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Company Registration Number: 3595971
KAYES (WHOLESALE) LIMITED
Filleted Financial Statements
31 July 2023
KAYES (WHOLESALE) LIMITED
Contents
Balance Sheet
Notes To The Financial Statements
KAYES (WHOLESALE) LIMITED
Balance Sheet
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 91,548 81,669
Investments 6 7,750 7,750
_________ _________
99,298 89,419
Current assets
Stocks 834,318 941,512
Debtors 7 527,898 501,720
Cash at bank and in hand 850 104,561
_________ _________
1,363,066 1,547,793
Creditors: amounts falling due
within one year 8 ( 661,571) ( 833,025)
_________ _________
Net current assets 701,495 714,768
_________ _________
Total assets less current liabilities 800,793 804,187
Creditors: amounts falling due
after more than one year 9 ( 65,203) ( 117,484)
Provisions for liabilities ( 14,663) ( 8,302)
_________ _________
Net assets 720,927 678,401
_________ _________
Capital and reserves
Called up share capital 10 130,001 130,000
Profit and loss account 590,926 548,401
_________ _________
Shareholder funds 720,927 678,401
_________ _________
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.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 Profit and Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 April 2024 , and are signed on behalf of the board by:
............................................. .............................................
Mr P.S. Kaye Mr D. Kaye
Director Director
Company Registration Number: 3595971
KAYES (WHOLESALE) 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 the United Kingdom. The address of the registered office is Unit 20, Springmeadow Business Park, Springmeadow Road, Rumney, Cardiff, CF3 2ES.
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 and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
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 expense over the lease term, on a straight-line basis.
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 - 15 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. All of the financial instruments aplicable to the company are basic, as defined in the Accounting Standard, and as such are initially recognised at the transaction price. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 15 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2022 82,749 87,386 170,135
Additions 28,785 - 28,785
Disposals - ( 4,250) ( 4,250)
_________ _________ _________
At 31 July 2023 111,534 83,136 194,670
_________ _________ _________
Depreciation
At 1 August 2022 33,883 54,583 88,466
Charge for the year 9,136 8,027 17,163
Disposals - ( 2,507) ( 2,507)
_________ _________ _________
At 31 July 2023 43,019 60,103 103,122
_________ _________ _________
Carrying amount
At 31 July 2023 68,515 23,033 91,548
_________ _________ _________
At 31 July 2022 48,866 32,803 81,669
_________ _________ _________
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 July 2023 12,028
_________
At 31 July 2022 22,644
_________
6. Investments
Sundry investments (unlisted)
£
Cost
At 1 August 2022 and 31 July 2023 7,750
_________
Impairment
At 1 August 2022 and 31 July 2023 -
_________
Carrying amount
At 31 July 2023 7,750
_________
At 31 July 2022 7,750
_________
7. Debtors
2023 2022
£ £
Trade debtors 504,131 476,517
Prepayments 23,767 25,203
_________ _________
527,898 501,720
_________ _________
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 51,994 86,477
Trade creditors 505,440 658,039
Accruals 8,500 8,250
Social security and other taxes 82,460 57,726
Obligations under finance leases 5,333 5,333
Director loan accounts 7,844 15,035
Other creditors - 2,165
_________ _________
661,571 833,025
_________ _________
£26,000 of the bank borrowings at 31 July 2023 relates to a government-backed "CBILS" loan.The remainder of the bank borrowings is secured by fixed and floating charges over all of the company's assets.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 63,425 110,373
Obligations under finance leases 1,778 7,111
_________ _________
65,203 117,484
_________ _________
£44,000 of he bank loans above relate to a government-backed "CBILS" loan. The remainder of bank borrowings is secured by fixed and floating charges over all of the company's assets.
10. Called up share capital
Authorised share capital
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 200,000 200,000 200,000 200,000
_________ _________ _________ _________
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 130,001 130,001 130,000 130,000
_________ _________ _________ _________