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Registration number: 04809647

RP Kerr & Son Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 June 2024

 

RP Kerr & Son Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

RP Kerr & Son Limited

(Registration number: 04809647)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

544,882

596,311

Current assets

 

Stocks

2,200

103,034

Debtors

6

178,865

56,200

Cash at bank and in hand

 

1,034

24,157

 

182,099

183,391

Creditors: Amounts falling due within one year

7

(475,699)

(555,599)

Net current liabilities

 

(293,600)

(372,208)

Total assets less current liabilities

 

251,282

224,103

Creditors: Amounts falling due after more than one year

7

(111,731)

(124,557)

Provisions for liabilities

(57,411)

(50,767)

Net assets

 

82,140

48,779

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

82,040

48,679

Shareholders' funds

 

82,140

48,779

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 


Mr Robert P Kerr
Director

   
 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
The Bungalow
Ager Farm
Brind Lane
Brind
East Yorkshire
DN14 7LA

Registration number: 04809647

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 and deferred 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.

 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class

Depreciation method and rate

Land and buildings

5% straight line basis

Plant and self propelled machinery

10% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 3).

 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

30,000

30,000

At 30 June 2024

30,000

30,000

Amortisation

At 1 July 2023

30,000

30,000

At 30 June 2024

30,000

30,000

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Self propelled machinery
£

Total
£

Cost or valuation

At 1 July 2023

683,419

290,325

115,575

1,089,319

At 30 June 2024

683,419

290,325

115,575

1,089,319

Depreciation

At 1 July 2023

305,939

106,423

80,646

493,008

Charge for the year

34,171

13,125

4,133

51,429

At 30 June 2024

340,110

119,548

84,779

544,437

Carrying amount

At 30 June 2024

343,309

170,777

30,796

544,882

At 30 June 2023

377,480

183,902

34,929

596,311

Included within the net book value of land and buildings above is £343,309 (2023 - £377,480) in respect of long leasehold land and buildings.
 

 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

178,206

53,583

Prepayments

659

928

Social security and other taxes

-

1,689

 

178,865

56,200

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

45,838

91,111

Trade payables

 

123,860

119,293

Amounts due to related parties

271,337

331,913

Social security and other taxes

 

31,321

10,168

Other payables

 

3,343

3,114

 

475,699

555,599

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

111,731

124,557

2024
£

2023
£

Due after more than five years

After more than five years by instalments

88,105

89,332

-

-

 

RP Kerr & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,140

6,200

Bank overdrafts

33,339

48,802

Hire purchase contracts

7,359

36,109

45,838

91,111

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

108,665

114,132

Hire purchase contracts

3,066

10,425

111,731

124,557

Bank borrowings

Bank borrowings are secured against the company's land, property and other assets both present and future. The carrying amount at the year end is £113,805 (2023 - £120,332).

HP and finance lease liabilities

HP and finance lease liabilities are secured on the assets to which the liability relates. The carrying amount at the year end is £10,425 (2023 - £46,534).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100