Company registration number 00477792 (England and Wales)
B.K.T. (RINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
B.K.T. (RINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
B.K.T. (RINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
32,203
44,477
Investments
4
1,363
1,363
33,566
45,840
Current assets
Stocks
450,999
457,162
Debtors
5
199,940
159,081
Cash at bank and in hand
16,502
32,929
667,441
649,172
Creditors: amounts falling due within one year
6
(126,793)
(129,153)
Net current assets
540,648
520,019
Total assets less current liabilities
574,214
565,859
Creditors: amounts falling due after more than one year
7
(17,000)
(17,000)
Provisions for liabilities
(14,752)
(17,509)
Net assets
542,462
531,350
Capital and reserves
Called up share capital
8,000
8,000
Profit and loss reserves
534,462
523,350
Total equity
542,462
531,350
The directors of the company have elected not to include a copy of the profit and loss account 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 directors acknowledge their 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.
B.K.T. (RINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Mr D J Wright
Mr S R Wright
Director
Director
Company registration number 00477792 (England and Wales)
B.K.T. (RINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
B.K.T. (Rings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Hatton Garden, London, EC1N 8AD.
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the goods are collected by, or despatched to, customers.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
Computer equipment
20% straight line basis and 5 year straight line basis
Motor vehicles
25% reducing balance basis
1.4
Fixed asset investments
The investments are included at original cost.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.6
Financial instruments
The company has elected to apply the recognition and measurement 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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.
B.K.T. (RINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable or receivable and deferred tax.
Current tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.8
Retirement benefits
The company contributes to certain employees' personal pension schemes. The defined contributions are charged to the profit and loss account in the year they are incurred.
1.9
Leases
Rentals payable under operating leases are charged to profit or loss on a straight line basis over the term of the lease.
1.10
Government grants
Government grants are recognised as income at the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received. Grants under the Coronavirus Job Retention Scheme are recognised over the periods in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
B.K.T. (RINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
98,507
Additions
1,266
At 31 December 2023
99,773
Depreciation and impairment
At 1 January 2023
54,030
Depreciation charged in the year
13,540
At 31 December 2023
67,570
Carrying amount
At 31 December 2023
32,203
At 31 December 2022
44,477
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,363
1,363
Fixed asset investments not carried at market value
Other investments represent 100% of the 5% Preference shares issued by TJW (Diamonds) Limited, a company under common control. These shares have no voting or participating rights.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
86,920
119,049
Other debtors
113,020
40,032
199,940
159,081
Other debtors include £90,903 (2022 - £21,071) in respect of an amount due from T.J.W. (Diamonds) Limited, a company in which the directors have a similar controlling interest. The loan has no fixed date of repayment and is non interest bearing.
B.K.T. (RINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,980
2,404
Taxation and social security
76,201
76,115
Other creditors
46,612
50,634
126,793
129,153
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
17,000
17,000
Other creditors amounting to £17,000 represents the 5% cumulative preference shares in the company, classified as a financial liability. The shares are entitled to a return of capital in priority to the ordinary shares on a winding up, but no entitlement to participate in surplus assets. They hold no voting rights.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
17,000
17,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
212,500
13,975
The lease commitment relates to rent payable to 2028 in respect of a property occupied by the company.