0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 495,827 495,827 495,827 xbrli:pure xbrli:shares iso4217:GBP NI003518 2023-06-01 2024-05-31 NI003518 2024-05-31 NI003518 2023-05-31 NI003518 2022-06-01 2023-05-31 NI003518 2023-05-31 NI003518 2022-05-31 NI003518 bus:Director1 2023-06-01 2024-05-31 NI003518 core:WithinOneYear 2024-05-31 NI003518 core:WithinOneYear 2023-05-31 NI003518 core:ShareCapital 2024-05-31 NI003518 core:ShareCapital 2023-05-31 NI003518 core:RevaluationReserve 2024-05-31 NI003518 core:RevaluationReserve 2023-05-31 NI003518 core:RetainedEarningsAccumulatedLosses 2024-05-31 NI003518 core:RetainedEarningsAccumulatedLosses 2023-05-31 NI003518 bus:Director1 2023-05-31 NI003518 bus:Director1 2024-05-31 NI003518 bus:Director1 2023-05-31 NI003518 bus:Director1 2022-06-01 2023-05-31 NI003518 bus:SmallEntities 2023-06-01 2024-05-31 NI003518 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 NI003518 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI003518 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI003518 bus:FullAccounts 2023-06-01 2024-05-31 NI003518 core:Buildings 2024-05-31 NI003518 core:Buildings 2023-05-31
COMPANY REGISTRATION NUMBER: NI003518
S Kerr & Sons Limited
Filleted Unaudited Financial Statements
31 May 2024
S Kerr & Sons Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
495,827
495,827
Current assets
Debtors
5
4,263
69,899
Investments
6
158,629
158,629
Cash at bank and in hand
401,707
315,182
---------
---------
564,599
543,710
Creditors: amounts falling due within one year
7
14,306
14,900
---------
---------
Net current assets
550,293
528,810
------------
------------
Total assets less current liabilities
1,046,120
1,024,637
------------
------------
Net assets
1,046,120
1,024,637
------------
------------
Capital and reserves
Called up share capital
16,000
16,000
Revaluation reserve
261,925
261,925
Profit and loss account
768,195
746,712
------------
------------
Shareholders funds
1,046,120
1,024,637
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
S Kerr & Sons Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr MM Kerr
Director
Company registration number: NI003518
S Kerr & Sons Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in northern ireland. The address of the registered office is 81 Castlewellan Road, Banbridge, Co Down.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful life, as follows: Investment Properties - Nil
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets
Investment Property
Total
£
£
Cost
At 1 June 2023 and 31 May 2024
495,827
495,827
---------
---------
Depreciation
At 1 June 2023 and 31 May 2024
---------
---------
Carrying amount
At 31 May 2024
495,827
495,827
---------
---------
At 31 May 2023
495,827
495,827
---------
---------
5. Debtors
2024
2023
£
£
Trade debtors
4,263
4,899
Other debtors
65,000
-------
--------
4,263
69,899
-------
--------
6. Investments
2024
2023
£
£
Other investments - Canada Life
158,629
158,629
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
11,452
10,237
Other creditors
2,854
4,663
--------
--------
14,306
14,900
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr MM Kerr
( 23)
( 546)
( 569)
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr MM Kerr
( 23)
( 23)
----
----
----
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard for Smaller Entities.