16 false false false false false false false false false false true false false false false false false No description of principal activity 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 180,000 180,000 xbrli:pure xbrli:shares iso4217:GBP 06031203 2024-02-01 2025-01-31 06031203 2025-01-31 06031203 2024-01-31 06031203 2023-02-01 2024-01-31 06031203 2024-01-31 06031203 2023-01-31 06031203 core:FurnitureFittings 2024-02-01 2025-01-31 06031203 core:MotorVehicles 2024-02-01 2025-01-31 06031203 core:NetGoodwill 2024-02-01 2025-01-31 06031203 bus:Director1 2024-02-01 2025-01-31 06031203 bus:Director2 2024-02-01 2025-01-31 06031203 core:NetGoodwill 2025-01-31 06031203 core:FurnitureFittings 2024-01-31 06031203 core:MotorVehicles 2024-01-31 06031203 core:FurnitureFittings 2025-01-31 06031203 core:MotorVehicles 2025-01-31 06031203 core:WithinOneYear 2025-01-31 06031203 core:WithinOneYear 2024-01-31 06031203 core:AfterOneYear 2025-01-31 06031203 core:AfterOneYear 2024-01-31 06031203 core:ShareCapital 2025-01-31 06031203 core:ShareCapital 2024-01-31 06031203 core:RetainedEarningsAccumulatedLosses 2025-01-31 06031203 core:RetainedEarningsAccumulatedLosses 2024-01-31 06031203 core:FurnitureFittings 2024-01-31 06031203 core:MotorVehicles 2024-01-31 06031203 bus:Director1 2024-01-31 06031203 bus:Director1 2025-01-31 06031203 bus:Director2 2024-01-31 06031203 bus:Director2 2025-01-31 06031203 bus:Director1 2023-01-31 06031203 bus:Director1 2024-01-31 06031203 bus:Director2 2023-01-31 06031203 bus:Director2 2024-01-31 06031203 bus:Director1 2023-02-01 2024-01-31 06031203 bus:Director2 2023-02-01 2024-01-31 06031203 bus:SmallEntities 2024-02-01 2025-01-31 06031203 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-31 06031203 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 06031203 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 06031203 bus:FullAccounts 2024-02-01 2025-01-31 06031203 core:ToolsEquipment 2024-02-01 2025-01-31 06031203 core:ToolsEquipment 2024-01-31 06031203 core:ToolsEquipment 2025-01-31
COMPANY REGISTRATION NUMBER: 06031203
K R LITCHFIELD LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2025
K R LITCHFIELD LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2025
2025
2024
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
73,141
77,284
CURRENT ASSETS
Debtors
7
171,899
178,956
Cash at bank and in hand
238,863
172,451
---------
---------
410,762
351,407
CREDITORS: amounts falling due within one year
8
131,834
135,999
---------
---------
NET CURRENT ASSETS
278,928
215,408
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
352,069
292,692
CREDITORS: amounts falling due after more than one year
9
33,466
42,728
---------
---------
NET ASSETS
318,603
249,964
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
318,503
249,864
---------
---------
SHAREHOLDERS FUNDS
318,603
249,964
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2025 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
K R LITCHFIELD LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr D E Gardner
Mrs V A Litchfield
Director
Director
Company registration number: 06031203
K R LITCHFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2025
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
33% straight line
Motor vehicles
-
25% reducing balance
Tools and equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 16 (2024: 17 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
180,000
---------
Amortisation
At 1 February 2024 and 31 January 2025
180,000
---------
Carrying amount
At 31 January 2025
---------
At 31 January 2024
---------
6. TANGIBLE ASSETS
Computer equipment
Motor vehicles
Tools and equipment
Total
£
£
£
£
Cost
At 1 February 2024
1,407
103,855
13,503
118,765
Additions
29,544
1,200
30,744
Disposals
( 27,500)
( 27,500)
-------
---------
--------
---------
At 31 January 2025
1,407
105,899
14,703
122,009
-------
---------
--------
---------
Depreciation
At 1 February 2024
469
28,668
12,344
41,481
Charge for the year
469
18,477
472
19,418
Disposals
( 12,031)
( 12,031)
-------
---------
--------
---------
At 31 January 2025
938
35,114
12,816
48,868
-------
---------
--------
---------
Carrying amount
At 31 January 2025
469
70,785
1,887
73,141
-------
---------
--------
---------
At 31 January 2024
938
75,187
1,159
77,284
-------
---------
--------
---------
7. DEBTORS
2025
2024
£
£
Trade debtors
104,174
130,697
Other debtors
67,725
48,259
---------
---------
171,899
178,956
---------
---------
8. CREDITORS: amounts falling due within one year
2025
2024
£
£
Corporation tax
65,510
45,581
Social security and other taxes
50,803
76,966
Other creditors
15,521
13,452
---------
---------
131,834
135,999
---------
---------
Included in other creditors are balances in relation to hire purchase and finance lease creditors totalling £10,104 (2024 - £10,104)
Hire purchase and finance lease creditors are secured on the assets they relate to.
9. CREDITORS: amounts falling due after more than one year
2025
2024
£
£
Other creditors
33,466
42,728
--------
--------
Included in other creditors are balances in relation to hire purchase and finance lease creditors totalling £33,466 (2024 - £42,728)
Hire purchase and finance lease creditors are secured on the assets they relate to.
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2025
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D E Gardner
13,938
34,734
( 14,487)
34,185
Mrs V A Litchfield
17,250
15,011
( 17,325)
14,936
--------
--------
--------
--------
31,188
49,745
( 31,812)
49,121
--------
--------
--------
--------
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D E Gardner
12,059
14,398
( 12,462)
13,995
Mrs V A Litchfield
14,851
17,193
( 14,851)
17,193
--------
--------
--------
--------
26,910
31,591
( 27,313)
31,188
--------
--------
--------
--------
Interest was charged at the official rate. Loan balances were cleared within 9 months.