Registered number
04459652
KBH Accountants Ltd
Filleted Accounts
31 March 2024
KBH Accountants Ltd
Registered number: 04459652
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 12,861 11,710
Current assets
Stocks 92,126 67,179
Debtors 5 131,117 119,926
Cash at bank and in hand 120,646 114,180
343,889 301,285
Creditors: amounts falling due within one year 6 (121,590) (106,155)
Net current assets 222,299 195,130
Total assets less current liabilities 235,160 206,840
Creditors: amounts falling due after more than one year 7 (28,728) (30,811)
Net assets 206,432 176,029
Capital and reserves
Called up share capital 12 12
Profit and loss account 206,420 176,017
Shareholders' funds 206,432 176,029
The directors are 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 directors acknowledge their 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 and delivered 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.
Mrs O Higgins
Director
Approved by the board on 8 August 2024
KBH Accountants Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 - 10 years
Stocks
Stocks 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 (which is usually the invoice 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 (which is usually the invoice 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 70,993
At 31 March 2024 70,993
Amortisation
At 1 April 2023 70,993
At 31 March 2024 70,993
Net book value
At 31 March 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
£
Cost
At 1 April 2023 40,610
Additions 5,438
At 31 March 2024 46,048
Depreciation
At 1 April 2023 28,900
Charge for the year 4,287
At 31 March 2024 33,187
Net book value
At 31 March 2024 12,861
At 31 March 2023 11,710
5 Debtors 2024 2023
£ £
Trade debtors 122,559 111,790
Other debtors 8,558 8,136
131,117 119,926
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,640 5,699
Trade creditors 4,141 8,093
Taxation and social security costs 110,402 89,087
Other creditors 4,407 3,276
121,590 106,155
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,228 13,311
Other creditors 25,500 17,500
28,728 30,811
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,260 354
The directors have provided personal guarantees to the bank in relation to the bank overdraft and credit cards.
9 Other information
KBH Accountants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
CH44 4BT
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