Registered number
04471537
Kirk & Randall Ltd
Filleted Accounts
31 December 2023
Kirk & Randall Ltd
Registered number: 04471537
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,867 37,172
Current assets
Stocks 7,938,172 7,570,135
Debtors 4 1,098,028 1,101,337
Cash at bank and in hand 7,820 5,982
9,044,020 8,677,454
Creditors: amounts falling due within one year 5 (509,307) (377,865)
Net current assets 8,534,713 8,299,589
Total assets less current liabilities 8,556,580 8,336,761
Creditors: amounts falling due after more than one year 6 (10,730,068) (10,799,175)
Net liabilities (2,173,488) (2,462,414)
Capital and reserves
Called up share capital 1 1
Profit and loss account (2,173,489) (2,462,415)
Shareholder's funds (2,173,488) (2,462,414)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C D P Vaughan
Director
Approved by the board on 31 October 2024
Kirk & Randall Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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 evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 624,631 37,468 662,099
Additions 19,968 - 19,968
Disposals (520) - (520)
At 31 December 2023 644,079 37,468 681,547
Depreciation
At 1 January 2023 587,461 37,466 624,927
Charge for the year 35,143 - 35,143
On disposals (390) - (390)
At 31 December 2023 622,214 37,466 659,680
Net book value
At 31 December 2023 21,865 2 21,867
At 31 December 2022 37,170 2 37,172
4 Debtors 2023 2022
£ £
Trade debtors 1,061,246 1,042,456
Other debtors 36,782 58,881
1,098,028 1,101,337
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 401,986 182,191
Taxation and social security costs 75,240 168,827
Other creditors 22,081 16,847
509,307 377,865
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,167 24,167
Other creditors 10,715,901 10,775,008
10,730,068 10,799,175
7 Other information
Kirk & Randall Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Sacombe House
Sacombe Park
Ware
Hertfordshire
SG12 0JB
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