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COMPANY REGISTRATION NUMBER: 00984509
R E Knight Limited
Filleted Unaudited Financial Statements
31 August 2024
R E Knight Limited
Financial Statements
Year ended 31 August 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
R E Knight Limited
Officers and Professional Advisers
The board of directors
Mrs P E Knight
Mr A W Knight
Mr B G Knight
Registered office
Unit 29
Rochester Airport Estate
27-43 Laker Road
Rochester
Kent
ME1 3QX
Accountants
Sazan & Company Ltd
Chartered accountants
79 Tile Kiln Lane
Bexley
Kent
DA5 2BD
Bankers
Barclays Bank Plc
Hanover Square Corporate Banking Centre
8-9 Hanover Square
London W1A 4ZW
R E Knight Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
163,881
156,545
Current assets
Stocks
3,600
15,100
Debtors
6
123,371
105,842
Cash at bank and in hand
103,910
88,197
---------
---------
230,881
209,139
Creditors: amounts falling due within one year
7
86,937
96,619
---------
---------
Net current assets
143,944
112,520
---------
---------
Total assets less current liabilities
307,825
269,065
Creditors: amounts falling due after more than one year
8
24,261
25,564
Provisions
Taxation including deferred tax
35,260
33,425
---------
---------
Net assets
248,304
210,076
---------
---------
Capital and reserves
Called up share capital
3,000
3,000
Profit and loss account
245,304
207,076
---------
---------
Shareholders funds
248,304
210,076
---------
---------
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 31 August 2024 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 .
R E Knight Limited
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
Mrs P E Knight
Mr B G Knight
Director
Director
Company registration number: 00984509
R E Knight Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 29, Rochester Airport Estate, 27-43 Laker Road, Rochester, Kent, ME1 3QX.
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.
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
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax.
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:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% 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.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 September 2023
22,836
480,216
38,610
86,503
628,165
Additions
38,814
6,742
45,556
Disposals
( 50,532)
( 1,037)
( 35,000)
( 86,569)
--------
---------
--------
--------
---------
At 31 August 2024
22,836
468,498
44,315
51,503
587,152
--------
---------
--------
--------
---------
Depreciation
At 1 September 2023
387,912
35,787
47,921
471,620
Charge for the year
19,200
1,409
8,089
28,698
Disposals
( 47,412)
( 864)
( 28,771)
( 77,047)
--------
---------
--------
--------
---------
At 31 August 2024
359,700
36,332
27,239
423,271
--------
---------
--------
--------
---------
Carrying amount
At 31 August 2024
22,836
108,798
7,983
24,264
163,881
--------
---------
--------
--------
---------
At 31 August 2023
22,836
92,304
2,823
38,582
156,545
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
94,483
80,308
Other debtors
28,888
25,534
---------
---------
123,371
105,842
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,374
29,635
Corporation tax
17,343
13,829
Social security and other taxes
15,432
14,781
Other creditors
23,788
38,374
--------
--------
86,937
96,619
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
24,261
25,564
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs P E Knight
( 8,246)
( 8,246)
-------
----
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mrs P E Knight
( 14,303)
6,057
( 8,246)
--------
-------
-------