Alf Kitching Limited - Period Ending 2020-10-31
Alf Kitching Limited - Period Ending 2020-10-31
Registration number:
Alf Kitching Limited
for the Year Ended 31 October 2020
Alf Kitching Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Alf Kitching Limited
Company Information
Directors |
P Kitching M Kitching |
Company secretary |
P Kitching |
Registered office |
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Alf Kitching Limited
(Registration number: 03445818)
Balance Sheet as at 31 October 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Company secretary and director
Alf Kitching Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 03445818.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
The financial statements cover the individual entity, Alf Kitching Ltd.
Going concern
The financial statements have been prepared on a going concern basis.
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Alf Kitching Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred Tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% on reducing balance |
Motor vehicles |
20% on reducing balance |
Computer equipment |
20% on reducing balance |
Land and buildings
Stocks
Stock has been estimated at the lower of cost and selling price less cost to sell.
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Alf Kitching Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Alf Kitching Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 November 2019 |
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At 31 October 2020 |
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Amortisation |
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At 1 November 2019 |
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At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 November 2019 |
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Additions |
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Disposals |
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( |
( |
( |
At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 October 2020 |
- |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Alf Kitching Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other payables |
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Accruals |
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Income tax liability |
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11,134 |
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Due after one year |
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Loans and borrowings |
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The hire purchase liability is secured against the assets of which the hire purchase was obtained for.
Creditors: amounts falling due after more than one year
2020 |
2019 |
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Due after more than five years |
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After more than five years by instalments |
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