Keith Skitt and Company Limited
Registered number: 04225020
Statement of Financial Position
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 7,821 10,428
Current assets
Stocks 900 3,100
Debtors 5 68,699 47,905
Cash at bank and in hand 58,549 104,726
128,148 155,731
Creditors: amounts falling due within one year 6 (45,188) (37,708)
Net current assets 82,960 118,023
Total assets less current liabilities 90,781 128,451
Provisions for liabilities (1,803) (1,981)
Net assets 88,978 126,470
Capital and reserves
Called up share capital 6 6
Profit and loss account 88,972 126,464
Shareholders' funds 88,978 126,470
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 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.
Mr J Earl
Director
Approved by the board on 8 September 2024
Keith Skitt and Company Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 25% reducing balance
Fixtures and fittings 25% reducing balance
Inventories
Inventories 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, 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. 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.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 64,000
At 30 April 2024 64,000
Amortisation
At 1 May 2023 64,000
At 30 April 2024 64,000
Net book value
At 30 April 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Fixtures and Fittings Total
£ £ £
Cost
At 1 May 2023 94,254 20,236 114,490
At 30 April 2024 94,254 20,236 114,490
Depreciation
At 1 May 2023 86,812 17,250 104,062
Charge for the year 1,861 746 2,607
At 30 April 2024 88,673 17,996 106,669
Net book value
At 30 April 2024 5,581 2,240 7,821
At 30 April 2023 7,442 2,986 10,428
5 Debtors 2024 2023
£ £
Trade debtors 62,188 40,056
Prepayments 4,711 6,049
Other debtors 1,800 1,800
68,699 47,905
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,499 1,851
Accruals 2,936 2,589
Corporation tax 25,069 19,781
Other taxes and social security costs 14,414 12,942
Other creditors 270 545
45,188 37,708
7 Other information
Keith Skitt and Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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