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Company registration number: 05964814
Mark Kelly Tiling Limited
Unaudited filleted financial statements
31 January 2024
Mark Kelly Tiling Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Mark Kelly Tiling Limited
Directors and other information
Director Mr Mark Kelly
Company number 05964814
Registered office Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Business address 12 Rowan End
Southminster
Essex
CM0 7FT
Accountant Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
Mark Kelly Tiling Limited
Chartered accountant's report to the director on the preparation of the
unaudited statutory financial statements of Mark Kelly Tiling Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Mark Kelly Tiling Limited for the year ended 31 January 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am 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 director of Mark Kelly Tiling Limited, as a body, in accordance with the terms of my engagement letter dated 8 May 2009. My work has been undertaken solely to prepare for your approval the financial statements of Mark Kelly Tiling Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Mark Kelly Tiling Limited and its director as a body for my work or for this report.
It is your duty to ensure that Mark Kelly Tiling 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 Mark Kelly Tiling Limited. You consider that Mark Kelly Tiling Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Mark Kelly Tiling Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Andrew Murphy Chartered Accountants
Sovereign House
82 West Street
Rochford
Essex
SS4 1AS
7 March 2024
Mark Kelly Tiling Limited
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 2,439 2,636
_______ _______
2,439 2,636
Current assets
Debtors 7 17,560 10,837
Cash at bank and in hand 32,285 34,143
_______ _______
49,845 44,980
Creditors: amounts falling due
within one year 8 ( 12,894) ( 16,893)
_______ _______
Net current assets 36,951 28,087
_______ _______
Total assets less current liabilities 39,390 30,723
Creditors: amounts falling due
after more than one year 9 ( 7,252) ( 10,657)
Provisions for liabilities 10 ( 463) ( 501)
_______ _______
Net assets 31,675 19,565
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 31,575 19,465
_______ _______
Shareholders funds 31,675 19,565
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2024 , and are signed on behalf of the board by:
Mr Mark Kelly
Director
Company registration number: 05964814
Mark Kelly Tiling Limited
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2022 100 3,751 3,851
Profit for the year 20,714 20,714
_______ _______ _______
Total comprehensive income for the year - 20,714 20,714
Dividends paid and payable ( 5,000) ( 5,000)
_______ _______ _______
Total investments by and distributions to owners - ( 5,000) ( 5,000)
_______ _______ _______
At 31 January 2023 and 1 February 2023 100 19,465 19,565
Profit for the year 28,110 28,110
_______ _______ _______
Total comprehensive income for the year - 28,110 28,110
Dividends paid and payable ( 16,000) ( 16,000)
_______ _______ _______
Total investments by and distributions to owners - ( 16,000) ( 16,000)
_______ _______ _______
At 31 January 2024 100 31,575 31,675
_______ _______ _______
Mark Kelly Tiling Limited
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sovereign House, 82 West Street, Rochford, Essex, SS4 1AS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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. Unrelieved tax losses and other 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. 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 16,000 5,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 2,824 17,000 19,824
Additions 739 - 739
_______ _______ _______
At 31 January 2024 3,563 17,000 20,563
_______ _______ _______
Depreciation
At 1 February 2023 2,456 14,731 17,187
Charge for the year 370 567 937
_______ _______ _______
At 31 January 2024 2,826 15,298 18,124
_______ _______ _______
Carrying amount
At 31 January 2024 737 1,702 2,439
_______ _______ _______
At 31 January 2023 368 2,269 2,637
_______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 6,097 541
Other debtors 11,463 10,296
_______ _______
17,560 10,837
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 2,000 2,000
Trade creditors 155 240
Corporation tax 6,628 4,984
Other creditors 4,111 9,669
_______ _______
12,894 16,893
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 6,667 8,667
Other creditors 585 1,990
_______ _______
7,252 10,657
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 February 2023 501 501
Additions ( 38) ( 38)
_______ _______
At 31 January 2024 463 463
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 10) 463 501
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 463 501
_______ _______
12. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mark Kelly ( 5,814) 38,677 ( 32,919) ( 56)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Mark Kelly ( 15,447) 34,322 ( 24,689) ( 5,814)
_______ _______ _______ _______
14. Controlling party
Mr M Kelly controls the company