REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
Kevin Kirby Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 July 2023 |
for |
Kevin Kirby Limited |
Kevin Kirby Limited (Registered number: 03816356) |
Contents of the Financial Statements |
for the Year Ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kevin Kirby Limited |
Company Information |
for the Year Ended 31 July 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
140 Rayne Road |
Braintree |
Essex |
CM7 2QR |
Kevin Kirby Limited (Registered number: 03816356) |
Balance Sheet |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kevin Kirby Limited (Registered number: 03816356) |
Balance Sheet - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements |
for the Year Ended 31 July 2023 |
1. | STATUTORY INFORMATION |
Kevin Kirby Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced hirings and sales excluding value added tax as appropriate. |
Tangible fixed assets |
Agricultural machinery | - |
Plant & machinery | - |
Hospitality assets & cabin | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Revaluation of tangible fixed assets |
The investment property is carried at fair value at the balance sheet date. The valuation is made by the directors. |
Depreciation |
Depreciation on the hospitality assets and the cabin is charged at 25% reducing balance and 5% on cost respectively. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Agricultural | Plant & |
property | machinery | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Hospitality |
assets & | Motor | Computer |
cabin | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
Cost or valuation at 31 July 2023 is represented by: |
Freehold | Agricultural | Plant & |
property | machinery | machinery |
£ | £ | £ |
Valuation in 2016 | 295,000 | 1,540,856 | 93,337 |
Valuation in 2017 | 8,500 | (206,265 | ) | 3,825 |
Valuation in 2018 | (48,509 | ) | (139,635 | ) | 469 |
Valuation in 2019 | - | 31,774 | - |
Valuation in 2020 | - | 71,000 | (28,849 | ) |
Valuation in 2021 | - | (159,938 | ) | 1,161 |
Valuation in 2022 | - | (151,825 | ) | 8,106 |
Valuation in 2023 | - | 42,985 | 30,938 |
254,991 | 1,028,952 | 108,987 |
Hospitality |
assets & | Motor | Computer |
cabin | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2016 | 26,517 | 22,115 | 4,289 | 1,982,114 |
Valuation in 2017 | - | - | - | (193,940 | ) |
Valuation in 2018 | 48,509 | - | 577 | (138,589 | ) |
Valuation in 2019 | - | - | - | 31,774 |
Valuation in 2020 | - | - | - | 42,151 |
Valuation in 2021 | - | - | - | (158,777 | ) |
Valuation in 2022 | 195,000 | 45,995 | 172 | 97,448 |
Valuation in 2023 | 47,699 | 39,795 | - | 161,417 |
317,725 | 107,905 | 5,038 | 1,823,598 |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 254,991 | 254,991 |
Value of land in freehold land and buildings | 254,991 | 254,991 |
Freehold property was valued on an open market basis on 31 July 2023 by the director, Mr K Kirby . |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Agricultural | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 August 2022 |
Additions |
Transfer to ownership | (16,950 | ) | - | (16,950 | ) |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Transfer to ownership | (565 | ) | - | (565 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Additions |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The investment property was purchased in July 2016 and substantial property improvements have been carried out in the 2023, 2022 and 2021 years. The director, Mr K M Kirby, considers the fair market value as at 31 July 2023 to be £888,033. |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2016 | 488,383 |
Valuation in 2017 | 21,250 |
Valuation in 2021 | 230,000 |
Valuation in 2022 | 101,000 |
Valuation in 2023 | 47,400 |
888,033 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 564 | - |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | - | 2,598 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Hire purchase contracts |
Kevin Kirby Limited (Registered number: 03816356) |
Notes to the Financial Statements - continued |
for the Year Ended 31 July 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 272,605 | 393,347 |
The bank loan is secured by a legal charge on the freehold property of the company. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 August 2022 |
and 31 July 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The company does not charge interest on the overdrawn director's loan account. |
12. | RELATED PARTY DISCLOSURES |
In July 2011 the company lent the director's self invested pension scheme (The Woodview Trust) an amount of £108,835 for the purchase of freehold commercial property held within the scheme. This loan is repayable to the company over 15 years and interest on the loan is to be charged to The Woodfield Trust at a rate of 3%. The loan was fully repaid in the year ended 31 July 2021.The company paid The Woodfield Trust £25,726 rent for the use of the property in the 2023 year. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is the director, Mr K Kirby, through his shareholding in this company. |