Company No: 06213969 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Unaudited Financial Statements

	Note	2021		2020
		£		£
Fixed assets
Intangible assets	3	29		39
Tangible assets	4	106,169		122,698
		106,198		122,737
Current assets
Debtors	5	163,556		98,126
Cash at bank and in hand		460,162		263,502
		623,718		361,628
Creditors
Amounts falling due within one year	6	( 319,466)		( 238,120)
Net current assets		304,252		123,508
Total assets less current liabilities		410,450		246,245
Creditors
Amounts falling due after more than one year	7	( 67,371)		( 33,296)
Provisions for liabilities		( 19,964)		( 23,143)
Net assets		323,115		189,806
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account		323,113		189,804
Total shareholders' funds		323,115		189,806

For the financial year ending 30 April 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of RG Kellow Limited (registered number: 06213969) were approved and authorised for issue by the Director on 04 January 2022. They were signed on its behalf by:

Mr R Kellow Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

RG Kellow Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishop Fleming, Chy Nyverow, Newham Road, Truro, Cornwall, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of RG Kellow Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery - 15% reducing balance
Motor vehicles - 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	25		27

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 May 2020	91		91
At 30 April 2021	91		91
Accumulated amortisation
At 01 May 2020	52		52
Charge for the financial year	10		10
At 30 April 2021	62		62
Net book value
At 30 April 2021	29		29
At 30 April 2020	39		39

4. Tangible assets

	Plant and machinery		Vehicles		Total
	£		£		£
Cost
At 01 May 2020	27,838		201,398		229,236
Additions	13,046		0		13,046
At 30 April 2021	40,884		201,398		242,282
Accumulated depreciation
At 01 May 2020	10,179		96,359		106,538
Charge for the financial year	3,315		26,260		29,575
At 30 April 2021	13,494		122,619		136,113
Net book value
At 30 April 2021	27,390		78,779		106,169
At 30 April 2020	17,659		105,039		122,698

5. Debtors

	2021		2020
	£		£
Trade debtors	149,736		94,906
Other debtors	13,820		3,220
	163,556		98,126

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	833		0
Trade creditors	141,108		84,898
Amounts owed to director	58,953		44,703
Other creditors	7,140		6,584
Accruals	4,851		6,146
Corporation tax	48,834		27,901
Other taxation and social security	42,655		46,732
Obligations under finance leases and hire purchase contracts (secured)	15,092		21,156
	319,466		238,120

The obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans	49,167		0
Obligations under finance leases and hire purchase contracts (secured)	18,204		33,296
	67,371		33,296

The obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.

8. Called-up share capital

	2021		2020
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2

9. Financial commitments

Commitments

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

	2021		2020
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	1,095		892