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Company No: 08029012 (England and Wales)

JOHN KEMP SERVICE LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

JOHN KEMP SERVICE LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

JOHN KEMP SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
JOHN KEMP SERVICE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 4,924 8,366
4,924 8,366
Current assets
Stocks 64,664 42,619
Debtors 5 41,965 37,748
Cash at bank and in hand 6 113,843 79,315
220,472 159,682
Creditors: amounts falling due within one year 7 ( 140,627) ( 99,977)
Net current assets 79,845 59,705
Total assets less current liabilities 84,769 68,071
Provision for liabilities 8 ( 1,121) ( 1,988)
Net assets 83,648 66,083
Capital and reserves
Called-up share capital 100 100
Profit and loss account 83,548 65,983
Total shareholder's funds 83,648 66,083

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of John Kemp Service Limited (registered number: 08029012) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Mrs J A Kemp
Director
Mr J S Kemp
Director

28 August 2024

JOHN KEMP SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
JOHN KEMP SERVICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

John Kemp Service Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 20,000 20,000
At 30 June 2024 20,000 20,000
Accumulated amortisation
At 01 July 2023 20,000 20,000
0 0
At 30 June 2024 20,000 20,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 July 2023 86,355 9,187 95,542
At 30 June 2024 86,355 9,187 95,542
Accumulated depreciation
At 01 July 2023 78,339 8,837 87,176
Charge for the financial year 3,351 91 3,442
At 30 June 2024 81,690 8,928 90,618
Net book value
At 30 June 2024 4,665 259 4,924
At 30 June 2023 8,016 350 8,366

5. Debtors

2024 2023
£ £
Trade debtors 38,075 31,697
Prepayments 3,890 6,051
41,965 37,748

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 113,843 79,315

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 31,603 31,224
Amounts owed to Group undertakings 25,000 0
Accruals 10,980 8,932
Corporation tax 48,527 41,695
Other taxation and social security 21,704 17,008
Other creditors 2,813 1,118
140,627 99,977

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1,988) ( 1,083)
Credited/(charged) to the Income Statement 867 ( 905)
At the end of financial year ( 1,121) ( 1,988)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 1,231) ( 2,092)
Pension surplus 110 104
( 1,121) ( 1,988)

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,027 971

10. Related party transactions

The Company has taken advantage of the exemption in Section 33 of Financial Reporting Standard 102 from the requirement to disclose to transactions with wholly owned companies within the group.

11. Ultimate controlling party

Parent Company:

John Kemp Limited

The company is under ultimate control of its Directors, J S Kemp and J A Kemp.