Company Registration No. 12297840 (England and Wales)
KATIE WELCH & ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KATIE WELCH & ASSOCIATES LIMITED
COMPANY INFORMATION
Director
Ms K P Welch
Company number
12297840
Registered office
6 Towns End Farm
Witherslack
Cumbria
LA11 6RN
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Yorkshire Bank
7 Stricklandgate
Kendal
LA9 4NB
KATIE WELCH & ASSOCIATES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
KATIE WELCH & ASSOCIATES LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KATIE WELCH & ASSOCIATES LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Katie Welch & Associates Limited for the year ended 30 November 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Katie Welch & Associates Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Katie Welch & Associates Limited and state those matters that we have agreed to state to the Board of Directors of Katie Welch & Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Katie Welch & Associates Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Katie Welch & Associates 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 Katie Welch & Associates Limited. You consider that Katie Welch & Associates 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 Katie Welch & Associates 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.
Ormerod Rutter Limited
26 January 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
KATIE WELCH & ASSOCIATES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,065
1,485
Current assets
Debtors
4
46,798
69,587
Cash at bank and in hand
365
5,048
47,163
74,635
Creditors: amounts falling due within one year
5
(30,583)
(53,108)
Net current assets
16,580
21,527
Total assets less current liabilities
17,645
23,012
Creditors: amounts falling due after more than one year
6
(11,000)
(16,000)
Provisions for liabilities
8
(221)
(282)
Net assets
6,424
6,730
Capital and reserves
Called up share capital
9
100
100
Share premium account
5,820
5,820
Profit and loss reserves
504
810
Total equity
6,424
6,730
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KATIE WELCH & ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 January 2024.
Ms K P Welch
Director
Company Registration No. 12297840
KATIE WELCH & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Katie Welch & Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Towns End Farm, Witherslack, Cumbria, LA11 6RN.
1.1
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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:
Fixtures and fittings
20% on reducing balance
Computer equipment
33% on cost
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
KATIE WELCH & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
2,586
471
3,057
Depreciation and impairment
At 1 December 2022
1,262
310
1,572
Depreciation charged in the year
265
155
420
At 30 November 2023
1,527
465
1,992
Carrying amount
At 30 November 2023
1,059
6
1,065
At 30 November 2022
1,324
161
1,485
KATIE WELCH & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,990
28,860
Other debtors
35,808
40,727
46,798
69,587
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
73
110
Taxation and social security
23,419
46,075
Other creditors
1,091
923
30,583
53,108
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,000
16,000
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
17,000
22,000
Bank loans are secured by way of a goverment-backed guarantee.
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
221
282
KATIE WELCH & ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
10
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
40,727
53,821
1,260
(60,000)
35,808
40,727
53,821
1,260
(60,000)
35,808
The director's loan account was repaid within nine months of the year end.
11
Ultimate controlling party
The ultimate controlling party is Ms K P Welch.