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COMPANY REGISTRATION NUMBER: 02828396
Kilbricken Enterprises Limited
Filleted Unaudited Financial Statements
Year ended
31 December 2023
Kilbricken Enterprises Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Accounting policies
4 to 6
Notes to the financial statements
7 to 8
Kilbricken Enterprises Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Kilbricken Enterprises Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kilbricken Enterprises Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
23 September 2024
Kilbricken Enterprises Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
917,186
909,816
Investments
5
302,200
302,200
------------
------------
1,219,386
1,212,016
Current assets
Debtors
6
269,219
310,553
Cash at bank and in hand
200
---------
---------
269,219
310,753
Creditors: amounts falling due within one year
7
491,993
385,282
---------
---------
Net current liabilities
222,774
74,529
------------
------------
Total assets less current liabilities
996,612
1,137,487
Creditors: amounts falling due after more than one year
8
259,252
291,797
Provisions
50,045
54,011
---------
------------
Net assets
687,315
791,679
---------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
686,315
790,679
---------
---------
Shareholders funds
687,315
791,679
---------
---------
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 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 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 .
Kilbricken Enterprises Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr J G Holden
Director
Company registration number: 02828396
Kilbricken Enterprises Limited
Accounting Policies
Year ended 31 December 2023
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover comprises the value of sales (net of VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Turnover is recognised by reference to the invoice date as this is the point at which the risks and rewards pass to the customer.
Taxation
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Kilbricken Enterprises Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Communication House, Victoria Avenue, Camberley, Surrey, GU15 3HX.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 21 ).
4. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
598,376
271,345
40,330
436,831
1,346,882
Additions
73,531
593
74,124
Disposals
( 30,700)
( 30,700)
---------
---------
--------
---------
------------
At 31 December 2023
671,907
240,645
40,330
437,424
1,390,306
---------
---------
--------
---------
------------
Depreciation
At 1 January 2023
111,592
33,757
291,717
437,066
Charge for the year
18,677
1,644
20,338
40,659
Disposals
( 4,605)
( 4,605)
---------
---------
--------
---------
------------
At 31 December 2023
125,664
35,401
312,055
473,120
---------
---------
--------
---------
------------
Carrying amount
At 31 December 2023
671,907
114,981
4,929
125,369
917,186
---------
---------
--------
---------
------------
At 31 December 2022
598,376
159,753
6,573
145,114
909,816
---------
---------
--------
---------
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
402,200
---------
Impairment
At 1 January 2023 and 31 December 2023
100,000
---------
Carrying amount
At 31 December 2023
302,200
---------
At 31 December 2022
302,200
---------
6. Debtors
2023
2022
£
£
Trade debtors
22,035
20,948
Amounts owed by group undertakings and undertakings in which the company has a participating interest
43,173
Other debtors
204,011
289,605
---------
---------
269,219
310,553
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
236,467
130,139
Trade creditors
29,268
63,273
Amounts owed to group undertakings and undertakings in which the company has a participating interest
35,670
Social security and other taxes
43,909
50,176
Other creditors
182,349
106,024
---------
---------
491,993
385,282
---------
---------
The company has granted both fixed and floating charges on its assets to secure the overdraft and bank loan.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
259,252
291,797
---------
---------
The company has granted both fixed and floating charges on its assets to secure the overdraft and bank loan.
9. Other financial commitments
The company has the total amount of £112,644(2022: £157,644) in respect of financial commitments, guarantees and contingencies at the balance sheet date.
10. Directors' advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102