Company registration number 13370926 (England and Wales)
S & H KERNOW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
S & H KERNOW LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
S & H KERNOW LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
250
335
Current assets
Stocks
478,530
283,144
Debtors
4
5,546
1,881
Cash at bank and in hand
5,708
7,874
489,784
292,899
Creditors: amounts falling due within one year
5
(528,017)
(298,904)
Net current liabilities
(38,233)
(6,005)
Net liabilities
(37,983)
(5,670)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(38,083)
(5,770)
Total equity
(37,983)
(5,670)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 February 2024 and are signed on its behalf by:
Mrs H L Jones
Mr S K Jones
Director
Director
Company registration number 13370926 (England and Wales)
S & H KERNOW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
S & H Kernow Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Reporting period
The financial statements in the previous period were the first produced by the entity. This covered the period from the incorporation date of 3 May 2021 to 31 May 2022. As this period was slightly longer than a year, the information is not entirely comparative to the information presented for the year ending 31 May 2023.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
S & H KERNOW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
420
Depreciation and impairment
At 1 June 2022
85
Depreciation charged in the year
85
At 31 May 2023
170
Carrying amount
At 31 May 2023
250
At 31 May 2022
335
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
134
156
Other debtors
5,412
1,725
5,546
1,881
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
189,369
Trade creditors
2,527
782
Other creditors
336,121
298,122
528,017
298,904
The bank loan is secured by way of fixed and floating charges over the assets of the company.