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Registration number: 08093452

Karen Foy Associates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Karen Foy Associates Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Karen Foy Associates Ltd

(Registration number: 08093452)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

15,329

14,947

Current assets

 

Debtors

6

8,606

24,889

Cash at bank and in hand

 

49,853

50,977

 

58,459

75,866

Creditors: Amounts falling due within one year

7

(26,144)

(46,549)

Net current assets

 

32,315

29,317

Total assets less current liabilities

 

47,644

44,264

Provisions for liabilities

(629)

(557)

Net assets

 

47,015

43,707

Capital and reserves

 

Called up share capital

2

2

Retained earnings

47,013

43,705

Shareholders' funds

 

47,015

43,707

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

 

Karen Foy Associates Ltd

(Registration number: 08093452)
Balance Sheet as at 30 June 2023

.........................................
Mrs K S Foy
Director

.........................................
Mr T Foy
Director

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

These financial statements were authorised for issue by the Board on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipments

33% straight line

Furniture, fittings and equipment

20% straight line

Plant and machinery

25% straight line

Land and buildings

Not depreciated

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

11,476

11,476

At 30 June 2023

11,476

11,476

Amortisation

At 1 July 2022

11,476

11,476

At 30 June 2023

11,476

11,476

Carrying amount

At 30 June 2023

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 July 2022

12,017

4,780

2,782

7,180

Additions

-

440

-

2,337

At 30 June 2023

12,017

5,220

2,782

9,517

Depreciation

At 1 July 2022

-

3,474

1,392

6,946

Charge for the year

-

742

696

957

At 30 June 2023

-

4,216

2,088

7,903

Carrying amount

At 30 June 2023

12,017

1,004

694

1,614

At 30 June 2022

12,017

1,306

1,390

234

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Total
£

Cost or valuation

At 1 July 2022

26,759

Additions

2,777

At 30 June 2023

29,536

Depreciation

At 1 July 2022

11,812

Charge for the year

2,395

At 30 June 2023

14,207

Carrying amount

At 30 June 2023

15,329

At 30 June 2022

14,947

Included within the net book value of land and buildings above is £12,017 (2022 - £12,017) in respect of freehold land and buildings.
 

 

Karen Foy Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Debtors

2023
£

2022
£

Trade debtors

-

12,225

Other debtors

-

4,942

Prepayments

8,606

7,722

8,606

24,889

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

306

54

Amounts owed to related parties

16,606

37,894

Taxation and social security

 

3,134

3,139

Corporation tax

 

5,059

4,642

Other creditors

 

144

-

Accrued expenses

 

895

820

 

26,144

46,549