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Company registration number: NI048442
J & R Keys (Tiles) Limited
Unaudited filleted financial statements
30 November 2024
J & R Keys (Tiles) Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
J & R Keys (Tiles) Limited
Directors and other information
Directors Mr Jonathan Keys
Mrs Karen Keys
Secretary Mr Jonathan Keys
Company number NI048442
Registered office 19 Castle Street
Ballymena
Co Antrim
BT43 7BT
Business address 19 Castle Street
Ballymena
Co Antrim
BT43 7BT
Accountants Potter Finnegan Limited
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
Bankers Ulster Bank Limited
49 Wellington Street
Ballymena
Co.Antrim
BT43 6AD
J & R Keys (Tiles) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of J & R Keys (Tiles) Limited
Year ended 30 November 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 J & R Keys (Tiles) Limited for the year ended 30 November 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of J & R Keys (Tiles) Limited, as a body, in accordance with the terms of our engagement letter dated 19 March 2025. Our work has been undertaken solely to prepare for your approval the financial statements of J & R Keys (Tiles) Limited and state those matters that we have agreed to state to the board of directors of J & R Keys (Tiles) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & R Keys (Tiles) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J & R Keys (Tiles) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J & R Keys (Tiles) Limited. You consider that J & R Keys (Tiles) Limited 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 financial statements of J & R Keys (Tiles) Limited. 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 financial statements.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
27 March 2025
J & R Keys (Tiles) Limited
Balance sheet
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 4 - -
Tangible assets 5 187,171 147,430
_______ _______
187,171 147,430
Current assets
Stocks 6 47,808 33,689
Debtors 7 31,278 54,148
Cash at bank and in hand 124,633 86,275
_______ _______
203,719 174,112
Creditors: amounts falling due
within one year 8 ( 189,976) ( 99,123)
_______ _______
Net current assets 13,743 74,989
_______ _______
Total assets less current liabilities 200,914 222,419
Creditors: amounts falling due
after more than one year 9 ( 59,771) ( 52,645)
Provisions for liabilities 11 ( 12,565) ( 18,322)
_______ _______
Net assets 128,578 151,452
_______ _______
Capital and reserves
Called up share capital 13 15,000 15,000
Profit and loss account 113,578 136,452
_______ _______
Shareholders funds 128,578 151,452
_______ _______
For the year ending 30 November 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 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.
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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr Jonathan Keys Mrs Karen Keys
Director Director
Company registration number: NI048442
J & R Keys (Tiles) Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is J & R Keys (Tiles) Limited, 19 Castle Street, Ballymena, Co Antrim, BT43 7BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2023 and 30 November 2024 170,000 170,000
_______ _______
Amortisation
At 1 December 2023 and 30 November 2024 170,000 170,000
_______ _______
Carrying amount
At 30 November 2024 - -
_______ _______
At 30 November 2023 - -
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 December 2023 103,419 162,221 265,640
Additions 42,515 85,000 127,515
Disposals - ( 83,000) ( 83,000)
_______ _______ _______
At 30 November 2024 145,934 164,221 310,155
_______ _______ _______
Depreciation
At 1 December 2023 48,806 69,404 118,210
Charge for the year 9,715 24,939 34,654
Disposals - ( 29,880) ( 29,880)
_______ _______ _______
At 30 November 2024 58,521 64,463 122,984
_______ _______ _______
Carrying amount
At 30 November 2024 87,413 99,758 187,171
_______ _______ _______
At 30 November 2023 54,613 92,817 147,430
_______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 November 2024 92,872
_______
At 30 November 2023 84,210
_______
6. Stocks
2024 2023
£ £
Finished goods 47,808 33,689
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 27,481 51,243
Other debtors 3,797 2,905
_______ _______
31,278 54,148
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 89,793 45,377
Corporation tax 20,526 15,315
Social security and other taxes 20,869 5,318
Other creditors 58,788 33,113
_______ _______
189,976 99,123
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 59,771 52,645
_______ _______
10. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2024 2023
£ £
Not later than 1 year 14,535 16,417
Later than 1 year and not later than 5 years 59,771 52,645
_______ _______
74,306 69,062
_______ _______
Present value of minimum lease payments 74,306 69,062
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 December 2023 and 30 November 2024 12,565 12,565
_______ _______
12. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2024 2023
£ £
Included in provisions (note 11) 12,565 18,322
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 12,565 18,322
_______ _______
13. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 15,000 15,000 15,000 15,000
_______ _______ _______ _______
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Rent of business premises from the directors 18,000 18,000
_______ _______
15. Controlling party
The company is controlled by the directors.