Registered number
04881636
Keely Construction Limited
Filleted Accounts
31 March 2024
Keely Construction Limited
Registered number: 04881636
Directors' Report
The directors present their report and accounts for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be building contractors.
Directors
The following persons served as directors during the year:
Mrs W J Keely
Mr M Keely
Mrs H Keely
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 11 November 2024 and signed on its behalf.
Mr M P Keely
Director
Keely Construction Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Keely Construction Limited for the year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Keely Construction Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Bunting & Co
Chartered Accountants
Punches Barn
Holton
Oxford
OX33 1PR
11 November 2024
Keely Construction Limited
Registered number: 04881636
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 400
Tangible assets 4 61,272 62,709
61,272 63,109
Current assets
Stocks 364,153 435,267
Debtors 5 195,798 170,590
Cash at bank and in hand 3,812 2,227
563,763 608,084
Creditors: amounts falling due within one year 6 (216,369) (247,016)
Net current assets 347,394 361,068
Total assets less current liabilities 408,666 424,177
Creditors: amounts falling due after more than one year 7 (393,195) (413,244)
Provisions for liabilities (4,961) (3,842)
Net assets 10,510 7,091
Capital and reserves
Called up share capital 800 800
Profit and loss account 9,710 6,291
Shareholders' funds 10,510 7,091
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 M P Keely
Director
Approved by the board on 11 November 2024
Keely Construction Limited
Notes to the Accounts
for the year ended 31 March 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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant, machinery and motor vehicles 25% per annum on written down value
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.
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 10 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 30,600
At 31 March 2024 30,600
Amortisation
At 1 April 2023 30,200
Provided during the year 400
At 31 March 2024 30,600
Net book value
At 31 March 2024 -
At 31 March 2023 400
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 9,847 102,912 112,759
Additions - 15,190 15,190
At 31 March 2024 9,847 118,102 127,949
Depreciation
At 1 April 2023 9,847 40,203 50,050
Charge for the year - 16,627 16,627
At 31 March 2024 9,847 56,830 66,677
Net book value
At 31 March 2024 - 61,272 61,272
At 31 March 2023 - 62,709 62,709
5 Debtors 2024 2023
£ £
Trade debtors 80,798 55,590
Intercompany loan to MKHK Limited 115,000 115,000
195,798 170,590
6 Creditors: amounts falling due within one year 2024 2023
£ £
Loans and overdrafts 23,616 -
Trade creditors 72,008 108,846
Taxation and social security costs 26,175 28,104
Directors loan accounts (short term) 94,570 110,066
216,369 247,016
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 222,136 232,081
Obligations under finance lease and hire purchase contracts 32,588 42,692
Directors loan accounts (long term) 138,471 138,471
393,195 413,244
8 Controlling party
The company is controlled by the directors who between them own all of the issued share capital.
9 Other information
Keely Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2
Littleworth Road
Wheatley
Oxford
OX33 1TZ
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