Kelly Covell Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11272470 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Kelly Covell Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Miss K Covell

REGISTERED OFFICE:

47 Kells Lane

Gateshead

NE9 5SJ

REGISTERED NUMBER:

11272470 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Intangible assets

4

-

2,576

Tangible assets

5

6,126

3,091

6,126

5,667

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

10,065

14,327

Cash at bank

4,320

2,057

16,385

18,384

CREDITORS

Amounts falling due within one year

7

16,673

22,966

NET CURRENT LIABILITIES

(288

)

(4,582

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,838

1,085

PROVISIONS FOR LIABILITIES

587

587

NET ASSETS

5,251

498

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

5,249

496

5,251

498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 December 2023 and were signed by:

Miss K Covell - Director

1.	STATUTORY INFORMATION

Kelly Covell Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

12,884

AMORTISATION

At 1 April 2022

10,308

Charge for year

2,576

At 31 March 2023

12,884

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

2,576

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

6,814

Additions

4,574

At 31 March 2023

11,388

DEPRECIATION

At 1 April 2022

3,723

Charge for year

1,539

At 31 March 2023

5,262

NET BOOK VALUE

At 31 March 2023

6,126

At 31 March 2022

3,091

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

10,065

14,327

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

6,936

10,133

Hire purchase contracts

193

-

Trade creditors

-

1,960

Taxation and social security

8,794

7,023

Other creditors

750

3,850

16,673

22,966