kris Holt Ltd

(Registration number: 10496418)
Balance Sheet as at 28 February 2023

.........................................
Mr K Holt
Director

   
     
 

Kris Holt Ltd

Notes to the Unaudited 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:
7 Longlands Crescent
Heysham
Morecambe
LA3 2NP

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.

 

Kris Holt Ltd

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

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 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.

Government grants

Grants are recognised in income on a systematic basis over the period in which the entity recognises the related costs in which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred 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.

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.

Tangible assets

Tangible assets are stated on 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:

 

Kris Holt Ltd

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

Asset class

Depreciation method and rate

Land and building

2% reducing balance (land is not depreciated)

Plant and machinery

25% reducing balance

Office equipment

40% reducing balance

Motor vehicle

25% reducing balance

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.

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.

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.

 

Kris Holt Ltd

Notes to the Unaudited 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 are classified as hire purchase agreements whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under hire purchase agreements are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a hire purchase agreement obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Kris Holt Ltd

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

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

8,475

-

2,910

-

11,385

Additions

-

1,553

-

37,495

39,048

At 28 February 2023

8,475

1,553

2,910

37,495

50,433

Depreciation

At 1 March 2022

-

-

2,575

-

2,575

Charge for the year

-

388

134

9,374

9,896

At 28 February 2023

-

388

2,709

9,374

12,471

Carrying amount

At 28 February 2023

8,475

1,165

201

28,121

37,962

At 28 February 2022

8,475

-

335

-

8,810

5

Debtors

2023
£

2022
£

Amounts owed by related parties

9,371

-

Other debtors

10,102

8,682

 

19,473

8,682

 

Kris Holt Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

8,619

1,324

Taxation and social security

 

12,391

10,271

Accruals and deferred income

 

1,200

1,200

Other creditors

 

11,249

-

 

33,459

12,795

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

28,540

4,583

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,334

4,583

Hire purchase contracts

25,206

-

28,540

4,583

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,250

1,250

Bank overdrafts

-

74

Hire purchase contracts

6,722

-

Director's loan account

647

-

8,619

1,324

The director's loan account is non-interest bearing and has no formal repayment tems