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COMPANY REGISTRATION NUMBER: 11817439
KETTERING PAVING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
KETTERING PAVING LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
52,941
47,477
CURRENT ASSETS
Stocks
12,102
2,630
Debtors
6
30,177
Cash at bank and in hand
7,382
3,697
--------
--------
19,484
36,504
CREDITORS: amounts falling due within one year
7
54,240
55,903
--------
--------
NET CURRENT LIABILITIES
34,756
19,399
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
18,185
28,078
CREDITORS: amounts falling due after more than one year
8
2,588
21,671
--------
--------
NET ASSETS
15,597
6,407
--------
--------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
15,497
6,307
--------
-------
SHAREHOLDERS FUNDS
15,597
6,407
--------
-------
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 income and retained earnings has not been delivered.
For the year ending 31 March 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 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 .
KETTERING PAVING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 21 December 2023 , and are signed on behalf of the board by:
Mr J A Lodge
Director
Company registration number: 11817439
KETTERING PAVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 Telford Way End, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8UN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax 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 pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
22,910
3,332
43,745
866
70,853
Additions
11,567
11,567
--------
-------
--------
----
--------
At 31 March 2023
34,477
3,332
43,745
866
82,420
--------
-------
--------
----
--------
Depreciation
At 1 April 2022
8,675
296
13,795
610
23,376
Charge for the year
3,871
91
2,056
85
6,103
--------
-------
--------
----
--------
At 31 March 2023
12,546
387
15,851
695
29,479
--------
-------
--------
----
--------
Carrying amount
At 31 March 2023
21,931
2,945
27,894
171
52,941
--------
-------
--------
----
--------
At 31 March 2022
14,235
3,036
29,950
256
47,477
--------
-------
--------
----
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
30,027
Other debtors
150
----
--------
30,177
----
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,986
2,868
Corporation tax
9,964
10,084
Social security and other taxes
2,252
10,529
Other creditors
27,038
32,422
--------
--------
54,240
55,903
--------
--------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,588
21,671
-------
--------