Company registration number 01185741 (England and Wales)
James Birks (Kiln Builder and Contractor) Company
Unaudited financial statements
For the year ended 31 December 2023
James Birks (Kiln Builder And Contractor) Company
James Birks (Kiln Builder and Contractor) Company
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
James Birks (Kiln Builder And Contractor) Company
James Birks (Kiln Builder and Contractor) Company
Statement of financial position
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
73,871
73,898
Investments
4
4,040
176,140
77,911
250,038
Current assets
Debtors
5
51,138
47,908
Cash at bank and in hand
202,652
28,741
253,790
76,649
Creditors: amounts falling due within one year
6
(17,265)
(15,408)
Net current assets
236,525
61,241
Net assets
314,436
311,279
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss reserves
284,436
281,279
Total equity
314,436
311,279
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mrs D Rushton
Director
Company registration number 01185741 (England and Wales)
James Birks (Kiln Builder and Contractor) Company
Notes to the financial statements
For the year ended 31 December 2023
- 2 -
1
Accounting policies
Company information
James Birks (Kiln Builder and Contractor) Company is a private company limited by shares incorporated in England and Wales. The registered office is 27 Sutherland Crescent, Blythe Bridge, Stoke on Trent, Staffordshire, ST11 9JT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from rentals of property are recognised when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Land not depreciated, Buildings 4% straight line
Plant and machinery
10% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
James Birks (Kiln Builder and Contractor) Company
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 3 -
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
James Birks (Kiln Builder and Contractor) Company
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average number of persons employed by the company during the year was Nil (2022 - Nil).
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
177,995
4,616
182,611
Depreciation and impairment
At 1 January 2023
104,367
4,346
108,713
Depreciation charged in the year
27
27
At 31 December 2023
104,367
4,373
108,740
Carrying amount
At 31 December 2023
73,628
243
73,871
At 31 December 2022
73,628
270
73,898
James Birks (Kiln Builder and Contractor) Company
Notes to the financial statements (continued)
For the year ended 31 December 2023
- 5 -
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4,040
4,040
Other investments other than loans
172,100
4,040
176,140
The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements are approximate to their fair values.
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
4,040
172,100
176,140
Disposals
-
(172,100)
(172,100)
At 31 December 2023
4,040
-
4,040
Carrying amount
At 31 December 2023
4,040
-
4,040
At 31 December 2022
4,040
172,100
176,140
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
51,138
47,908
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,385
7,480
Other creditors
7,880
7,928
17,265
15,408