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COMPANY REGISTRATION NUMBER: 00748331
KENNETH HALL (BUILDER) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2022
KENNETH HALL (BUILDER) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2022
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
KENNETH HALL (BUILDER) LIMITED
BALANCE SHEET
30 September 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
6
1,988,860
2,033,950
Current assets
Stocks
7
498,131
469,260
Debtors
8
324,724
416,698
Cash at bank and in hand
95,210
760
------------
------------
918,065
886,718
Creditors: amounts falling due within one year
9
( 2,474,090)
( 2,322,946)
------------
------------
Net current liabilities
( 1,556,025)
( 1,436,228)
------------
------------
Total assets less current liabilities
432,835
597,722
Provisions
( 5,513)
( 5,567)
------------
------------
Net assets
427,322
592,155
------------
------------
Capital and reserves
Called up share capital
11
18,000
18,000
Profit and loss account
409,322
574,155
------------
------------
Shareholders funds
427,322
592,155
------------
------------
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.
For the year ending 30 September 2022 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 .
These financial statements were approved by the board of directors and authorised for issue on 6 February 2024 , and are signed on behalf of the board by:
K S Hall
Director
Company registration number: 00748331
KENNETH HALL (BUILDER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lower Halstead Farm, Halstead Lane, Thurstonland, Huddersfield, HD4 6XT.
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.
Taxation
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.
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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
15-25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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 balance sheet 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Exceptional item
In July 2021, the dispute with Nicholas Hall, a family member of the directors, was resolved.
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2021 and 30 September 2022
1,753,978
563,865
90,551
2,408,394
------------
------------
------------
------------
Depreciation
At 1 October 2021
303,029
71,415
374,444
Charge for the year
40,306
4,784
45,090
------------
------------
------------
------------
At 30 September 2022
343,335
76,199
419,534
------------
------------
------------
------------
Carrying amount
At 30 September 2022
1,753,978
220,530
14,352
1,988,860
------------
------------
------------
------------
At 30 September 2021
1,753,978
260,836
19,136
2,033,950
------------
------------
------------
------------
7. Stocks
2022
2021
£
£
Work in progress
498,131
469,260
------------
------------
8. Debtors
2022
2021
£
£
Other debtors
324,724
416,698
------------
------------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
7,813
352
Accruals and deferred income
25,341
18,108
Corporation tax
5,393
5,393
Social security and other taxes
27,064
15,552
Other creditors
299,469
289,706
Director's loan account
2,109,010
1,993,835
------------
------------
2,474,090
2,322,946
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2022
2021
£
£
Included in provisions
( 1,487)
( 1,433)
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
( 1,487)
( 1,433)
------------
------------
11. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
18,000
18,000
18,000
18,000
------------
------------
------------
------------
12. Related party transactions
Included in creditors is a loan due to Kenneth Hall & Son in the amount of £299,469 (2021: £289,706) of which K Hall and K S Hall , directors of the company, are partners. Included in debtors is a loan due from 2SH Developments Limited in the amount of £14,754 (2021: £14,754) of which K S Hall , director of the company, is a director. Included in creditors is a loan due to K S Hall in the amount of £2,109,010 (2021: £1,993,835). This amount is unsecured, repayable on demand and currently interest-free.