KJM Electrical Ltd - Accounts to registrar (filleted) - small 18.2
KJM Electrical Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| KJM ELECTRICAL LTD |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| KJM ELECTRICAL LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| STATEMENT OF FINANCIAL POSITION |
| 30 NOVEMBER 2021 |
| 2021 | 2020 |
| Notes | £ | £ |
| NON-CURRENT ASSETS |
| Intangible assets | 5 |
| Property, plant & equipment | 6 |
| CURRENT ASSETS |
| Inventories |
| Receivables: amounts falling due within one year |
7 |
| Cash at bank |
| PAYABLES |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PAYABLES |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve | ( |
) | ( |
) |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the Company keeps 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 Sections 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. |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 NOVEMBER 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 1. | Statutory information |
| KJM Electrical Ltd is a |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| The Financial Statements are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets. |
| The accounting policies detailed below have been applied consistently throughout the year. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
| The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
| Plant & machinery | - 15% reducing balance |
| Fixtures & fittings | - 25% reducing balance |
| Motor vehicles | - 25% reducing balance |
| The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 3. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
| Hire purchase and leasing commitments |
| Property, plant and equipment held under leasing and hire purchase arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Cash flow statement |
| The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
| Finance costs |
| Finance costs are charged to the Income Statement over the term of the debt. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand and deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities. |
| Government grants |
| Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received. |
| Share capital |
| Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds. |
| 4. | Employees and directors |
| The average number of employees during the year was |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 5. | Intangible fixed assets |
| Goodwill |
| £ |
| COST |
| At 1 December 2020 |
| and 30 November 2021 |
| AMORTISATION |
| At 1 December 2020 |
| Amortisation for year |
| At 30 November 2021 |
| NET BOOK VALUE |
| At 30 November 2021 |
| At 30 November 2020 |
| 6. | Property, plant & equipment |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 December 2020 |
| Additions |
| At 30 November 2021 |
| DEPRECIATION |
| At 1 December 2020 |
| Charge for year |
| At 30 November 2021 |
| NET BOOK VALUE |
| At 30 November 2021 |
| At 30 November 2020 |
| 7. | Receivables: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Trade receivables |
| Amounts owed by group undertakings |
| Amounts owed by associates |
| Other receivables |
| KJM ELECTRICAL LTD (REGISTERED NUMBER: NI601380) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 8. | Payables: amounts falling due within one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans & overdrafts |
| Hire purchase contracts |
| Trade payables |
| Taxation & social security |
| Other payables |
| Bank loans, overdrafts and hire purchase liabilities are secured by a charge over the company assets. The director has provided a personal guarantee of £40,000 in respect of the company's bank borrowings. |
| 9. | Payables: amounts falling due after one year |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 10. | Directors' advances, credits and guarantees |
| At 30 November 2021 the amount owed to the company by the director was £191,424 (2020: £324,258). |
| 11. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| 12. | Parent company |
| The company regards RKM Holdco Limited as its parent company. |