Registered number
08349359
Kevin Woods Equity Release Specialist Limited
Filleted Accounts
29 February 2024
Kevin Woods Equity Release Specialist Limited
Registered number: 08349359
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,578 6,198
Current assets
Debtors 4 39,526 114,134
Cash at bank and in hand 1,641 3,780
41,167 117,914
Creditors: amounts falling due within one year 5 (30,940) (51,753)
Net current assets 10,227 66,161
Total assets less current liabilities 15,805 72,359
Creditors: amounts falling due after more than one year 6 (13,126) (23,197)
Provisions for liabilities (1,060) (1,643)
Net assets 1,619 47,519
Capital and reserves
Called up share capital 4 4
Profit and loss account 1,615 47,515
Shareholders' funds 1,619 47,519
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 members have 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 statement of income and retained earnings has not been delivered to the Registrar of Companies.
……………………………………
Mr K M Woods
Director
Approved by the board on 26 November 2024
Kevin Woods Equity Release Specialist Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
The principal accounting policies adopted in the preparation of the accounts are set out below; they have remained unchanged from the previous period and have been consistently applied:
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, Section 1A (small entities). There have been no material departures from that standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and VAT. Turnover includes revenue earned from the rendering of services. 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 accumulated depreciation and 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:
Plant and machinery 10% on reducing balance
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.
Government-backed loans
Government-backed loans provided in response to COVID-19 are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method. Loan interest paid by Government, in accordance with the terms of these loans, is included in the accounts as interest payable and as government grants received.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 2.00 2.00
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 March 2023 10,141
At 29 February 2024 10,141
Depreciation
At 1 March 2023 3,943
Charge for the year 620
At 29 February 2024 4,563
Net book value
At 29 February 2024 5,578
At 28 February 2023 6,198
4 Debtors 2024 2023
£ £
Other debtors 39,526 114,134
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,028 9,848
Taxation and social security costs 17,014 38,211
Other creditors 3,898 3,694
30,940 51,753
6 Creditors: amounts falling due after more than one year 2024 2023
£ £
Bank loans 13,126 23,197
7 Loans to directors
During the year the company made advances to directors. No interest was paid on these amounts, and no significant conditions were stipulated. These advances, together with amounts repaid, are set out below: B/fwd Paid Repaid C/fwd
£ £ £ £
Total loans to director 97,329 84,702 (159,794) 22,237
The above amounts include individually material advances of £14,000, £7,634 and £13,799, together with individually material repayments of £8,000, £10,000, £12,000, £27,000 and £52,250. The maximum balance during the year was £113,569.
8 Other information
Kevin Woods Equity Release Specialist Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Suite B, Webb House, 20 Bridge Road, Park Gate, Hants, SO31 7GE.
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