K.B. Spigot Limited 06299272 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of the training and transportation of horses to race venues and also the purchase and sale of horses Digita Accounts Production Advanced 6.30.9574.0 true 06299272 2022-08-01 2023-07-31 06299272 2023-07-31 06299272 bus:OrdinaryShareClass1 2023-07-31 06299272 core:RetainedEarningsAccumulatedLosses 2023-07-31 06299272 core:ShareCapital 2023-07-31 06299272 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 06299272 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 06299272 core:CurrentFinancialInstruments 2023-07-31 06299272 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06299272 core:Non-currentFinancialInstruments 2023-07-31 06299272 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 06299272 core:FurnitureFittings 2023-07-31 06299272 core:LandBuildings core:LongLeaseholdAssets 2023-07-31 06299272 core:MotorVehicles 2023-07-31 06299272 bus:SmallEntities 2022-08-01 2023-07-31 06299272 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06299272 bus:FullAccounts 2022-08-01 2023-07-31 06299272 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06299272 bus:RegisteredOffice 2022-08-01 2023-07-31 06299272 bus:Director3 2022-08-01 2023-07-31 06299272 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 06299272 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06299272 core:FurnitureFittings 2022-08-01 2023-07-31 06299272 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 06299272 core:LandBuildings 2022-08-01 2023-07-31 06299272 core:LandBuildings core:LongLeaseholdAssets 2022-08-01 2023-07-31 06299272 core:MotorVehicles 2022-08-01 2023-07-31 06299272 core:Vehicles 2022-08-01 2023-07-31 06299272 countries:England 2022-08-01 2023-07-31 06299272 2022-07-31 06299272 core:FurnitureFittings 2022-07-31 06299272 core:LandBuildings core:LongLeaseholdAssets 2022-07-31 06299272 core:MotorVehicles 2022-07-31 06299272 2021-08-01 2022-07-31 06299272 2022-07-31 06299272 bus:OrdinaryShareClass1 2022-07-31 06299272 core:RetainedEarningsAccumulatedLosses 2022-07-31 06299272 core:ShareCapital 2022-07-31 06299272 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 06299272 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 06299272 core:CurrentFinancialInstruments 2022-07-31 06299272 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06299272 core:Non-currentFinancialInstruments 2022-07-31 06299272 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 06299272 core:FurnitureFittings 2022-07-31 06299272 core:LandBuildings core:LongLeaseholdAssets 2022-07-31 06299272 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06299272

K.B. Spigot Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

K.B. Spigot Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

K.B. Spigot Limited

(Registration number: 06299272)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

738,226

 

701,251

Current assets

   

 

Stocks

5

288,727

 

430,054

 

Debtors

6

917,961

 

766,364

 

Cash at bank and in hand

 

565,875

 

340,763

 

 

1,772,563

 

1,537,181

 

Creditors: Amounts falling due within one year

7

(568,524)

 

(566,200)

 

Net current assets

   

1,204,039

 

970,981

Total assets less current liabilities

   

1,942,265

 

1,672,232

Creditors: Amounts falling due after more than one year

7

 

(21,030)

 

(77,286)

Net assets

   

1,921,235

 

1,594,946

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Profit and loss account

1,921,135

 

1,594,846

 

Shareholders' funds

   

1,921,235

 

1,594,946

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.

 

K.B. Spigot Limited

(Registration number: 06299272)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mr K R Burke
Director

 

K.B. Spigot 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:
55 Hoghton Street
Southport
Merseyside
PR9 0PG
England

The principal place of business is:
Spigot Lodge
Coverham
Middleham
Leyburn
North Yorkshire
DL8 4TL

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.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

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.

 

K.B. Spigot Limited

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

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.

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

Land and buildings

5% reducing balance

Fixtures and equipment

25% reducing balance

Vehicles and horseboxes

20% 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.

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.

 

K.B. Spigot Limited

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

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

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 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.

 

K.B. Spigot Limited

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

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 49 (2022 - 43).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

427,733

388,765

429,771

1,246,269

Additions

55,511

16,486

73,795

145,792

Disposals

-

(1,856)

-

(1,856)

At 31 July 2023

483,244

403,395

503,566

1,390,205

Depreciation

At 1 August 2022

137,138

220,058

187,822

545,018

Charge for the year

17,305

27,676

63,149

108,130

Eliminated on disposal

-

(1,169)

-

(1,169)

At 31 July 2023

154,443

246,565

250,971

651,979

Carrying amount

At 31 July 2023

328,801

156,830

252,595

738,226

At 31 July 2022

290,595

168,707

241,949

701,251

Included within the net book value of land and buildings above is £328,801 (2022 - £290,596) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

288,727

430,054

 

K.B. Spigot Limited

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

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

660,934

485,208

Amounts owed by related parties

160,096

216,772

Other debtors

 

70,450

39,704

Prepayments

 

26,481

24,680

 

917,961

766,364

 

K.B. Spigot 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

 

Bank loans and overdrafts

9

58,009

73,364

Trade creditors

 

185,772

176,544

Taxation and social security

 

169,883

171,846

Other creditors

 

154,860

144,446

 

568,524

566,200

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

21,030

77,286

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,240

27,184

Hire purchase contracts

3,790

50,102

21,030

77,286

 

K.B. Spigot Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,160

11,160

Hire purchase contracts

46,849

62,204

58,009

73,364