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Company registration number: 11803225
Kirk P Limited
Unaudited financial statements
28 February 2023
Kirk P Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Kirk P Limited
Directors and other information
Director Peter Stephen Kirk
Company number 11803225
Registered office 27 Bryn Road
Connah's Quay
Deeside
CH5 4UT
Business address 27 Bryn Road
Connah's Quay
Deeside
CH5 4UT
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Natwest
Liverpool Customer Service Centre
Stevenson Way
Wavertree
Liverpool
L13 1NW
Kirk P Limited
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Kirk P Limited
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kirk P Limited for the year ended 28 February 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the director of Kirk P Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Kirk P Limited and state those matters that we have agreed to state to them, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kirk P Limited and its director for our work or for this report.
It is your duty to ensure that Kirk P Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kirk P Limited. You consider that Kirk P Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kirk P Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
28 September 2023
Kirk P Limited
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 7 2,700 3,150
Tangible assets 8 39,667 75,390
_______ _______
42,367 78,540
Current assets
Stocks 120,000 135,000
Debtors 9 65,518 84,403
Cash at bank and in hand 11,013 19,399
_______ _______
196,531 238,802
Creditors: amounts falling due
within one year 10 ( 106,718) ( 166,620)
_______ _______
Net current assets 89,813 72,182
_______ _______
Total assets less current liabilities 132,180 150,722
Creditors: amounts falling due
after more than one year 11 ( 105,359) ( 127,562)
Provisions for liabilities 12 ( 10,512) ( 19,978)
_______ _______
Net assets 16,309 3,182
_______ _______
Capital and reserves
Called up share capital 14 100 100
Profit and loss account 16,209 3,082
_______ _______
Shareholder funds 16,309 3,182
_______ _______
For the 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2023 , and are signed on behalf of the board by:
Peter Stephen Kirk
Director
Company registration number: 11803225
Kirk P Limited
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 Bryn Road, Connah's Quay, Deeside, CH5 4UT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amount of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Franchise fee - 10% straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at estimated cost.
Defined contribution plans
The pension costs charged in the financial statements represent the contributions payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Interest payable and similar expenses
2023 2022
£ £
Bank loans 5,236 5,172
Other loans made to the company:
Finance leases and hire purchase contracts 6,370 6,134
Other interest payable and similar expenses 1,600 2,500
_______ _______
13,206 13,806
_______ _______
6. Tax on profit
Major components of tax expense
2023 2022
£ £
Current tax:
UK current tax expense 12,990 3,615
_______ _______
Deferred tax:
Origination and reversal of timing differences ( 9,466) 2,348
_______ _______
Tax on profit 3,524 5,963
_______ _______
7. Intangible assets
Franchise fee Total
£ £
Cost
At 1 March 2022 and 28 February 2023 4,500 4,500
_______ _______
Amortisation
At 1 March 2022 1,350 1,350
Charge for the year 450 450
_______ _______
At 28 February 2023 1,800 1,800
_______ _______
Carrying amount
At 28 February 2023 2,700 2,700
_______ _______
At 28 February 2022 3,150 3,150
_______ _______
8. Tangible assets
Motor vehicles Total
£ £
Cost
At 1 March 2022 137,300 137,300
Disposals ( 27,000) ( 27,000)
_______ _______
At 28 February 2023 110,300 110,300
_______ _______
Depreciation
At 1 March 2022 61,910 61,910
Charge for the year 13,223 13,223
Disposals ( 4,500) ( 4,500)
_______ _______
At 28 February 2023 70,633 70,633
_______ _______
Carrying amount
At 28 February 2023 39,667 39,667
_______ _______
At 28 February 2022 75,390 75,390
_______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 28 February 2023 39,668
_______
At 28 February 2022 75,390
_______
9. Debtors
2023 2022
£ £
Trade debtors 45,055 82,727
Other debtors 20,463 1,676
_______ _______
65,518 84,403
_______ _______
10. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans 20,000 21,550
Trade creditors 40,439 87,785
Corporation tax 15,863 6,586
Social security and other taxes 9,055 4,962
Other creditors 21,361 45,737
_______ _______
106,718 166,620
_______ _______
11. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 22,500 32,500
Other creditors 82,859 95,062
_______ _______
105,359 127,562
_______ _______
One of the loans is payable until September 2029. Instalments falling due after 28th February 2028 amount to £11,198.
12. Provisions
Deferred tax (note 13) Total
£ £
At 1 March 2022 19,978 19,978
Charges against provisions ( 9,466) ( 9,466)
_______ _______
At 28 February 2023 10,512 10,512
_______ _______
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 12) 10,512 19,978
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 10,512 19,978
_______ _______
14. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______