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Registration number: 07056592

Weald Of Kent Renovation Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Weald Of Kent Renovation Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

iXBRL Detailed Profit and Loss Account

13

 

Weald Of Kent Renovation Ltd

Company Information

Director

Mr Timothy John Pyne

Registered office

2 The Square, West Street
Hunton
Maidstone
Kent
ME15 0RT

Accountants

Stilltho Limited 5 West Street
Hunton
Maidstone
Kent
ME15 0RS

 

Weald Of Kent Renovation Ltd

Director's Report for the Year Ended 31 October 2024

The director presents his report and the financial statements for the year ended 31 October 2024.

Director of the company

The director who held office during the year was as follows:

Mr Timothy John Pyne

Principal activity

The principal activity of the company is that of construction of domestic buildings.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 26 January 2025
 

.........................................
Mr Timothy John Pyne
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Weald Of Kent Renovation Ltd
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weald Of Kent Renovation Ltd for the year ended 31 October 2024 as set out on pages 4 to 12 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Weald Of Kent Renovation Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Weald Of Kent Renovation Ltd and state those matters that we have agreed to state to the Board of Directors of Weald Of Kent Renovation Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weald Of Kent Renovation Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Weald Of Kent Renovation Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Weald Of Kent Renovation Ltd. You consider that Weald Of Kent Renovation Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Weald Of Kent Renovation Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Stilltho Limited
5 West Street
Hunton
Maidstone
Kent
ME15 0RS

26 January 2025

 

Weald Of Kent Renovation Ltd

Profit and Loss Account for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

 

86,305

60,744

Cost of sales

 

(26,536)

(15,125)

Gross profit

 

59,769

45,619

Administrative expenses

 

(35,380)

(41,906)

Operating profit

 

24,389

3,713

Other interest receivable and similar income

 

-

2

Interest payable and similar expenses

 

(751)

(507)

   

(751)

(505)

Profit before tax

4

23,638

3,208

Tax on profit

 

(1,036)

(2,313)

Profit for the financial year

 

22,602

895

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Weald Of Kent Renovation Ltd

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Profit for the year

22,602

895

Total comprehensive income for the year

22,602

895

 

Weald Of Kent Renovation Ltd

(Registration number: 07056592)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

28,620

15,812

Current assets

 

Debtors

6

469

5,262

Cash at bank and in hand

 

1

1,052

 

470

6,314

Creditors: Amounts falling due within one year

7

(12,559)

(11,197)

Net current liabilities

 

(12,089)

(4,883)

Total assets less current liabilities

 

16,531

10,929

Creditors: Amounts falling due after more than one year

7

(5,333)

(9,333)

Net assets

 

11,198

1,596

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

11,098

1,496

Shareholders' funds

 

11,198

1,596

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 26 January 2025
 

.........................................
Mr Timothy John Pyne
Director

 

Weald Of Kent Renovation Ltd

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Retained earnings
£

Total
£

At 1 November 2023

100

1,496

1,596

Profit for the year

-

22,602

22,602

Dividends

-

(13,000)

(13,000)

At 31 October 2024

100

11,098

11,198

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

601

701

Profit for the year

-

895

895

At 31 October 2023

100

1,496

1,596

 

Weald Of Kent Renovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 The Square, West Street
Hunton
Maidstone
Kent
ME15 0RT
United Kingdom

These financial statements were authorised for issue by the director on 26 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Weald Of Kent Renovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Weald Of Kent Renovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

13,592

8,968

 

Weald Of Kent Renovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

-

44,840

44,840

Additions

26,400

-

26,400

At 31 October 2024

26,400

44,840

71,240

Depreciation

At 1 November 2023

5,280

29,028

34,308

Charge for the year

-

8,312

8,312

At 31 October 2024

5,280

37,340

42,620

Carrying amount

At 31 October 2024

21,120

7,500

28,620

At 31 October 2023

-

15,812

15,812

6

Debtors

Current

2024
£

2023
£

Trade debtors

469

-

Other debtors

-

5,262

 

469

5,262

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,897

6,960

Taxation and social security

 

1,016

2,312

Accruals and deferred income

 

2,109

800

Other creditors

 

1,537

1,125

 

12,559

11,197

Creditors: amounts falling due after more than one year

 

Weald Of Kent Renovation Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,333

9,333

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,333

9,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

4,000

Bank overdrafts

3,897

2,960

7,897

6,960

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £130.00 (2023 - £Nil) per each Ordinary

13,000

-

 

 
 

Weald Of Kent Renovation Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 31 October 2024

2024
£

2023
£

Turnover/revenue

86,305

60,744

Cost of sales

Opening stock/inventories

-

-

Purchase of raw materials and consumables

(26,087)

(11,528)

Closing stock/inventories

-

-

Other costs

(449)

(3,597)

Gross profit

59,769

45,619

Distribution costs

Administrative expenses

Audit and accountancy other services

(800)

(2,298)

Depreciation of fixed assets

(13,592)

(8,968)

Vehicle costs

(5,162)

(11,824)

Pension costs defined contribution schemes excluding directors

-

(2,400)

Other staff costs excluding directors

(215)

(261)

Staff costs excluding directors

(215)

(2,661)

Salaries and fees, directors

(9,100)

(12,180)

Company contributions to defined benefit plans, directors

(2,400)

-

Staff costs, directors

(11,500)

(12,180)

Travel and subsistence

(86)

-

Bank charges

(196)

(168)

Insurance costs

(3,691)

(3,368)

IT and computing

(52)

(137)

Printing, postage and stationery

(86)

(155)

Subscriptions

-

(147)

Other operating income

Other items

Profit on ordinary activities before finance charges and interest

24,389

3,713

Bank interest and similar income receivable

-

2

Interest expense on bank overdraft, bank loans and similar borrowings

(751)

(507)

Profit on ordinary activities before taxation

23,638

3,208

Tax on profit or loss on ordinary activities

(1,036)

(2,313)

Profit for the financial year

22,602

895