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COMPANY REGISTRATION NUMBER: 00464277
J KERRY & SONS LIMITED
Filleted Unaudited Financial Statements
31 January 2024
J KERRY & SONS LIMITED
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
451,798
415,785
Current assets
Stocks
2,092
4,815
Debtors
7
27,065
25,149
Cash at bank and in hand
16,375
52,301
--------
--------
45,532
82,265
Creditors: amounts falling due within one year
8
107,871
135,491
---------
---------
Net current liabilities
62,339
53,226
---------
---------
Total assets less current liabilities
389,459
362,559
Creditors: amounts falling due after more than one year
9
25,897
Provisions
Taxation including deferred tax
8,226
1,384
---------
---------
Net assets
355,336
361,175
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
3,111
3,111
Profit and loss account
351,225
357,064
---------
---------
Shareholder funds
355,336
361,175
---------
---------
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 31st January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J KERRY & SONS LIMITED
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr A J Dudley
Director
Company registration number: 00464277
J KERRY & SONS LIMITED
Notes to the Financial Statements
Year ended 31st January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Newstead Grove, Nottingham, NG1 4GZ.
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. Accounting policies
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
The aggregate employment costs incurred during the year were:
2024
2023
£
£
Wages and salaries
63,343
61,053
Other pension costs
1,390
2,351
--------
--------
64,733
63,404
--------
--------
5. Intangible assets
Goodwill
£
Cost
At 1st February 2023 and 31st January 2024
5,000
-------
Amortisation
At 1st February 2023 and 31st January 2024
5,000
-------
Carrying amount
At 31st January 2024
-------
At 31st January 2023
-------
6. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1st February 2023
408,500
50,859
23,705
483,064
Additions
14,629
34,350
48,979
---------
--------
--------
---------
At 31st January 2024
408,500
65,488
58,055
532,043
---------
--------
--------
---------
Depreciation
At 1st February 2023
49,199
18,080
67,279
Charge for the year
2,972
9,994
12,966
---------
--------
--------
---------
At 31st January 2024
52,171
28,074
80,245
---------
--------
--------
---------
Carrying amount
At 31st January 2024
408,500
13,317
29,981
451,798
---------
--------
--------
---------
At 31st January 2023
408,500
1,660
5,625
415,785
---------
--------
--------
---------
Tangible assets held at valuation
The valuation of the investment property was carried out by Mr A J Dudley the director of the company on an open market basis.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31st January 2024
25,763
--------
At 31st January 2023
5,625
--------
7. Debtors
2024
2023
£
£
Trade debtors
15,368
20,699
Other debtors
11,697
4,450
--------
--------
27,065
25,149
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,541
20,858
Trade creditors
16,655
37,736
Corporation tax
550
13,965
Social security and other taxes
247
524
Other creditor- J Dudley
34,013
34,013
Other creditors
32,865
28,395
---------
---------
107,871
135,491
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,897
--------
----
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A J Dudley
( 20,120)
( 838)
( 20,958)
--------
----
--------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr A J Dudley
( 30,280)
10,160
( 20,120)
--------
--------
--------