Keyser Limited Filleted accounts for Companies House (small and micro)

Keyser Limited Filleted accounts for Companies House (small and micro)

KEYSER LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07789394
Keyser Limited
Filleted Unaudited Financial Statements
30 September 2022
Keyser Limited
Statement of Financial Position
30 September 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
5
1,014
1,500
Tangible assets
6
78,047
72,005
--------
--------
79,061
73,505
Current assets
Stocks
54,538
27,500
Debtors
7
9,637
1,151
--------
--------
64,175
28,651
Creditors: amounts falling due within one year
8
134,826
142,272
---------
---------
Net current liabilities
70,651
113,621
--------
---------
Total assets less current liabilities
8,410
( 40,116)
Creditors: amounts falling due after more than one year
9
88,102
74,604
Provisions
Taxation including deferred tax
12,521
13,989
--------
---------
Net liabilities
( 92,213)
( 128,709)
--------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 92,313)
( 128,809)
--------
---------
Shareholders deficit
( 92,213)
( 128,709)
--------
---------
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 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Keyser Limited
Statement of Financial Position (continued)
30 September 2022
These financial statements were approved by the board of directors and authorised for issue on 14 June 2023 , and are signed on behalf of the board by:
Mr E A Keyser
Director
Company registration number: 07789394
Keyser Limited
Notes to the Financial Statements
Year ended 30 September 2022
1. General information
The company is a private company limited by shares, registered in Engalnd and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, GL7 1US.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Long Leasehold
-
20% reducing balance
Plant and machinery
-
12% straight line
Fixtures, fittings and equipment
-
12% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 7 ).
5. Intangible assets
Development costs
Other intangible assets
£
£
Cost
At 1 October 2021
5,457
–
Additions
–
–
Disposals
( 3,027)
–
-------
----
At 30 September 2022
2,430
–
-------
----
Amortisation
At 1 October 2021
3,957
–
Charge for the year
486
–
Disposals
( 3,027)
–
-------
----
At 30 September 2022
1,416
–
-------
----
Carrying amount
At 30 September 2022
1,014
–
-------
----
At 30 September 2021
1,500
–
-------
----
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 October 2021
18,981
117,676
40,532
177,189
Additions
–
22,462
7,082
29,544
Disposals
–
( 6,083)
( 2,481)
( 8,564)
--------
---------
--------
---------
At 30 September 2022
18,981
134,055
45,133
198,169
--------
---------
--------
---------
Depreciation
At 1 October 2021
3,796
76,192
25,196
105,184
Charge for the year
3,037
13,062
5,466
21,565
Disposals
–
( 4,368)
( 2,259)
( 6,627)
--------
---------
--------
---------
At 30 September 2022
6,833
84,886
28,403
120,122
--------
---------
--------
---------
Carrying amount
At 30 September 2022
12,148
49,169
16,730
78,047
--------
---------
--------
---------
At 30 September 2021
15,185
41,484
15,336
72,005
--------
---------
--------
---------
7. Debtors
2022
2021
£
£
Trade debtors
8,350
467
Other debtors
1,287
684
-------
-------
9,637
1,151
-------
-------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
22,211
46,304
Trade creditors
16,850
16,106
Social security and other taxes
14,120
8,975
Other creditors - Company Credit Card
4,161
–
Other creditors
77,484
70,887
---------
---------
134,826
142,272
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
88,102
74,604
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr E A Keyser
( 66,498)
( 4,561)
( 71,059)
--------
-------
--------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr E A Keyser
( 70,576)
4,078
( 66,498)
--------
-------
--------