KENT CONSERVATION & RESTORATION LIMITED 30/06/2017 iXBRL

KENT CONSERVATION & RESTORATION LIMITED 30/06/2017 iXBRL

KENT CONSERVATION & RESTORATION LIMITED - Company Information

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KENT CONSERVATION & RESTORATION LIMITED
Unaudited filleted financial statements
30 June 2017
Company registration number 5859662
KENT CONSERVATION & RESTORATION LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
KENT CONSERVATION & RESTORATION LIMITED
Directors and other information
Director Mr R. Flegg
Secretary Mrs S.M. Flegg
Company number 5859662
Registered office 4 Bloors Lane
Rainham
Kent
ME8 7EG
Business address 11 Harrison Drive
Harrietsham
Maidstone
Kent
ME17 1BZ
Accountants J.A.D. Associates Limited
4 Bloors Lane
Rainham
Gillingham
Kent
KENT CONSERVATION & RESTORATION LIMITED
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of KENT CONSERVATION & RESTORATION LIMITED
Year ended 30 June 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kent Conservation & Restoration Limited for the year ended 30 June 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Kent Conservation & Restoration Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Kent Conservation & Restoration Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kent Conservation & Restoration Limited and its director as a body for our work or for this report.
It is your duty to ensure that Kent Conservation & Restoration Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kent Conservation & Restoration Limited. You consider that Kent Conservation & Restoration Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kent Conservation & Restoration Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
J.A.D. Associates Limited
Chartered Accountants
4 Bloors Lane
Rainham
Gillingham
Kent
5 January 2018
KENT CONSERVATION & RESTORATION LIMITED
Statement of financial position
30 June 2017
2017 2016
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 15,142 20,125
_______ _______
15,142 20,125
Current assets
Stocks 3,985 4,130
Debtors 7 102,793 144,720
Cash at bank and in hand 597 8,569
_______ _______
107,375 157,419
Creditors: amounts falling due
within one year 8 ( 121,809) ( 144,808)
_______ _______
Net current (liabilities)/assets ( 14,434) 12,611
_______ _______
Total assets less current liabilities 708 32,736
Creditors: amounts falling due
after more than one year 9 ( 3,007) ( 18,480)
_______ _______
Net (liabilities)/assets ( 2,299) 14,256
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 2,301) 14,254
_______ _______
Shareholders (deficit)/funds ( 2,299) 14,256
_______ _______
For the year ending 30 June 2017 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 January 2018 , and are signed on behalf of the board by:
-
Mr R. Flegg
Director
Company registration number: 5859662
KENT CONSERVATION & RESTORATION LIMITED
Statement of changes in equity
Year ended 30 June 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2015 2 31,319 31,321
Profit for the year 22,935 22,935
_______ _______ _______
Total comprehensive income for the year - 22,935 22,935
Dividends paid and payable ( 40,000) ( 40,000)
_______ _______ _______
Total investments by and distributions to owners - ( 40,000) ( 40,000)
_______ _______ _______
At 30 June 2016 and 1 July 2016 2 14,254 14,256
Profit for the year 22,445 22,445
_______ _______ _______
Total comprehensive income for the year - 22,445 22,445
Dividends paid and payable ( 39,000) ( 39,000)
_______ _______ _______
Total investments by and distributions to owners - ( 39,000) ( 39,000)
_______ _______ _______
At 30 June 2017 2 ( 2,301) ( 2,299)
_______ _______ _______
KENT CONSERVATION & RESTORATION LIMITED
Notes to the financial statements
Year ended 30 June 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Bloors Lane, Rainham, Kent, ME8 7EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Turnover
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.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Goodwill - 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 9 (2016: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2016 and 30 June 2017 20,000 20,000
_______ _______
Amortisation
At 1 July 2016 and 30 June 2017 20,000 20,000
_______ _______
Carrying amount
At 30 June 2017 - -
_______ _______
At 30 June 2016 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2016 and 30 June 2017 2,420 6,890 44,758 54,068
_______ _______ _______ _______
Depreciation
At 1 July 2016 1,780 5,416 26,747 33,943
Charge for the year 160 320 4,503 4,983
_______ _______ _______ _______
At 30 June 2017 1,940 5,736 31,250 38,926
_______ _______ _______ _______
Carrying amount
At 30 June 2017 480 1,154 13,508 15,142
_______ _______ _______ _______
At 30 June 2016 640 1,474 18,011 20,125
_______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2017 10,874
_______
At 30 June 2016 14,499
_______
7. Debtors
2017 2016
£ £
Trade debtors 50,876 95,125
Other debtors 51,917 49,595
_______ _______
102,793 144,720
_______ _______
8. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 62,317 71,445
Trade creditors 17,171 26,162
Corporation tax 6,321 7,960
Social security and other taxes 29,348 31,257
Other creditors 6,652 7,984
_______ _______
121,809 144,808
_______ _______
9. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts 2,174 12,647
Other creditors 833 5,833
_______ _______
3,007 18,480
_______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,119 3,119
Later than 1 year and not later than 5 years 8,719 11,838
_______ _______
11,838 14,957
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr R. Flegg ( 1,584) 59,178 ( 55,768) 1,826
_______ _______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr R. Flegg ( 2,531) 58,291 ( 57,344) ( 1,584)
_______ _______ _______ _______
12. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.