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Registration number: 06932675

Keighleycolo Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Keighleycolo Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Keighleycolo Ltd

Company Information

Chairman

Prof Michael Keighley

Directors

Dr D Margaret Keighley

Mrs Helen Walker

Registered office

Whalebone Cottage
Vicarage Hill
Tanworth-in-Arden
Solihull
B94 5AN

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Keighleycolo Ltd

(Registration number: 06932675)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

75,059

74,546

Tangible assets

5

3,535

4,463

Other financial assets

6

128,314

123,463

 

206,908

202,472

Current assets

 

Stocks

7

15,000

15,000

Debtors

8

413,266

400,529

Cash at bank and in hand

 

273,615

279,135

 

701,881

694,664

Creditors: Amounts falling due within one year

9

(95,123)

(133,803)

Net current assets

 

606,758

560,861

Net assets

 

813,666

763,333

Capital and reserves

 

Called up share capital

100

100

Retained earnings

813,566

763,233

Shareholders' funds

 

813,666

763,333

 

Keighleycolo Ltd

(Registration number: 06932675)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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 13 November 2024 and signed on its behalf by:
 

.........................................
Prof Michael Keighley
Chairman

.........................................
Dr D Margaret Keighley
Director

 
 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Whalebone Cottage
Vicarage Hill
Tanworth-in-Arden
Solihull
B94 5AN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements for the period ended 31 Month 2017 are the first financial statements that comply with FRS102.

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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Computer equipment

25% reducing balance

Plant & machinery

15% reducing balance

Fixture & fittings

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Patents

10% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

269,246

269,246

Additions acquired separately

10,453

10,453

At 31 March 2024

279,699

279,699

Amortisation

At 1 April 2023

194,700

194,700

Amortisation charge

9,940

9,940

At 31 March 2024

204,640

204,640

Carrying amount

At 31 March 2024

75,059

75,059

At 31 March 2023

74,546

74,546

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

54,219

12,880

67,099

At 31 March 2024

54,219

12,880

67,099

Depreciation

At 1 April 2023

50,476

12,160

62,636

Charge for the year

748

180

928

At 31 March 2024

51,224

12,340

63,564

Carrying amount

At 31 March 2024

2,995

540

3,535

At 31 March 2023

3,743

720

4,463

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

135,141

-

135,141

Revaluations

-

(6,827)

(6,827)

At 31 March 2024

135,141

(6,827)

128,314

Impairment

Carrying amount

At 31 March 2024

135,141

(6,827)

128,314

7

Stocks

2024
£

2023
£

Work in progress

15,000

15,000

8

Debtors

Current

2024
£

2023
£

Trade debtors

63,882

63,139

Other debtors

349,384

337,390

 

413,266

400,529

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

-

352

Trade creditors

 

2,399

326

Taxation and social security

 

19,986

25,716

Other creditors

 

72,738

107,409

 

95,123

133,803

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

352

11

Related party transactions

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Prof Michael Keighley

Directors loan

126,742

4,484

131,226

-

-

-

 

126,742

4,484

131,226

     

Dr D Margaret Keighley

Directors loan

126,742

4,484

131,226

-

-

-

 

126,742

4,484

131,226

     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Prof Michael Keighley

Directors loan

69,868

56,874

126,742

 

69,868

56,874

126,742

     

Dr D Margaret Keighley

Directors loan

69,868

56,874

126,742

 

69,868

56,874

126,742

     

 

 

Keighleycolo Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

36,358

35,383