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Registration number: 05013713

Kaye & Carey Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Kaye & Carey Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

Accountants' Report

9

 

Kaye & Carey Limited

Company Information

Directors

A Carey

M Kaye

Company secretary

E Carey

N Kaye

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Kaye & Carey Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

457

55

Current assets

 

Debtors

5

113,602

179,799

Cash at bank and in hand

 

11,176

8,196

 

124,778

187,995

Creditors: Amounts falling due within one year

6

(99,792)

(63,097)

Net current assets

 

24,986

124,898

Total assets less current liabilities

 

25,443

124,953

Creditors: Amounts falling due after more than one year

6

(23,256)

(33,181)

Provisions for liabilities

(10)

(10)

Net assets

 

2,177

91,762

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,077

91,662

Shareholders' funds

 

2,177

91,762

For the financial 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 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.

 

Kaye & Carey Limited

Statement of Financial Position as at 31 March 2023

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
A Carey
Director

   
     

Company registration number: 05013713

 

Kaye & Carey Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an estate agent.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit in the year ending 31 March 2023 and had net assets at that date amounting to £2,177 including cash at bank of £11,176.

The directors have considered the potential effect of the current economic environment and the effect on the local property market. The company sold its book of rental clients after 31 March 2023 and whilst the directors can see good prospects for sales income in the short term they are assessing whether the company remains the best vehicle through which to trade in the future. Whilst the accounts have been prepared on a going concern basis these factors suggest there is a material uncertainty regarding whether the company will in fact continue as a going concern.

Revenue recognition

Turnover comprises commission receivable for services rendered in the normal course of business, net of sales/value added tax, returns, rebates and discounts. Turnover in respect of property sales is recognised on unconditional exchange of contracts and commission in respect of property rentals is recognised evenly over the rental period.

 

Kaye & Carey Limited

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

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold property

Over length of lease

Furniture, fittings, and equipment

20 - 30% Straight line

Motor vehicles

25% Reducing balance

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.

 

Kaye & Carey Limited

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

Borrowings

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 income statement 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.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 5 (2022 - 5).

4

Tangible assets

Leasehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

3,965

25,055

1,565

30,585

Additions

-

633

-

633

Disposals

-

(1,530)

-

(1,530)

At 31 March 2023

3,965

24,158

1,565

29,688

Depreciation

At 1 April 2022

3,965

25,010

1,555

30,530

Charge for the year

-

229

2

231

Eliminated on disposal

-

(1,530)

-

(1,530)

At 31 March 2023

3,965

23,709

1,557

29,231

Carrying amount

At 31 March 2023

-

449

8

457

At 31 March 2022

-

45

10

55

 

Kaye & Carey Limited

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

5

Debtors

2023
£

2022
£

Trade debtors

13,373

28,810

Other debtors

100,229

150,989

113,602

179,799

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank borrowings

7

33,302

21,119

Trade creditors

 

23,098

7,527

Taxation and social security

 

14,536

17,641

Other creditors

 

28,856

16,810

 

99,792

63,097

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

23,256

33,181

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

9,913

9,671

Bank overdrafts

23,389

11,448

33,302

21,119

2023
£

2022
£

Non-current loans and borrowings

Bank loans

23,256

33,181

Bank loans and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.
 

 

Kaye & Carey Limited

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

8

Commitments and guarantees

Operating leases

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,638 (2022 - £Nil).

9

Transactions with Directors

At 31 March 2023 an amount of £68,094 (2022: £131,355) was due from the directors. During the year there were advances to directors of £94,521 and repayments of £159,757. Interest of £1,982 (2022: £2,459) has been charged at 2.00% pa. There are no set terms in place.

10

Non adjusting events after the reporting period

Subsequent to 31 March 2023 dividends of £20,000 were declared.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kaye & Carey Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kaye & Carey Limited for the year ended 31 March 2023 as set out on pages 2 to 8 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 Kaye & Carey 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 Kaye & Carey Limited and state those matters that we have agreed to state to the Board of Directors of Kaye & Carey 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 Kaye & Carey Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kaye & Carey 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 Kaye & Carey Limited. You consider that Kaye & Carey 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 Kaye & Carey 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.

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

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

15 March 2024