Kirkham Conveyancing Services Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06809626

Kirkham Conveyancing Services Ltd

Filleted Unaudited Financial Statements

28 February 2025

Kirkham Conveyancing Services Ltd

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		168,348	160,906

Current assets

Debtors	6	9,095	8,784
Cash at bank and in hand		1,564,363	2,705,107
		------------	------------
		1,573,458	2,713,891

Creditors: amounts falling due within one year	7	1,202,254		2,379,735
		------------		------------
Net current assets			371,204	334,156
			---------	---------
Total assets less current liabilities			539,552	495,062

Creditors: amounts falling due after more than one year	8	13,333	33,333
		---------	---------
Net assets		526,219	461,729
		---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	526,217	461,727
	---------	---------
Shareholders funds	526,219	461,729
	---------	---------

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 28 February 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 .

Kirkham Conveyancing Services Ltd

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 15 April 2025 , and are signed on behalf of the board by:

Mrs K S Doogue
Director

Company registration number: 06809626

Kirkham Conveyancing Services Ltd

Notes to the Financial Statements

Year ended 28 February 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 Prince of Wales House, 18/19 Salmon Fields Business Village, Royton, Oldham, OL2 6HT.

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, 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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures & Fittings	-	15% reducing balance
Office Equipment	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2024: 14 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 March 2024	149,500	12,353	25,185	187,038
Additions	–	–	12,656	12,656
Disposals	–	–	( 9,122)	( 9,122)
	---------	--------	--------	---------
At 28 February 2025	149,500	12,353	28,719	190,572
	---------	--------	--------	---------
Depreciation
At 1 March 2024	–	7,881	18,251	26,132
Charge for the year	–	670	2,655	3,325
Disposals	–	–	( 7,233)	( 7,233)
	---------	--------	--------	---------
At 28 February 2025	–	8,551	13,673	22,224
	---------	--------	--------	---------
Carrying amount
At 28 February 2025	149,500	3,802	15,046	168,348
	---------	--------	--------	---------
At 29 February 2024	149,500	4,472	6,934	160,906
	---------	--------	--------	---------

6. Debtors

	2025	2024
	£	£
Trade debtors	6,769	6,889
Other debtors	2,326	1,895
	-------	-------
	9,095	8,784
	-------	-------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	20,000	20,000
Corporation tax	58,889	26,744
Social security and other taxes	49,893	41,164
Other creditors	1,073,472	2,291,827
	------------	------------
	1,202,254	2,379,735
	------------	------------

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

	2025	2024
	£	£
Bank loans and overdrafts	13,333	33,333
	--------	--------

9. Directors' advances, credits and guarantees

Included within creditors due within one year are loans from directors totalling £386 (2024: £3,784) on which no interest is being charged. The loans are repayable in full or in part on demand. Dividend totalling £120,000 (2024: £126,000) were paid in the year in respect of shares held by the Company's directors.

10. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.