REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KEN MIDDLEDITCH LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KEN MIDDLEDITCH LTD |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 3 |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Fair value reserve | 13 |
Special reserves |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | Statutory information |
Ken Middleditch Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 00540812. The registered office and business address is Bailie House, Poole Road, Sturminster Marshall, Dorset, BH21 4AE. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable in respect of goods supplied excluding value added tax and trade discounts. Turnover is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
In line with FRS102, freehold property is stated at fair value with revaluations taking place with sufficient regularity to ensure a true and fair view. Any aggregate surplus or deficit arising from changes in fair value is recognise in the statement of comprehensive income. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognise in the statement of comprehensive income. |
Stocks |
Stock and Work In Progress are valued at the lower of cost and net realisable value. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | Accounting policies - continued |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost or valuation |
At 1 April 2023 |
Impairments | (205,000 | ) | - | - | - | (205,000 | ) |
At 31 March 2024 |
Depreciation |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2016 | 1,117,258 | - | - | - | 1,117,258 |
Valuation in 2021 | 205,000 | - | - | - | 205,000 |
Valuation in 2023 | 795,000 | - | - | - | 795,000 |
Valuation in 2024 | (205,000 | ) | - | - | - | (205,000 | ) |
Cost | 82,742 | 90,690 | 24,050 | 4,934 | 202,416 |
1,995,000 | 90,690 | 24,050 | 4,934 | 2,114,674 |
Freehold Property was revalued in 2024 by the Directors. The value was calculated using market based evidence and the directors still consider this valuation made to be accurate as at the balance sheet date. |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 April 2023 |
Impairments | (25,000 | ) |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2016 | 318,204 |
Valuation in 2017 | (64,105 | ) |
Valuation in 2021 | (187,000 | ) |
Valuation in 2023 | 985,000 |
Valuation in 2024 | (25,000 | ) |
Cost | 672,901 |
1,700,000 |
Property was revalued in 2024 by the Directors. The value was calculated using market based evidence and the directors still consider this valuation made to be accurate as at the balance sheet date. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Trade creditors |
Tax |
Social security and other taxes |
Pension | 101 | 99 |
VAT | 5,069 | 4,079 |
Other creditors |
Directors' current accounts | 47,432 | 82,885 |
Accruals and deferred income |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | Loans |
Of the bank loans repayable after more than one year, a total of £27,359 (2023 £31,646) is repayable after more than 5 years. |
Other loans are fully repayable within 5 years. |
10. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans | 66,859 | 73,946 |
Bank loans and overdrafts as detailed above, are secured by way of legal charges, held by Lloyds Bank PLC dated 16 March 1973 and 13 April 2006 over land and property owned by the company. |
This excludes the Coronavirus bounce back loan. |
11. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 673,903 | 725,153 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charged to fair value reserve | (51,250 | ) |
Balance at 31 March 2024 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
13. | Reserves |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Investment properties revaluation | (8,895 | ) |
Freehold properties revaluation | (205,000 | ) |
Deferred tax adjustment | 51,250 |
At 31 March 2024 |
Special reserves are in respect of amounts provided for by the Articles of Association. The amount provided at the balance sheet date was £173,675 (2023: £173,675). |
KEN MIDDLEDITCH LTD (REGISTERED NUMBER: 00540812) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
14. | Directors' advances, credits and guarantees |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
15. | Ultimate controlling party |
The Company is under the control of the Director, Mr N Middleditch, by virtue of his 88% holding of the issued voting share capital of the Company. |