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COMPANY REGISTRATION NUMBER: 00276569
Thos.E.Kettlewell & Son Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2023
Thos.E.Kettlewell & Son Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
133,938
133,878
Investments
6
131,591
130,341
----------
----------
265,529
264,219
Current assets
Debtors
7
390,959
1,047,773
Cash at bank and in hand
537,507
1,354,578
----------
-------------
928,466
2,402,351
Creditors: amounts falling due within one year
8
669,709
1,170,506
----------
-------------
Net current assets
258,757
1,231,845
----------
-------------
Total assets less current liabilities
524,286
1,496,064
----------
-------------
Net assets
524,286
1,496,064
----------
-------------
Capital and reserves
Called up share capital
1,850
1,850
Capital redemption reserve
875
875
Profit and loss account
521,561
1,493,339
----------
-------------
Shareholder funds
524,286
1,496,064
----------
-------------
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.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Thos.E.Kettlewell & Son Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
T S Kettlewell
Director
Company registration number: 00276569
Thos.E.Kettlewell & Son Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 121 Boothferry Road, Goole, East Riding Of Yorkshire, DN14 6AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) 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.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
(d) Revenue recognition
Turnover represents amounts invoiced during the year, exclusive of Value Added Tax. Revenue from the provision of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefit will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue received from chartering is recognised when the chartering agreement has been completed.
(e) Income tax
The taxation expense represents the aggregate amount of current recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
(f) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(g) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to the expense over the lease term, on a straight-line basis.
(h) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(i) 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:
Freehold Property
-
2% straight line
Leasehold Property
-
2% straight line
Plant & Machinery
-
15% straight line
Motor Vehicles
-
25% straight line
(j) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(k) Investments
Fixed asset investments are initially recorded at cost. Subsequently, they are measured at fair value through profit or loss except for those equity investments and investments in loans in ships that are not publicly traded and whose fair value cannot otherwise be measured reliably which are recognised at cost less any accumulated impairment losses.
(l) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
(m) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
(n) Defined contribution plans
The company operates a defined contribution pension scheme for its present employees and a self administered fund for the benefit of its directors. The assets of the schemes are held separately from those of the company. Contributions are charged to the profit and loss account in the year in which they are paid.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
182,224
188,454
370,678
Additions
12,403
45,148
57,551
----------
----------
----------
At 31 July 2023
194,627
233,602
428,229
----------
----------
----------
Depreciation
At 1 August 2022
135,825
100,975
236,800
Charge for the year
8,135
49,356
57,491
----------
----------
----------
At 31 July 2023
143,960
150,331
294,291
----------
----------
----------
Carrying amount
At 31 July 2023
50,667
83,271
133,938
----------
----------
----------
At 31 July 2022
46,399
87,479
133,878
----------
----------
----------
6. Investments
Shares in group undertakings
Investments in loans in ships
Total
£
£
£
Cost
At 1 August 2022
80,273
109,190
189,463
Exchange rate movement
1,250
1,250
--------
----------
----------
At 31 July 2023
80,273
110,440
190,713
--------
----------
----------
Impairment
At 1 August 2022 and 31 July 2023
59,122
59,122
--------
----------
----------
Carrying amount
At 31 July 2023
21,151
110,440
131,591
--------
----------
----------
At 31 July 2022
21,151
109,190
130,341
--------
----------
----------
7. Debtors
2023
2022
£
£
Trade debtors
204,950
278,616
Amounts owed by group undertakings
11,382
529,929
Prepayments and accrued income
88,379
231,662
Other debtors
86,248
7,566
----------
-------------
390,959
1,047,773
----------
-------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
196,845
420,574
Amounts owed to group undertakings
23,622
29,850
Accruals and deferred income
397,264
673,616
Corporation tax
46,220
41,696
Social security and other taxes
4,184
4,101
Other creditors
1,574
669
----------
-------------
669,709
1,170,506
----------
-------------
9. Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.
10. Controlling party
The parent company is Kettlewell Group Holdings Limited , a company whose registered office address is 121 Boothferry Road, Goole, East Yorkshire, DN14 6AZ.