Registered number
07969472
Kinlan Brickwork Ltd
Unaudited Filleted Accounts
31 December 2023
Kinlan Brickwork Ltd
Registered number: 07969472
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 285,142 124,590
Current assets
Stocks 623,235 754,950
Debtors 4 461,083 336,219
Cash at bank and in hand 1,184,844 1,149,589
2,269,162 2,240,758
Creditors: amounts falling due within one year 5 (1,165,197) (1,187,781)
Net current assets 1,103,965 1,052,977
Total assets less current liabilities 1,389,107 1,177,567
Creditors: amounts falling due after more than one year 6 (470,261) (329,287)
Net assets 918,846 848,280
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account 916,846 846,280
Shareholders' funds 918,846 848,280
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Hoskinson
Director
Approved by the board on 7 August 2024
Kinlan Brickwork Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 34 17
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 26,438 146,500 172,938
Additions 18,360 206,312 224,672
At 31 December 2023 44,798 352,812 397,610
Depreciation
At 1 January 2023 9,427 38,921 48,348
Charge for the year 5,879 58,241 64,120
At 31 December 2023 15,306 97,162 112,468
Net book value
At 31 December 2023 29,492 255,650 285,142
At 31 December 2022 17,011 107,579 124,590
4 Debtors 2023 2022
£ £
Trade debtors 273,559 232,314
Other debtors 187,524 103,905
461,083 336,219
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 25,000 49,161
Obligations under finance lease and hire purchase contracts 22,020 18,046
Trade creditors 625,594 994,859
Taxation and social security costs 290,465 (42,797)
Other creditors 202,118 168,512
1,165,197 1,187,781
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 225,912 250,912
Obligations under finance lease and hire purchase contracts 244,349 78,375
470,261 329,287
7 Related party transactions
At 31 December 2023, Kinlan Brickwork was owed £21,249 by St Austin Developments Ltd and owed £10,000 to The Brickcutters Ltd and £95,000 to EGN Holdings Ltd. All companies are under the control of the director Mr J Hoskinson.
8 Other information
Kinlan Brickwork Ltd is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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