REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2023 |
FOR |
MICHAEL H KEENE & SON SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2023 |
FOR |
MICHAEL H KEENE & SON SERVICES LIMITED |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
MICHAEL H KEENE & SON SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Director: |
Registered office: |
Registered number: |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
BALANCE SHEET |
31ST MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities | 9 |
Net assets |
Capital and reserves |
Called up share capital | 10 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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. |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
BALANCE SHEET - continued |
31ST MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | Statutory information |
Michael H Keene & Son Services Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Michael H Keene & Son Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant & machinery 10-25% SL & RB |
Motor vehicles 25% SL |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment wa srecognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities. |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | Accounting policies - continued |
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Other financial liabilities |
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | Employees (including officers) |
The average number of employees during the year was |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
4. | Tangible fixed assets |
Plant & | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
Cost |
At 1st April 2022 |
Additions |
At 31st March 2023 |
Depreciation |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1st April 2022 |
and 31st March 2023 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | Fixed asset investments - continued |
The company's investments at the Balance sheet date in the share capital of companies include the |
following: |
Michael H Keene & Son Property Limited |
Registered office: The Moat, Anthonys Cross, Newent, Gloucestershire, GL18 1JG |
Nature of business: Property lettings |
% holding | % holding |
100 | 100 |
Year ended | Year ended |
31.03.2023 | 31.03.2022 |
£ | £ |
Aggregate capital & reserves | 310,480 | 145,683 |
Allcots Development Company |
Registered office: The Moat, Anthonys Cross, Newent, Gloucestershire, GL18 1JG |
Nature of business: Sundry agricultural services |
% holding | % holding |
49 | 49 |
Year ended | Year ended |
31.03.2023 | 31.03.2022 |
£ | £ |
Aggregate capital & reserves | 100 | 100 |
6. | Stocks |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
7. | Debtors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed by group undertakings |
Prepayments |
Corporation tax |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
8. | Creditors: amounts falling due within one year |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group/related u'takings |
Corporation tax |
Social security & other tax |
Accrued expenses |
9. | Provisions for liabilities |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 11,400 | 11,400 |
Deferred tax |
£ |
Balance at 1st April 2022 |
Balance at 31st March 2023 |
10. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
11. | Contingent liabilities & other commitments |
There were no contingent liabilities or lease commitments at 31st March 2023. |
12. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
MICHAEL H KEENE & SON SERVICES LIMITED (REGISTERED NUMBER: 12336149) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
12. | Related party disclosures - continued |
The following transactions took place with related parties on normal commercial terms during the year: |
Other related parties |
£ |
Purchases | 31,731 |
Amounts owed to related parties | (49 | ) |
13. | Controlling party |
Michael H Keene & Son Limited is the ultimate holding company. |
Company registration number: | 00760415 |
Company registered office address: | The Moat |
Anthonys Cross |
Newent |
Gloucestershire |
GL18 1JG |