J W Kelly Limited,Ltd - AccountsLtd - Accounts

J W Kelly Limited,Ltd - AccountsLtd - Accounts

J W KELLY LIMITED - Company Information

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J W Kelly Limited
Registered Number:02938430
For the year ended 31 October 2020
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2020
J W Kelly Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
02938430
As at 31 October 2020
J W Kelly Limited
Statement of Financial Position
£
£
2019
2020
Notes
Fixed assets
Property, plant and equipment
154,916
158,461
2
154,916
158,461
Current assets
Inventories
-
63,319
3
Trade and other receivables
159,708
64,552
4
102,198
Cash and cash equivalents
191,476
319,347
261,906
Trade and other payables: amounts falling due within one
year
(77,790)
(115,787)
5
184,116
203,560
Net current assets
Total assets less current liabilities
358,476
342,577
Trade and other payables: amounts falling due after more
than one year
-
(50,000)
6
308,476
Net assets
342,577
Capital and reserves
Called up share capital
100
100
Retained earnings
308,376
342,477
308,476
342,577
Shareholders' funds
For the year ended 31 October 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr John Kelly Director
These financial statements were approved and authorised for issue by the Board on 30 April 2021 and were signed by:
The notes form part of these financial statements
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4
For the year ended 31 October 2020
J W Kelly Limited
Notes to the Financial Statements
Statutory Information
J W Kelly Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
02938430.
Registered address:
21 New Road
Seven Kings
Ilford
Essex
IG3 8AU
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
25% Reducing balance
25% Reducing balance
Computer equipment
25% Reducing balance
Motor vehicles
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
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5
For the year ended 31 October 2020
J W Kelly Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
Cost or
valuation
At 01 November 2019
172,714
3,475
9,000
18,683
141,556
1,412
700
-
712
-
Additions
(957)
-
(288)
-
Disposals
(1,245)
At 31 October 2020
19,107
9,000
3,218
172,881
141,556
Provision for depreciation and impairment
At 01 November 2019
14,253
1,650
6,974
5,629
-
Charge for year
4,454
520
507
3,427
-
(742)
(513)
-
(229)
-
On disposal
At 31 October 2020
17,965
1,657
7,481
8,827
-
At 31 October 2020
Net book value
141,556
10,280
1,519
1,561
154,916
At 31 October 2019
141,556
13,054
2,026
1,825
158,461
3. Inventories
2019
2020
£
£
Stocks
63,319
-
4. Trade and other receivables
2019
2020
£
£
Trade debtors
56,346
71,385
Other debtors
8,206
88,323
159,708
64,552
5. Trade and other payables: amounts falling due within one year
2019
2020
£
£
Trade creditors
54,859
37,534
Taxation and social security
49,054
36,151
Other creditors
11,874
4,105
115,787
77,790
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6
For the year ended 31 October 2020
J W Kelly Limited
Notes to the Financial Statements Continued
6. Trade and other payables: amounts falling due after more than one year
2019
2020
£
£
Bank loans and overdraft
50,000
-
7. Related party transactions
At the year-end, the company owes Mr. John Paul Kelly £5,108 (2019: £Nil).
8. Average number of persons employed
During the year the average number of employees was 2 (2019 : 1)
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