REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
KEN WHITE DISTRIBUTION LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 |
FOR |
KEN WHITE DISTRIBUTION LIMITED |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEN WHITE DISTRIBUTION LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
Kingsgate House, |
North Wing, Ground Floor |
Newbury Road |
Andover |
Hampshire |
SP10 4DU |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Ken White Distribution Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis as the directors believe that no material uncertainties exist and the company is in a stable position. The company holds strong levels of cash and reserves and maintains strong leadership. The directors have considered the level of reserves held and the expected level of income and expenditure for a period of twelve months from authorising these financial statements. |
Significant judgements and estimates |
The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. |
The following accounting policies have been applied. |
Turnover |
Turnover represents the provision of transport and distribution services and warehouse management and the sale of white and brown goods damaged during the distribution process, excluding value added tax. |
Turnover is recognised when the company obtains the right to consideration which, in the case of transport and distribution is when the end customer receives the goods and in the case of the sale of goods is when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually on despatch of the goods. |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and any impairment loss. |
Depreciation is provided at the following annual rates in order to write off the cost of each asset, less its estimated residual value, over its estimated useful life. |
Equipment - 10% on cost |
Fixtures and fittings - 10% on cost |
Motor vehicles - 10%, 15% and 20% on cost |
Computer equipment - 33% on cost |
Residual values and useful lives are reviewed, and adjusted if necessary, at each balance sheet date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value. Stock comprises fuel and motor vehicle spares which are all for the company's own use as well as stock of white and brown goods damaged during the distribution process which is for resale. |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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. |
Operating lease agreements |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Investments |
Investments in shares are stated at original cost less provision for impairment. |
Grants |
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Grants relating to operating expenses are recognised through the income statement as the expenses are incurred to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
Equipment | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1st January 2023 |
Additions |
Transfer to ownership | (520,881 | ) |
At 31st December 2023 |
DEPRECIATION |
At 1st January 2023 |
Charge for year |
Transfer to ownership | (286,343 | ) |
At 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
6. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST |
At 1st January 2023 |
and 31st December 2023 |
NET BOOK VALUE |
At 31st December 2023 |
At 31st December 2022 |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Loan from group undertaking | 660,621 | 610,621 |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 350 | 350 |
Accruals & deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 204,761 | 461,845 |
The hire purchase contracts are secured on the fixed assets for which they were used to purchase. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2,000 | 2,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
KEN WHITE DISTRIBUTION LIMITED (REGISTERED NUMBER: 01536303) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
13. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
14. | OTHER FINANCIAL COMMITMENTS |
Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £240,708 (2022:£295,208). |
This amount is in relation to operating lease commitments which are payable over the next 5 years. |
15. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is a party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |