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Company registration number: 10167532
The Ken Rhodes Group Limited
Unaudited filleted financial statements
30 November 2024
The Ken Rhodes Group Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Ken Rhodes Group Limited
Directors and other information
Director Mr Kenneth J Rhodes
Company number 10167532
Registered office 195 St Mary's Lane
Upminster
Essex
RM14 3BU
Accountant Hunter and Co Ltd
195 St Mary's Lane
Upminster
Essex
RM14 3BU
The Ken Rhodes Group Limited
Report to the director on the preparation of the
unaudited statutory financial statements of The Ken Rhodes Group Limited
Period ended 30 November 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the period ended 30 November 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
.......................................
Hunter and Co Ltd
Chartered Certified Accountants
195 St Mary's Lane
Upminster
Essex
RM14 3BU
20 May 2025
.......................................
Date
The Ken Rhodes Group Limited
Statement of financial position
30 November 2024
30/11/24 31/05/23
Note £ £ £ £
Fixed assets
Intangible assets 5 31,250 50,000
Tangible assets 6 40,420 31,537
Investments 7 66,214 6,250
_______ _______
137,884 87,787
Current assets
Stocks 225,036 31,828
Debtors 8 191,283 333,050
Cash at bank and in hand 4,534 1
_______ _______
420,853 364,879
Creditors: amounts falling due
within one year 9 ( 694,610) ( 451,592)
_______ _______
Net current liabilities ( 273,757) ( 86,713)
_______ _______
Total assets less current liabilities ( 135,873) 1,074
_______ _______
Net (liabilities)/assets ( 135,873) 1,074
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 135,973) 974
_______ _______
Shareholders (deficit)/funds ( 135,873) 1,074
_______ _______
For the period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The director acknowledges 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:
....................................... .......................................
Mr Kenneth J Rhodes Date
Director
Company registration number: 10167532
The Ken Rhodes Group Limited
Statement of changes in equity
Period ended 30 November 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2022 100 934 1,034
(Loss)/profit for the period 48,690 48,690
_______ _______ _______
Total comprehensive income for the period - 48,690 48,690
Dividends paid and payable ( 48,650) ( 48,650)
_______ _______ _______
Total investments by and distributions to owners - ( 48,650) ( 48,650)
_______ _______ _______
At 31 May 2023 and 1 June 2023 100 974 1,074
(Loss)/profit for the period ( 136,947) ( 136,947)
_______ _______ _______
Total comprehensive income for the period - ( 136,947) ( 136,947)
_______ _______ _______
At 30 November 2024 100 ( 135,973) ( 135,873)
_______ _______ _______
The Ken Rhodes Group Limited
Notes to the financial statements
Period ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 195 St Mary's Lane, Upminster, Essex, RM14 3BU.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
Goodwill - 10 % straight line
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 - 15 % reducing balance
Motor vehicles - 25 % 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are 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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. Staff costs
The average number of persons employed by the company during the period amounted to 8 (2023: 7 ).
The aggregate payroll costs incurred during the period were:
Period Year
ended ended
30/11/24 31/05/23
£ £
Wages and salaries 224,572 111,580
Social security costs 8,942 3,872
Other pension costs 4,605 1,802
_______ _______
238,119 117,254
_______ _______
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2023 and 30 November 2024 125,000 125,000
_______ _______
Amortisation
At 1 June 2023 75,000 75,000
Charge for the period 18,750 18,750
_______ _______
At 30 November 2024 93,750 93,750
_______ _______
Carrying amount
At 30 November 2024 31,250 31,250
_______ _______
At 31 May 2023 50,000 50,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 6,351 67,334 73,685
Additions - 35,820 35,820
Disposals - ( 13,700) ( 13,700)
_______ _______ _______
At 30 November 2024 6,351 89,454 95,805
_______ _______ _______
Depreciation
At 1 June 2023 3,993 38,154 42,147
Charge for the year 531 23,156 23,687
Disposals - ( 10,449) ( 10,449)
_______ _______ _______
At 30 November 2024 4,524 50,861 55,385
_______ _______ _______
Carrying amount
At 30 November 2024 1,827 38,593 40,420
_______ _______ _______
At 31 May 2023 2,358 29,180 31,538
_______ _______ _______
7. Investments
Loans to group undertakings and participating interests Total
£ £
Cost
At 1 June 2023 6,250 6,250
Additions 59,964 59,964
_______ _______
At 30 November 2024 66,214 66,214
_______ _______
Impairment
At 1 June 2023 and 30 November 2024 - -
_______ _______
Carrying amount
At 30 November 2024 66,214 66,214
_______ _______
At 31 May 2023 6,250 6,250
_______ _______
8. Debtors
30/11/24 31/05/23
£ £
Trade debtors 175,880 316,515
Other debtors 15,403 16,535
_______ _______
191,283 333,050
_______ _______
9. Creditors: amounts falling due within one year
30/11/24 31/05/23
£ £
Bank loans and overdrafts 68,179 45,557
Trade creditors 177,483 103,406
Social security and other taxes 270,741 159,927
Other creditors 178,207 142,702
_______ _______
694,610 451,592
_______ _______
10. Controlling party
The company is a subsidiary of Ken Rhodes Holdings Limited, a company registered in England.