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Registration number: 7638172

Kenward & Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Kenward & Son Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Kenward & Son Limited

Company Information

Directors

Mr Nicholas Batt

Mr Alexander Batt

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

Mr MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kenward & Son Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kenward & Son Limited for the year ended 31 July 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kenward & Son Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kenward & Son Limited and state those matters that we have agreed to state to the Board of Directors of Kenward & Son Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kenward & Son Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kenward & Son Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Kenward & Son Limited. You consider that Kenward & Son Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kenward & Son Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mr MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

8 February 2024

 

Kenward & Son Limited

(Registration number: 7638172)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

314,597

326,824

Current assets

 

Stocks

5

82,500

45,750

Debtors

6

54,107

23,730

Cash at bank and in hand

 

563,809

497,751

 

700,416

567,231

Creditors: Amounts falling due within one year

7

(299,786)

(235,601)

Net current assets

 

400,630

331,630

Total assets less current liabilities

 

715,227

658,454

Creditors: Amounts falling due after more than one year

7

(91,044)

(113,366)

Net assets

 

624,183

545,088

Capital and reserves

 

Called up share capital

10

400

300

Retained earnings

623,783

544,788

Shareholders' funds

 

624,183

545,088

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 8 February 2024 and signed on its behalf by:
 

.........................................
Mr Nicholas Batt
Director

 

Kenward & Son 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:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH
England

These financial statements were authorised for issue by the Board on 8 February 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.

Revenue recognition

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

Tax

The tax expense for the period comprises current 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.

 

Kenward & Son Limited

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

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

Plant and machinery

25 % straight line

Motor Vehicles

25 % straight line

Office equipment

25 % straight line

Fixtures and fittings

25 % straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Kenward & Son Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Kenward & Son Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

39,097

259,757

13,918

153,083

465,855

Additions

9,395

8,989

2,085

45,455

65,924

At 31 July 2023

48,492

268,746

16,003

198,538

531,779

Depreciation

At 1 August 2022

32,537

59,406

12,174

34,915

139,032

Charge for the year

5,873

41,568

1,315

29,394

78,150

At 31 July 2023

38,410

100,974

13,489

64,309

217,182

Carrying amount

At 31 July 2023

10,082

167,772

2,514

134,229

314,597

At 31 July 2022

6,560

200,352

1,744

118,168

326,824

5

Stocks

2023
£

2022
£

Other inventories

82,500

45,750

6

Debtors

Current

2023
£

2022
£

Trade debtors

33,976

11,598

Other debtors

20,131

12,132

 

54,107

23,730

 

Kenward & Son 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

8

43,164

72,552

Trade creditors

 

17,741

44,755

Taxation and social security

 

219,758

103,916

Accruals and deferred income

 

3,600

3,000

Other creditors

 

15,523

11,378

 

299,786

235,601

Included within other creditors is an amount due of £613 (2021 - £ 613) to one of the shareholders.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

91,044

113,366

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

91,044

113,366

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

43,164

72,552

 

Kenward & Son Limited

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

9

Related party transactions

During the year the company made the following related party transactions:

Directors

During the year, the directors advanced loans of £2,857 to the company and interest was charged a 2.5% on these loans.

At the balance sheet date, the balance due to directors was £3,429 (2022 - £572).

Company under common directorship

At the balance sheet date, the balance due to a company under common directorship was £5,331 (2022 - £5,331).


 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

100

100

100

100

 

300

300

300

300