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Registration number: 06446895

McKellens Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

McKellens Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

McKellens Limited

Company Information

Directors

JP Roper

CR Booth

Company secretary

JP Roper

Registered office

11, Riverview
The Embankment Business Park
Vale Road
Stockport
Cheshire
SK4 3GN

Bankers

Santander
Bootle
Merseyside
L30 4GB

 

McKellens Limited

(Registration number: 06446895)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

214,032

246,250

Tangible assets

5

19,414

23,510

 

233,446

269,760

Current assets

 

Stocks

6

138,218

140,231

Debtors

7

145,906

164,328

Cash at bank and in hand

 

7,335

6,979

 

291,459

311,538

Creditors: Amounts falling due within one year

8

(305,218)

(311,588)

Net current liabilities

 

(13,759)

(50)

Total assets less current liabilities

 

219,687

269,710

Creditors: Amounts falling due after more than one year

8

(196,154)

(239,287)

Provisions for liabilities

(4,201)

(4,295)

Net assets

 

19,332

26,128

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

19,232

26,028

Shareholders' funds

 

19,332

26,128

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
JP Roper
Director

.........................................
CR Booth
Director

 
 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
11, Riverview
The Embankment Business Park
Vale Road
Stockport
Cheshire
SK4 3GN

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20% on a reducing balance basis

Computer Equipment

33% on a reducing balance basis

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Work in Progress is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of work in progress comprises direct labour costs and those overheads that have been incurred in bringing work in progress to its current state. At each reporting date, work in progresis assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

815,000

815,000

Additions acquired separately

8,981

8,981

At 31 December 2023

823,981

823,981

Amortisation

At 1 January 2023

568,750

568,750

Amortisation charge

41,199

41,199

At 31 December 2023

609,949

609,949

Carrying amount

At 31 December 2023

214,032

214,032

At 31 December 2022

246,250

246,250

 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

47,496

37,272

55,755

140,523

Additions

-

-

2,938

2,938

At 31 December 2023

47,496

37,272

58,693

143,461

Depreciation

At 1 January 2023

43,747

19,908

53,358

117,013

Charge for the year

696

4,341

1,997

7,034

At 31 December 2023

44,443

24,249

55,355

124,047

Carrying amount

At 31 December 2023

3,053

13,023

3,338

19,414

At 31 December 2022

3,749

17,364

2,397

23,510

6

Stocks

2023
£

2022
£

Work in progress

138,218

140,231

7

Debtors

2023
£

2022
£

Trade debtors

123,325

140,492

Prepayments

18,584

17,603

Other debtors

3,997

6,233

145,906

164,328

 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

115,666

107,218

Trade creditors

 

18,217

19,558

Taxation and social security

 

76,670

80,018

Accruals and deferred income

 

41,550

37,874

Other creditors

 

53,115

66,920

 

305,218

311,588

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

196,154

239,287

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary shares of £1 each

100

100

100

100

       
 

McKellens Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

17,500

26,556

Other borrowings

178,654

212,731

196,154

239,287

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,944

Bank overdrafts

91,499

66,990

Other borrowings

14,167

29,284

115,666

107,218

Bank borrowings

The carrying amount of the bank overdraft at the year end is £91,499 (2022 - £66,990).

The bank overdraft is secured by a fixed and floating charge over the assets of the company.

Other borrowings

The Bounce Back loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 16 September 2026. The carrying amount at year end is £27,500 (2022 - £37,500).

The Bounce Back loan is unsecured

Other loan is denominated in £ with a nominal interest rate of 15%, and the final instalment is due on 15 July 2024. The carrying amount at year end is £9,993 (2022 - £30,013).

The loan is unsecured

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £300.00 per each ordinary shares

30,000

30,000