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Registered number: 06299272
K.B. Spigot Limited
Financial Statements
For The Year Ended 31 July 2024
Stubbs Parkin
55 Hoghton Street
Southport
Merseyside
PR9 0PG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06299272
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,131,634 738,226
1,131,634 738,226
CURRENT ASSETS
Stocks 5 324,769 288,727
Debtors 6 1,036,703 917,961
Cash at bank and in hand 997,683 565,875
2,359,155 1,772,563
Creditors: Amounts Falling Due Within One Year 7 (797,647 ) (568,524 )
NET CURRENT ASSETS (LIABILITIES) 1,561,508 1,204,039
TOTAL ASSETS LESS CURRENT LIABILITIES 2,693,142 1,942,265
Creditors: Amounts Falling Due After More Than One Year 8 (26,182 ) (21,030 )
NET ASSETS 2,666,960 1,921,235
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 2,666,860 1,921,135
SHAREHOLDERS' FUNDS 2,666,960 1,921,235
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K R Burke
Director
4th February 2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
K.B. Spigot Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06299272 . The registered office is Spigot Lodge, Coverham, Middleham, Leyburn, North Yorkshire, DL8 4TL. The company's functional and presentational currency is GBP and no level of rounding has been used in the preparation of the financial statements.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5% reducing balance basis
Motor Vehicles 20% reducing balance basis
Fixtures & Fittings 25% reducing balance basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 51 (2023: 49)
51 49
4. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 483,244 503,566 403,395 1,390,205
Additions 309,914 234,779 20,683 565,376
Disposals - (81,438 ) - (81,438 )
As at 31 July 2024 793,158 656,907 424,078 1,874,143
Depreciation
As at 1 August 2023 154,443 250,971 246,565 651,979
Provided during the period 31,936 93,492 26,626 152,054
Disposals - (61,524 ) - (61,524 )
As at 31 July 2024 186,379 282,939 273,191 742,509
Net Book Value
As at 31 July 2024 606,779 373,968 150,887 1,131,634
As at 1 August 2023 328,801 252,595 156,830 738,226
5. Stocks
2024 2023
£ £
Stock 324,769 288,727
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 724,736 660,934
Other debtors 311,967 257,027
1,036,703 917,961
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 33,436 46,849
Trade creditors 191,062 185,771
Bank loans and overdrafts 10,200 11,160
Other creditors 15,110 12,756
Taxation and social security 547,839 311,988
797,647 568,524
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,827 3,790
Bank loans 8,355 17,240
26,182 21,030
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 33,436 46,849
Later than one year and not later than five years 17,827 3,790
51,263 50,639
51,263 50,639
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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