GJ Knight and Co Limited 10283345 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is plumbing and heating services Digita Accounts Production Advanced 6.30.9574.0 true false true 10283345 2022-08-01 2023-07-31 10283345 2023-07-31 10283345 bus:OrdinaryShareClass1 2023-07-31 10283345 core:CurrentFinancialInstruments 2023-07-31 10283345 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 10283345 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 10283345 core:BetweenOneFiveYears 2023-07-31 10283345 core:WithinOneYear 2023-07-31 10283345 core:FurnitureFittingsToolsEquipment 2023-07-31 10283345 core:MotorVehicles 2023-07-31 10283345 core:OtherPropertyPlantEquipment 2023-07-31 10283345 bus:SmallEntities 2022-08-01 2023-07-31 10283345 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 10283345 bus:FilletedAccounts 2022-08-01 2023-07-31 10283345 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 10283345 bus:RegisteredOffice 2022-08-01 2023-07-31 10283345 bus:Director1 2022-08-01 2023-07-31 10283345 bus:Director2 2022-08-01 2023-07-31 10283345 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 10283345 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10283345 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 10283345 core:MotorVehicles 2022-08-01 2023-07-31 10283345 core:OfficeEquipment 2022-08-01 2023-07-31 10283345 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 10283345 core:PlantMachinery 2022-08-01 2023-07-31 10283345 1 2022-08-01 2023-07-31 10283345 countries:England 2022-08-01 2023-07-31 10283345 2022-07-31 10283345 core:FurnitureFittingsToolsEquipment 2022-07-31 10283345 core:MotorVehicles 2022-07-31 10283345 core:OtherPropertyPlantEquipment 2022-07-31 10283345 2021-08-01 2022-07-31 10283345 2022-07-31 10283345 bus:OrdinaryShareClass1 2022-07-31 10283345 core:CurrentFinancialInstruments 2022-07-31 10283345 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 10283345 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 10283345 core:BetweenOneFiveYears 2022-07-31 10283345 core:WithinOneYear 2022-07-31 10283345 core:FurnitureFittingsToolsEquipment 2022-07-31 10283345 core:MotorVehicles 2022-07-31 10283345 core:OtherPropertyPlantEquipment 2022-07-31 10283345 bus:OrdinaryShareClass1 2021-08-01 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10283345

GJ Knight and Co Limited

Unaudited Financial Statements

for the Year Ended 31 July 2023

 

GJ Knight and Co Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

GJ Knight and Co Limited

(Registration number: 10283345)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

24,202

17,420

Current assets

 

Stocks

5

3,023

4,824

Debtors

6

10,146

6,695

Cash at bank and in hand

 

13,362

10,021

 

26,531

21,540

Creditors: Amounts falling due within one year

7

(25,611)

(17,436)

Net current assets

 

920

4,104

Total assets less current liabilities

 

25,122

21,524

Creditors: Amounts falling due after more than one year

7

(22,605)

(17,850)

Provisions for liabilities

(4,598)

(3,310)

Net (liabilities)/assets

 

(2,081)

364

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(2,181)

264

Shareholders' (deficit)/funds

 

(2,081)

364

For the financial 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 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 9 April 2024 and signed on its behalf by:
 

 

GJ Knight and Co Limited

(Registration number: 10283345)
Balance Sheet as at 31 July 2023

.........................................
Mrs S J Knight
Director

.........................................
Mr G Knight
Director

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
7 Deans Meadow
Dagnall
Berkhamsted
Hertfordshire
HP4 1RW

These financial statements were authorised for issue by the Board on 9 April 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net liabilities. The directors pledge their ongoing support and as such the accounts have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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

Motor Vehicle

25% Reducing balance

Office Equipment

25% Reducing Balance

Plant and Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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).

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

345

28,897

1,208

30,450

Additions

250

14,600

-

14,850

At 31 July 2023

595

43,497

1,208

45,300

Depreciation

At 1 August 2022

86

12,642

302

13,030

Charge for the year

127

7,714

227

8,068

At 31 July 2023

213

20,356

529

21,098

Carrying amount

At 31 July 2023

382

23,141

679

24,202

At 31 July 2022

259

16,255

906

17,420

Included above are assets held on lease purchase, the amounts are secured on the relevant assets. The net book value of these assets is £23,141 and the depreciation charged in the year was £7,714.

5

Stocks

2023
£

2022
£

Work in progress

1,023

3,024

Other inventories

2,000

1,800

3,023

4,824

6

Debtors

Current

2023
£

2022
£

Trade debtors

10,146

5,967

Other debtors

-

728

 

10,146

6,695

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7,411

3,761

Trade creditors

 

2,871

1,483

Taxation and social security

 

13,796

11,023

Accruals and deferred income

 

1,045

1,045

Other creditors

 

488

124

 

25,611

17,436

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

22,605

17,850

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

7,411

3,761

Later than one year and not later than five years

22,605

17,850

30,016

21,611

 

GJ Knight and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £505.00 (2022 - £475.00) per each Ordinary

50,500

47,500

 

 

11

Related party transactions

Other transactions with directors

At the company year end the company owed the directors £486 (2022: £124). There is no set repayment term or interest being charged.

12

Ultimate controlling party

The ultimate controlling party is Mr G Knight and Mrs S Knight as directors and joint shareholders of the company acting in concert.