6 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04467959 2023-04-01 2024-03-31 04467959 2024-03-31 04467959 2023-03-31 04467959 2022-04-01 2023-03-31 04467959 2023-03-31 04467959 2022-03-31 04467959 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04467959 core:MotorVehicles 2023-04-01 2024-03-31 04467959 bus:Director1 2023-04-01 2024-03-31 04467959 core:FurnitureFittingsToolsEquipment 2023-03-31 04467959 core:MotorVehicles 2023-03-31 04467959 core:FurnitureFittingsToolsEquipment 2024-03-31 04467959 core:MotorVehicles 2024-03-31 04467959 core:WithinOneYear 2024-03-31 04467959 core:WithinOneYear 2023-03-31 04467959 core:AfterOneYear 2024-03-31 04467959 core:AfterOneYear 2023-03-31 04467959 core:ShareCapital 2024-03-31 04467959 core:ShareCapital 2023-03-31 04467959 core:RetainedEarningsAccumulatedLosses 2024-03-31 04467959 core:RetainedEarningsAccumulatedLosses 2023-03-31 04467959 core:FurnitureFittingsToolsEquipment 2023-03-31 04467959 core:MotorVehicles 2023-03-31 04467959 bus:SmallEntities 2023-04-01 2024-03-31 04467959 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04467959 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04467959 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04467959 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 04467959
Nigel Kay Homes Ltd
Unaudited filleted financial statements
For the year ended
31 March 2024
Nigel Kay Homes Ltd
Contents
Statement of financial position
Notes to the financial statements
Nigel Kay Homes Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 58,442 73,403
________ ________
58,442 73,403
Current assets
Stocks 1,857,897 2,451,467
Debtors 4 65,501 79,275
Cash at bank and in hand 447,921 600,024
________ ________
2,371,319 3,130,766
Creditors: amounts falling due
within one year 5 ( 564,606) ( 1,448,466)
________ ________
Net current assets 1,806,713 1,682,300
________ ________
Total assets less current liabilities 1,865,155 1,755,703
Creditors: amounts falling due
after more than one year 6 ( 144,125) ( 201,209)
Provisions for liabilities ( 14,610) ( 18,351)
________ ________
Net assets 1,706,420 1,536,143
________ ________
Capital and reserves
Called up share capital 101 101
Profit and loss account 1,706,319 1,536,042
________ ________
Shareholders funds 1,706,420 1,536,143
________ ________
For the 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.
Director's responsibilities:
- The members have 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mr N Kay
Director
Company registration number: 04467959
Nigel Kay Homes Ltd
Notes to the financial statements
Year ended 31 March 2024
1. Accounting policies
General information
The company is a private company limited by shares, registered in England and Wales, registration number 04467959 . The address of the registered office is Oxford Chambers, New Oxford Street, Workington, CA14 2LR.
Basis of preparation
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same financial statements.
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.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible fixed assets are included at cost less depreciation.
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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.
2. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
3. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 89,590 33,098 122,688
Additions 885 - 885
Disposals ( 474) - ( 474)
________ ________ ________
At 31 March 2024 90,001 33,098 123,099
________ ________ ________
Depreciation
At 1 April 2023 34,349 14,936 49,285
Charge for the year 11,206 4,541 15,747
Disposals ( 375) - ( 375)
________ ________ ________
At 31 March 2024 45,180 19,477 64,657
________ ________ ________
Carrying amount
At 31 March 2024 44,821 13,621 58,442
________ ________ ________
At 31 March 2023 55,241 18,162 73,403
________ ________ ________
4. Debtors
2024 2023
£ £
Other debtors 65,501 79,275
________ ________
5. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 51,220 220,914
Trade creditors 285,821 379,082
Taxation and social security 115,946 84,457
Obligations under finance leases (secured) 6,798 6,417
Director's loan account 1,506 531,998
Other creditors 103,315 225,598
________ ________
564,606 1,448,466
________ ________
6. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 139,828 190,114
Obligations under finance leases (secured) 4,297 11,095
________ ________
139,828 190,114
________ ________
7. Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £361 (2023 - £257) were due to the fund. They are included in other creditors.