Company registration number 00806044 (England and Wales)
H.G. KEW (BANK FARM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
H.G. KEW (BANK FARM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
H.G. KEW (BANK FARM) LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,709
20,069
Current assets
Debtors
5
21,012
23,211
Cash at bank and in hand
3,562
5,101
24,574
28,312
Creditors: amounts falling due within one year
6
(20,456)
(19,011)
Net current assets
4,118
9,301
Total assets less current liabilities
23,827
29,370
Capital and reserves
Called up share capital
7
15,000
15,000
Profit and loss reserves
8,827
14,370
Total equity
23,827
29,370
Company Registration No. 00806044
H.G. KEW (BANK FARM) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Mr P J Kew
Director
Company Registration No. 00806044
H.G. KEW (BANK FARM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
H.G. Kew (Bank Farm) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 King Street, King's Lynn, Norfolk, England, PE30 1HE. The principal place of business is Bank Farm, Fallow Pipe Road, Saddlebow, King's Lynn, PE34 3AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
Nil
Agricultural buildings
10% reducing balance basis
Plant and machinery
25% reducing balance basis
Depreciation has not been charged on the freehold buildings as the estimated residual value of the asset is not materially different from the carrying amount of the asset.
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.
1.4
Cash at bank and in hand
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 current liabilities.
H.G. KEW (BANK FARM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
52,528
133,635
186,163
Depreciation and impairment
At 1 June 2023
32,632
133,463
166,095
Depreciation charged in the year
44
315
359
At 31 May 2024
32,676
133,778
166,454
Carrying amount
At 31 May 2024
19,852
(143)
19,709
At 31 May 2023
19,896
173
20,069
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,012
23,211
H.G. KEW (BANK FARM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,470
15,398
Other creditors
2,986
3,613
20,456
19,011
The overdraft is secured on the land and buildings owned by the company.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
15,000 'A' Ordinary shares of £1 each
15,000
15,000