Registered number
05517951
Kevin R Twigger and Associates Limited
Filleted Accounts
30 June 2024
Kevin R Twigger and Associates Limited
Registered number: 05517951
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 25,334 41,334
Tangible assets 4 8,053 8,627
33,387 49,961
Current assets
Stocks 26,043 22,700
Debtors 5 346,549 436,875
Cash at bank and in hand 74,792 96,969
447,384 556,544
Creditors: amounts falling due within one year 6 (236,520) (195,791)
Net current assets 210,864 360,753
Total assets less current liabilities 244,251 410,714
Creditors: amounts falling due after more than one year 7 (13,333) (23,333)
Net assets 230,918 387,381
Capital and reserves
Called up share capital 100 100
Profit and loss account 230,818 387,281
Shareholders' funds 230,918 387,381
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 profit and loss account has not been delivered to the Registrar of Companies.
K Twigger
Director
Approved by the board on 22 November 2024
Kevin R Twigger and Associates Limited
Notes to the Accounts
for the year ended 30 June 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 and machinery over 4 years
Fixtures, fittings, tools and equipment over 5 years
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 11 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 320,000
At 30 June 2024 320,000
Amortisation
At 1 July 2023 278,666
Provided during the year 16,000
At 30 June 2024 294,666
Net book value
At 30 June 2024 25,334
At 30 June 2023 41,334
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 43,551 8,000 51,551
Additions 737 11,000 11,737
Disposals - (12,250) (12,250)
At 30 June 2024 44,288 6,750 51,038
Depreciation
At 1 July 2023 42,424 500 42,924
Charge for the year 420 141 561
On disposals - (500) (500)
At 30 June 2024 42,844 141 42,985
Net book value
At 30 June 2024 1,444 6,609 8,053
At 30 June 2023 1,127 7,500 8,627
5 Debtors 2024 2023
£ £
Trade debtors 196,767 250,209
Other debtors 149,782 186,666
346,549 436,875
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 13,597 16,021
Taxation and social security costs 157,239 142,669
Other creditors 55,684 27,101
236,520 195,791
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,333 23,333
8 Other information
Kevin R Twigger and Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Tettenhall Road
Wolverhampton
WV6 0BW
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