For the period ended 30 September 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 04987372
K Martin & Son Limited
For the period ended 30 September 2016
1
Accountant's Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
K Martin & Son Limited
Accountant's Report
For the period ended 30 September 2016
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts of K
|
Martin
&
Son Limited for the period ended
30
September
2016
which comprise the Profit and Loss Account
,
the Balance
|
Sheet and the related notes from the company
'
s accounting records and from information and explanations you have given
|
us
.
|
As a practising member of the Association of Chartered Certified Accountants
,
we are subject to its ethical and other
|
professional requirements which are detailed at http
://
rulebook
.
accaglobal
.
com
.
|
This report is made solely to the Board of Directors of K Martin
&
Son Limited
.
Our work has been undertaken solely to
|
prepare for your approval the accounts of K Martin
&
Son Limited and state those matters that we have agreed to state to
|
the Board of Directors of K Martin
&
Son Limited
,
as a body
,
in this report in accordance with the requirements of the
|
Association of Chartered Certified Accountants and as detailed at http
://
www
.
accaglobal
.
com
/
factsheet
163
.
To the fullest
|
extent permitted by law
,
we do not accept or assume responsibility to anyone other than K Martin
&
Son Limited and its
|
Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that K Martin
&
Son Limited has kept adequate accounting records and to prepare statutory
|
accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of K Martin
&
Son Limited
.
You
|
consider that K Martin
&
Son Limited is exempt from the statutory audit requirement for the year
.
|
Steve Pye & Co.
Chartered Certified Accountants
The Pink House
Estuary Road
King's Lynn
PE30 2HJ
27 March 2017
1 of 4
Notes to the Abbreviated Financial Statements
|
K Martin & Son Limited
For the period ended 30 September 2016
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding.
|
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at
|
the balance sheet date
.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction
.
All
|
foreign exchange differences are included to the profit and loss account
.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the
|
shareholders prior to the balance sheet date
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Plant and Machinery
Tractors and Motor Vehicles
No depreciation is provided on the company
'
s freehold properties since in the opinion of the directors the expected useful lives
|
are sufficiently long and the estimated residual values are sufficiently high that any such depreciation would be immaterial
.
The
|
directors undertake an annual impairment review of these properties
.
|
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and rewards of
|
ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets and depreciated over
|
the shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
K Martin & Son Limited
For the period ended 30 September 2016
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
1,623,613
400,972
(159,200)
1,865,385
869,045
(41,536)
185,243
Charge for period
1,012,752
852,633
754,568
2016
3
Creditors
:
amounts falling due within one year
|
2015
-
540
Bank loans and overdrafts (secured)
4
Creditors
:
amounts falling due after one year
|
As of
21
st April
2004
the bank holds a debenture securing all monies owing or becoming due from the company to the bank
|
on any account registered to the pursuant
.
|
Allotted called up and fully paid
|
2016
2015
100
Ordinary shares of £
1
.
00
each
|
100
100
100
100
4 of 4