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REGISTERED NUMBER: 01940512 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Kemp Sails Limited

Kemp Sails Limited (Registered number: 01940512)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Kemp Sails Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr R D Kemp





SECRETARY: Mr R D Kemp





REGISTERED OFFICE: St Mary's House
24 North Street
Wareham
Dorset
BH20 4AG





REGISTERED NUMBER: 01940512 (England and Wales)





ACCOUNTANTS: Ward Goodman
St Mary's House
24 North Street
Wareham
Dorset
BH20 4AG

Kemp Sails Limited (Registered number: 01940512)

Abridged Statement of Financial Position
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,083 3,478
Tangible assets 5 139,407 24,766
144,490 28,244

CURRENT ASSETS
Stocks 183,172 155,631
Debtors 72,067 113,508
Prepayments and accrued income 3,099 2,895
Cash at bank 97,748 26,083
356,086 298,117
CREDITORS
Amounts falling due within one year 84,104 86,924
NET CURRENT ASSETS 271,982 211,193
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,472

239,437

PROVISIONS FOR LIABILITIES (34,852 ) (6,191 )

ACCRUALS AND DEFERRED INCOME (20,217 ) (4,740 )
NET ASSETS 361,403 228,506

CAPITAL AND RESERVES
Called up share capital 200 200
Non distributable reserves 90,675 -
Retained earnings 270,528 228,306
SHAREHOLDERS' FUNDS 361,403 228,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Kemp Sails Limited (Registered number: 01940512)

Abridged Statement of Financial Position - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 April 2024 and were signed by:





Mr R D Kemp - Director


Kemp Sails Limited (Registered number: 01940512)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Kemp Sails Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance and 20% on cost
Office equipment - 20% on reducing balance and 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Government grants
Grants in respect of furloughed employees are recognised in income in the profit and loss account. The company has adopted the accruals basis over the periods in which the entity recognises the related staff costs for which the grant is intended to compensate.

Grant income is recognised in the profit and loss account for the initial twelve month interest free period of the Bounce Back Loan with an equal and corresponding finance charge recognised in expenses in the profit and loss account.

A similar treatment will apply for any further interest free periods taken up by the company during the
term of the loan. The annual rate of interest on the Bounce Back Loan is calculated according to the chancellor's pledge to fix this at 2.5%. The loan will be subsequently recorded at amortised cost using the annual rate of interest of 2.5%. This has been adopted on the basis the loan is considered a commercial business loan and therefore 2.5% annual interest is effectively the market rate of interest.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Kemp Sails Limited (Registered number: 01940512)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 23 ) .

Kemp Sails Limited (Registered number: 01940512)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 September 2022 3,620
Additions 2,000
At 31 August 2023 5,620
AMORTISATION
At 1 September 2022 142
Amortisation for year 395
At 31 August 2023 537
NET BOOK VALUE

At 31 August 2023 5,083
At 31 August 2022 3,478

5. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 September 2022 199,113
Additions 1,329
Disposals (14,146 )
Revaluations 120,900
At 31 August 2023 307,196
DEPRECIATION
At 1 September 2022 174,347
Charge for year 6,282
Eliminated on disposal (12,840 )
At 31 August 2023 167,789
NET BOOK VALUE
At 31 August 2023 139,407
At 31 August 2022 24,766

Kemp Sails Limited (Registered number: 01940512)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 August 2023 is represented by:

Totals
£   
Valuation in 2023 195,689
Cost 111,507
307,196

Plant and machinery items were revalued at the financial year end and it was determined that a revaluation total of £120,900 was required to bring all the items to their current fair value. Items were individually assessed for their respective fair values.

The revaluations are included within tangible fixed assets in the balance sheet. The revaluation gains are recognised in other comprehensive income by way of the non-distributable reserves.

A deferred tax provision of £30,225 has also been made at a rate of 25% on the revaluation adjustment and this is also recognised through other comprehensive income as a reduction by way of the non-distributable reserves.

6. PENSION COMMITMENTS

The company operates a money purchase pension scheme for benefit of the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £2,315 (2022- £2,342) were due to the fund. These are included within creditors.

7. OTHER FINANCIAL COMMITMENTS

The company had rental commitments at the financial year end of £17,883 (2022 - £26,994)

There were no other financial commitments, contingencies or guarantees made on behalf of the director.

8. OFF-BALANCE SHEET ARRANGEMENTS

There were no off-balance sheet arrangements at the financial year end.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

There were no advances to the director during the financial year.

10. RELATED PARTY DISCLOSURES

The company paid rent totalling £23,500 (2022 - £23,500) during the financial year to the pension fund of the director, R D Kemp.