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REGISTERED NUMBER: 09876352 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Baxter Kelly Ltd

Baxter Kelly Ltd (Registered number: 09876352)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Baxter Kelly Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: J J Kelly
I Baxter
J Smith
S Paul





REGISTERED OFFICE: Douglas House
Tollgate Drive
Tollgate Industrial Estate
Stafford
ST16 3HS





REGISTERED NUMBER: 09876352 (England and Wales)





ACCOUNTANTS: Versatile Accountancy Services Ltd
The Old Printworks
65 Church Street
Littleborough
Lancashire
OL15 8AB

Baxter Kelly Ltd (Registered number: 09876352)

Statement of Financial Position
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 34,400 -
Tangible assets 5 485,351 769,488
519,751 769,488

CURRENT ASSETS
Stocks 6 1,932,578 463,839
Debtors 7 3,610,570 1,322,021
Cash at bank 614,496 4,687
6,157,644 1,790,547
CREDITORS
Amounts falling due within one year 8 4,972,848 1,903,182
NET CURRENT ASSETS/(LIABILITIES) 1,184,796 (112,635 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,704,547

656,853

CREDITORS
Amounts falling due after more than
one year

9

(223,550

)

(428,009

)

PROVISIONS FOR LIABILITIES 11 (92,217 ) (145,649 )
NET ASSETS 1,388,780 83,195

Baxter Kelly Ltd (Registered number: 09876352)

Statement of Financial Position - continued
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 4 4
Retained earnings 13 1,388,776 83,191
SHAREHOLDERS' FUNDS 1,388,780 83,195

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





J J Kelly - Director


Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Baxter Kelly Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

De-minimis levels for capitalisation of assets
The company has set de-minimis levels for the recognition of capital assets £1,000 for plant & machinery, £10,000 for motor vehicles, £500 for office equipment, and £750 for fixtures & fittings. Assets below the de-minimis level are charged to the revenue account i.e. the asset is not included in the balance sheet unless it is part of an overall project costing more than the de-minimis level. The company may capitalise particular items of expenditure that are below its de-minimis limit (e.g. because the terms of a contract require it to be applied to capital expenditure), as this brings the company back in line with proper practices for the particular item. The treatment of items below the limit in this way has no material impact on the accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2022 - 77 ) .

Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 34,400
At 31 May 2023 34,400
NET BOOK VALUE
At 31 May 2023 34,400

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022 255,051 25,330 535,123 76,822 892,326
Additions 5,346 904 - 25,584 31,834
Disposals (25,475 ) (7,235 ) (175,000 ) (19,601 ) (227,311 )
At 31 May 2023 234,922 18,999 360,123 82,805 696,849
DEPRECIATION
At 1 June 2022 23,548 3,073 83,614 12,603 122,838
Charge for year 35,370 3,463 111,924 11,550 162,307
Eliminated on disposal (7,217 ) (1,548 ) (58,262 ) (6,620 ) (73,647 )
At 31 May 2023 51,701 4,988 137,276 17,533 211,498
NET BOOK VALUE
At 31 May 2023 183,221 14,011 222,847 65,272 485,351
At 31 May 2022 231,503 22,257 451,509 64,219 769,488

6. STOCKS
31.5.23 31.5.22
£    £   
Stocks 40,000 69,000
Work-in-progress 1,892,578 394,839
1,932,578 463,839

Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.5.23 31.5.22
£    £   
Trade debtors 2,058,161 709,347
Other debtors 60,700 52,614
VAT 465,032 -
Prepayments and accrued income 1,026,677 560,060
3,610,570 1,322,021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts (see note 10)
60,069

50,891
Hire purchase contracts 150,708 202,292
Trade creditors 3,375,004 601,563
Tax 624,863 135,903
Social security and other taxes 316,920 403,254
Pensions 11,216 10,138
VAT - 324,348
Other creditors 2,272 6,429
Directors' loan accounts 235,468 109,553
Accrued expenses 196,328 58,811
4,972,848 1,903,182

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans (see note 10) 205,750 259,500
Hire purchase contracts 17,800 168,509
223,550 428,009

Amounts falling due in more than five years:

Repayable by instalments
F C loans more 5 yr by instal 132,000 175,750

Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

10. LOANS

An analysis of the maturity of loans is given below:

31.5.23 31.5.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 16,319 7,141
Funding Circle loans 43,750 43,750
60,069 50,891

Amounts falling due between one and two years:
Fund Circle loans - 1-2 years 43,750 43,750

Amounts falling due between two and five years:
Bounce Back loan 30,000 40,000

Amounts falling due in more than five years:

Repayable by instalments
F C loans more 5 yr by instal 132,000 175,750

11. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 92,217 145,649

Deferred
tax
£   
Balance at 1 June 2022 145,649
Provided during year (53,432 )
Balance at 31 May 2023 92,217

Baxter Kelly Ltd (Registered number: 09876352)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
2 Ordinary 1.00 4 4

13. RESERVES
Retained
earnings
£   

At 1 June 2022 83,191
Profit for the year 1,761,585
Dividends (456,000 )
At 31 May 2023 1,388,776