Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30Part of the company's bank borrowings are secured by a first legal charge over freehold land and buildings owned by M P Kemp. As at 30 April 2023 the directors had a current account balance of £1,240,770 (2023 - £1,249,194). During the year the company raised a management charge of £3,000 (2023 - £3,000) to a partnership in which M P Kemp is a partner. The company farms land which is owned personally by a director. No rental charge is made from the director to the company for the use of this land.2023-05-01falseNo description of principal activity22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01435133 2023-05-01 2024-04-30 01435133 2022-05-01 2023-04-30 01435133 2024-04-30 01435133 2023-04-30 01435133 c:Director1 2023-05-01 2024-04-30 01435133 c:Director2 2023-05-01 2024-04-30 01435133 d:Buildings 2023-05-01 2024-04-30 01435133 d:Buildings 2024-04-30 01435133 d:Buildings 2023-04-30 01435133 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01435133 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 01435133 d:Buildings d:LongLeaseholdAssets 2024-04-30 01435133 d:Buildings d:LongLeaseholdAssets 2023-04-30 01435133 d:Buildings d:ShortLeaseholdAssets 2023-05-01 2024-04-30 01435133 d:PlantMachinery 2023-05-01 2024-04-30 01435133 d:PlantMachinery 2024-04-30 01435133 d:PlantMachinery 2023-04-30 01435133 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01435133 d:MotorVehicles 2023-05-01 2024-04-30 01435133 d:MotorVehicles 2024-04-30 01435133 d:MotorVehicles 2023-04-30 01435133 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01435133 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 01435133 d:OtherPropertyPlantEquipment 2024-04-30 01435133 d:OtherPropertyPlantEquipment 2023-04-30 01435133 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01435133 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01435133 d:CurrentFinancialInstruments 2024-04-30 01435133 d:CurrentFinancialInstruments 2023-04-30 01435133 d:Non-currentFinancialInstruments 2024-04-30 01435133 d:Non-currentFinancialInstruments 2023-04-30 01435133 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 01435133 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 01435133 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 01435133 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 01435133 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-04-30 01435133 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-04-30 01435133 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-04-30 01435133 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-04-30 01435133 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-04-30 01435133 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-04-30 01435133 d:ShareCapital 2024-04-30 01435133 d:ShareCapital 2023-04-30 01435133 d:RetainedEarningsAccumulatedLosses 2024-04-30 01435133 d:RetainedEarningsAccumulatedLosses 2023-04-30 01435133 c:OrdinaryShareClass1 2023-05-01 2024-04-30 01435133 c:OrdinaryShareClass1 2024-04-30 01435133 c:OrdinaryShareClass1 2023-04-30 01435133 c:FRS102 2023-05-01 2024-04-30 01435133 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 01435133 c:FullAccounts 2023-05-01 2024-04-30 01435133 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01435133 2 2023-05-01 2024-04-30 01435133 4 2023-05-01 2024-04-30 01435133 6 2023-05-01 2024-04-30 01435133 e:PoundSterling 2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01435133























M P KEMP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
M P KEMP LIMITED
REGISTERED NUMBER:01435133

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,070,081
3,783,172

Investments
 5 
50
50

  
4,070,131
3,783,222

Current assets
  

Stocks
  
328,748
270,035

Debtors: amounts falling due within one year
 6 
277,450
185,958

Cash at bank and in hand
  
539,798
1,231,593

  
1,145,996
1,687,586

Creditors: amounts falling due within one year
 7 
(2,395,831)
(2,523,475)

Net current liabilities
  
 
 
(1,249,835)
 
 
(835,889)

Total assets less current liabilities
  
2,820,296
2,947,333

Creditors: amounts falling due after more than one year
 8 
(345,812)
(416,133)

  

Net assets
  
2,474,484
2,531,200


Capital and reserves
  

Called up share capital 
 10 
2,150,000
2,150,000

Profit and loss account
  
324,484
381,200

  
2,474,484
2,531,200


Page 1

 
M P KEMP LIMITED
REGISTERED NUMBER:01435133
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
M P Kemp
................................................
Mrs J M Kemp
Director
Director


Date: 28 January 2025

Page 2

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

M P Kemp Limited is a company limited by shares incorporated in England and Wales, registration number 01435133. The registered office is Thickthorn Farm, Hethersett, Norwich, NR9 3AU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Going concern

The financial statements have been prepared on a going concern basis due to the value of the assets owned by the company being substantially greater than the amount they are being shown at in the financial statements under the historical cost convention.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Intangible assets

Entitlements are initially recognised at cost. After recognition, under the revaluation model, these intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially form that which would be determined using fair value at the end of the reporting date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Buildings
-
2% straight line
Property Improvements
-
10% straight line
Land
-
Nil
Plant & machinery
-
15-25% reducing balance
Motor vehicles
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income statement.

 
2.11

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income statement.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 6

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Land and buildings
L/Term leasehold property
Plant & machinery
Motor vehicles
Assets in the course of construction

£
£
£
£
£



Cost or valuation


At 1 May 2023
3,074,286
158,317
202,895
32,992
853,899


Additions
-
-
24,676
-
282,506



At 30 April 2024

3,074,286
158,317
227,571
32,992
1,136,405



Depreciation


At 1 May 2023
172,240
157,357
179,452
30,168
-


Charge for the year on owned assets
7,416
120
12,031
706
-



At 30 April 2024

179,656
157,477
191,483
30,874
-



Net book value



At 30 April 2024
2,894,630
840
36,088
2,118
1,136,405



At 30 April 2023
2,902,046
960
23,443
2,824
853,899
Page 7

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 May 2023
4,322,389


Additions
307,182



At 30 April 2024

4,629,571



Depreciation


At 1 May 2023
539,217


Charge for the year on owned assets
20,273



At 30 April 2024

559,490



Net book value



At 30 April 2024
4,070,081



At 30 April 2023
3,783,172

Included in land and buildings is freehold land at cost of £2,703,712 (2023 - £2,703,712) which is not depreciated.

Page 8

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 May 2023
50



At 30 April 2024
50





6.


Debtors

2024
2023
£
£


Trade debtors
72,132
14,396

Other debtors
34,305
90,583

Prepayments and accrued income
171,013
80,979

277,450
185,958



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
50,000
38,000

Trade creditors
131,654
198,689

Corporation tax
680,556
846,715

Other taxation and social security
519
462

Other creditors
1,391,466
1,367,868

Accruals and deferred income
141,636
71,741

2,395,831
2,523,475


Page 9

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
345,812
416,133

345,812
416,133


The aggregate amount of all creditors in the company's statement of financial position in respect of which security has been given by the company is £395,812 (2023: £454,133).


9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
50,000
38,000


50,000
38,000

Amounts falling due 1-2 years

Bank loans
50,000
38,000


50,000
38,000

Amounts falling due 2-5 years

Bank loans
150,000
76,000


150,000
76,000

Amounts falling due after more than 5 years

Bank loans
145,812
302,133

145,812
302,133

395,812
454,133


Page 10

 
M P KEMP LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,150,000 (2023 - 2,150,000) Ordinary shares of £1.00 each
2,150,000
2,150,000



11.


Directors' benefits: advances, credit and guarentees

Part of the company's bank borrowings are secured by a first legal charge over freehold land and buildings owned by M P Kemp.
As at 30 April 2023 the directors had a current account balance of £1,240,770 
(2023 - £1,249,194).


12.


Related party transactions

During the year the company raised a management charge of £3,000 (2023 - £3,000) to a partnership in which M P Kemp is a partner. 
The company farms land which is owned personally by a director. No rental charge is made from the director to the company for the use of this land. 


Page 11