Registered number
06417725
B S Kalsi & Co Limited
Unaudited Filleted Accounts
29 February 2024
B S Kalsi & Co Limited
Registered number: 06417725
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 9,261 11,390
9,261 11,390
Current assets
Debtors 4 3,660 16,839
Cash at bank and in hand 507,438 595,271
511,098 612,110
Creditors: amounts falling due within one year 5 (30,026) (86,499)
Net current assets 481,072 525,611
Total assets less current liabilities 490,333 537,001
Creditors: amounts falling due after more than one year 6 (17,624) (27,433)
Provisions for liabilities (1,760) (2,164)
Net assets 470,949 507,404
Capital and reserves
Called up share capital 110 110
Profit and loss account 470,839 507,294
Shareholders' funds 470,949 507,404
The directors are 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 directors acknowledge their 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.
Mr. B. S. Kalsi
Director
Approved by the board on 11 September 2024
B S Kalsi & Co Limited
Notes to the Accounts
for the year ended 29 February 2024
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 value added taxes. 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 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:
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 25% straight line
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.
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 4 4
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 March 2023 20,420 30,508 50,928
Additions 2,676 - 2,676
Surplus on revaluation - - -
Disposals - - -
At 29 February 2024 23,096 30,508 53,604
Depreciation
At 1 March 2023 13,102 26,436 39,538
Charge for the year 3,787 1,018 4,805
Surplus on revaluation - - -
On disposals - - -
At 29 February 2024 16,889 27,454 44,343
Net book value
At 29 February 2024 6,207 3,054 9,261
At 28 February 2023 7,318 4,072 11,390
4 Debtors 2024 2023
£ £
Trade debtors 3,660 16,839
3,660 16,839
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors - 1,107
Taxation and social security costs 10,571 63,703
Other creditors 8,807 11,041
30,026 86,499
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,624 27,433
17,624 27,433
7 Other information
B S Kalsi & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 George Street West
Luton
Bedfordshire
LU1 2BJ
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