REGISTERED NUMBER: |
Kelmore Limited |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
REGISTERED NUMBER: |
Kelmore Limited |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
Kelmore Limited (Registered number: 12985784) |
Contents of the Financial Statements |
for the year ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Kelmore Limited |
Company Information |
for the year ended 31 October 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Kelmore Limited (Registered number: 12985784) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Kelmore Limited (Registered number: 12985784) |
Balance Sheet - continued |
31 October 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Kelmore Limited (Registered number: 12985784) |
Notes to the Financial Statements |
for the year ended 31 October 2024 |
1. | STATUTORY INFORMATION |
Kelmore Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£) and the amounts in the financial statements have been rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company traded profitably during the year following the initial 2-3 year start up phase and at the balance sheet date, the company had net current assets of £339,921 (2023: net current liabilities £4,997,400) and net liabilities of £954,085 (2023: £1,095,378). |
Included within this figure are short and long term loans totalling £7,404,186 (2023: £4,984,185) owing to the directors of the company and their immediate family. These loans are secured on the assets of the company following the creation of a charge in December 2023. Subsequent to the year end the directors continued to make further funds available. |
The directors have prepared plans and forecasts which cover a period of at least 12 months from the date of approval of the financial statements. These forecasts include these additional funds together with the inflow of funds from working capital management. Taking all of the this into consideration, the directors confirm that the going concern basis remains appropriate for the preparation of the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
No depreciation is provided on the company's long leasehold buildings as the directors consider that the lives of these assets are so long and residual values, based on prices prevailing at the time of acquisition, are sufficiently high that any depreciation would be immaterial. Provision is made in the profit and loss account in the event of any permanent diminution in the value of the properties. |
Assets in the course of construction at the reporting date are recognised at cost, which is based on the work done plus other direct costs incurred. No depreciation is charged on these assets until the period in which they are fully brought into use. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Kelmore Limited (Registered number: 12985784) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. |
Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities, which include creditors, accruals, loans and funding, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Kelmore Limited (Registered number: 12985784) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
4. | TANGIBLE FIXED ASSETS |
Assets in |
course of | Long | Plant and |
construction | leasehold | machinery |
£ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals |
Transfers | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfers |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
5. | STOCKS |
2024 | 2023 |
£ | £ |
Stock | 975,817 | 259,134 |
Kelmore Limited (Registered number: 12985784) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
During the year the A, B, C and D Ordinary shares were reclassified from £1.00 shares to £0.01 shares and subsequently 425 B shares and 325 C shares were reclassified as E Ordinary shares of £0.01 each. |
2024 | 2023 |
No | £ | No | £ |
A Ordinary shares of £0.01 each | 6,000 | 60.00 | - | - |
A Ordinary shares of £1 each | - | - | 60 | 60.00 |
B Ordinary shares of £0.01 each | 1,375 | 13.75 | - | - |
B Ordinary shares of £1 each | - | - | 18 | 18.00 |
C Ordinary shares of £0.01 each | 1,375 | 13.75 | - | - |
C Ordinary shares of £1 each | - | - | 17 | 17.00 |
D Ordinary shares of £0.01 each | 500 | 5.00 | - | - |
D Ordinary shares of £1 each | - | - | 5 | 5.00 |
E Ordinary shares of £0.01 each | 750 | 7.50 | - | - |
10,000 | 100.00 | 100 | 100.00 |
10. | RELATED PARTY DISCLOSURES |
In the opinion of the directors the company is controlled by Mr P Kelly, Mrs R Kelly and Mr MD Kelly by virtue of their shareholding in the company. |
At the year end certain of the directors had loaned funds to the company totalling £7,404,186 (2023: £4,984,185) which are disclosed within other creditors and which are secured on the assets of the company. |