Registered number
NI045586
P J Kilpatrick Ltd
Filleted Accounts
31 March 2024
P J Kilpatrick Ltd
Registered number: NI045586
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,250 3,000
Tangible assets 4 398 497
2,648 3,497
Current assets
Debtors 5 116,644 14,300
Cash at bank and in hand 112,021 175,026
228,665 189,326
Creditors: amounts falling due within one year 6 (149,409) (125,205)
Net current assets 79,256 64,121
Net assets 81,904 67,618
Capital and reserves
Called up share capital 20 20
Profit and loss account 81,884 67,598
Shareholders' funds 81,904 67,618
The director is 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 director acknowledges his 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.
Peter Kilpatrick
Director
Approved by the board on 21 August 2024
P J Kilpatrick Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 45,000
At 31 March 2024 45,000
Amortisation
At 1 April 2023 42,000
Provided during the year 750
At 31 March 2024 42,750
Net book value
At 31 March 2024 2,250
At 31 March 2023 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 5,950
At 31 March 2024 5,950
Depreciation
At 1 April 2023 5,453
Charge for the year 99
At 31 March 2024 5,552
Net book value
At 31 March 2024 398
At 31 March 2023 497
5 Debtors 2024 2023
£ £
Trade debtors 5,144 14,300
Other debtors 111,500 -
116,644 14,300
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 12,824 13,216
Other creditors 136,585 111,989
149,409 125,205
7 Other information
P J Kilpatrick Ltd is a private company limited by shares and incorporated in N Ireland. Its registered office is:
6a Tullyodonnell Rd
Rock
Dungannon
Co Tyrone
BT70 3JE
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