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Registration number: 01628824

K.R. Phakey & Partners Limited

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 30 September 2023

 

K.R. Phakey & Partners Limited

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
K.R. Phakey & Partners Limited
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of K.R. Phakey & Partners Limited for the year ended 30 September 2023 as set out on pages 2 to 6 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 K.R. Phakey & Partners Limited, as a body, in accordance with the terms of our engagement letter dated 22 October 2021. Our work has been undertaken solely to prepare for your approval the accounts of K.R. Phakey & Partners Limited and state those matters that we have agreed to state to the Board of Directors of K.R. Phakey & Partners 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 K.R. Phakey & Partners Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that K.R. Phakey & Partners Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of K.R. Phakey & Partners Limited. You consider that K.R. Phakey & Partners 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 accounts of K.R. Phakey & Partners 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 accounts.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

6 March 2024

 

K.R. Phakey & Partners Limited

(Registration number: 01628824)
Abridged Balance Sheet as at 30 September 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

252,192

 

270,754

Other financial assets

 

3,342

 

3,342

   

255,534

 

274,096

Current assets

   

 

Debtors

36,851

 

42,083

 

Cash at bank and in hand

 

764,535

 

615,338

 

 

801,386

 

657,421

 

Creditors: Amounts falling due within one year

(701,811)

 

(576,744)

 

Net current assets

   

99,575

 

80,677

Total assets less current liabilities

   

355,109

 

354,773

Provisions for liabilities

 

(3,938)

 

(5,753)

Net assets

   

351,171

 

349,020

Capital and reserves

   

 

Called up share capital

20,000

 

220,000

 

Revaluation reserve

29,791

 

29,527

 

Profit and loss account

301,380

 

99,493

 

Total equity

   

351,171

 

349,020

 

K.R. Phakey & Partners Limited

(Registration number: 01628824)
Abridged Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 6 March 2024
 

.........................................
Mr D R Phakey
Company secretary and director

 

K.R. Phakey & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 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:
36 Castle Boulevard
Nottingham
NG7 1FL

These financial statements were authorised for issue by the director on 6 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.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

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.

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.

 

K.R. Phakey & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

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

Land and buildings

2% straight line

Fixtures & fittings

15% reducing balance

Computer equipment

100% straight line

Motor Vehicles

20% reducing balance

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.

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 and irredeemable preference 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.

 

K.R. Phakey & Partners Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

During the year, the average number of employees at the company was 5 (2022 - 5).

4

Tangible assets

Land and buildings
£

Fixtures, fittings and computer equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

220,000

49,075

74,498

343,573

Additions

-

3,968

77,240

81,208

Disposals

-

(53,043)

(74,498)

(127,541)

At 30 September 2023

220,000

-

77,240

297,240

Depreciation

At 1 October 2022

25,200

38,927

8,692

72,819

Charge for the year

4,400

8,747

15,448

28,595

Eliminated on disposal

-

(47,674)

(8,692)

(56,366)

At 30 September 2023

29,600

-

15,448

45,048

Carrying amount

At 30 September 2023

190,400

-

61,792

252,192

At 30 September 2022

194,800

10,148

65,806

270,754