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Company No: 03896599 (England and Wales)

KEDGEWORTH 2000 LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

KEDGEWORTH 2000 LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

KEDGEWORTH 2000 LTD

BALANCE SHEET

As at 31 December 2024
KEDGEWORTH 2000 LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 173,896 165,578
173,896 165,578
Current assets
Stocks 1,632,352 1,605,768
Debtors 5 182,934 247,244
Cash at bank and in hand 482,409 597,488
2,297,695 2,450,500
Creditors: amounts falling due within one year 6 ( 108,170) ( 234,353)
Net current assets 2,189,525 2,216,147
Total assets less current liabilities 2,363,421 2,381,725
Creditors: amounts falling due after more than one year 7 ( 15,744) ( 26,492)
Provision for liabilities ( 30,188) ( 27,377)
Net assets 2,317,489 2,327,856
Capital and reserves
Called-up share capital 1 1
Profit and loss account 2,317,488 2,327,855
Total shareholder's funds 2,317,489 2,327,856

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Kedgeworth 2000 Ltd (registered number: 03896599) were approved and authorised for issue by the Board of Directors on 21 March 2025. They were signed on its behalf by:

D J Pierson
Director
KEDGEWORTH 2000 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
KEDGEWORTH 2000 LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kedgeworth 2000 Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Henstridge Airfield, Henstridge, Somerset, BA8 0TN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 25 % reducing balance
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 18 20

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 4,998 4,998
At 31 December 2024 4,998 4,998
Accumulated amortisation
At 01 January 2024 4,998 4,998
At 31 December 2024 4,998 4,998
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 January 2024 89,207 494,670 235,096 200,845 72,262 1,092,080
Additions 0 24,694 52,575 0 11,391 88,660
Disposals 0 0 ( 26,425) 0 ( 7,796) ( 34,221)
At 31 December 2024 89,207 519,364 261,246 200,845 75,857 1,146,519
Accumulated depreciation
At 01 January 2024 86,962 421,762 152,656 194,469 70,653 926,502
Charge for the financial year 561 39,300 35,435 2,638 2,408 80,342
Disposals 0 0 ( 26,425) 0 ( 7,796) ( 34,221)
At 31 December 2024 87,523 461,062 161,666 197,107 65,265 972,623
Net book value
At 31 December 2024 1,684 58,302 99,580 3,738 10,592 173,896
At 31 December 2023 2,245 72,908 82,440 6,376 1,609 165,578

5. Debtors

2024 2023
£ £
Trade debtors 109,456 181,947
Other debtors 73,478 65,297
182,934 247,244

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 48,579 74,930
Taxation and social security 30,029 118,642
Obligations under finance leases and hire purchase contracts 9,710 9,838
Other creditors 19,852 30,943
108,170 234,353

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 15,744 26,492

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £138,125 (2023 £76,600). This relates to a non-cancellable operating lease over the business premises. The amount payable within one year is £85,000 (2023 £76,600) with £53,125 (2023 £nil) due over the remaining useful life of the lease.

The directors have provided a personal guarantee of £50,000 to Barclays Bank in respect of the company's facilities.

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2024, the balance owed by the director was £5,179. During the year, £4,594 was advanced to the director, and £8,884 was repaid by the director. At 31 December 2024, the balance owed by the director was £889.

At 1 January 2023, the balance owed by the director was £nil. During the year, £117,309 was advanced to the director, and £112,130 was repaid by the director. At 31 December 2023, the balance owed by the director was £5,179.