6
30/11/2023
2023-11-30
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
true
true
false
No description of principal activities is disclosed
2022-12-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
NI048442
2022-12-01
2023-11-30
NI048442
2023-11-30
NI048442
2022-11-30
NI048442
2022-11-30
NI048442
core:FurnitureFittingsToolsEquipment
2022-12-01
2023-11-30
NI048442
core:MotorVehicles
2022-12-01
2023-11-30
NI048442
bus:RegisteredOffice
2022-12-01
2023-11-30
NI048442
bus:OrdinaryShareClass1
2022-12-01
2023-11-30
NI048442
bus:LeadAgentIfApplicable
2022-12-01
2023-11-30
NI048442
bus:Director1
2022-12-01
2023-11-30
NI048442
bus:Director2
2022-12-01
2023-11-30
NI048442
bus:CompanySecretary1
2022-12-01
2023-11-30
NI048442
core:NetGoodwill
2023-11-30
NI048442
core:FurnitureFittingsToolsEquipment
2022-11-30
NI048442
core:MotorVehicles
2022-11-30
NI048442
core:FurnitureFittingsToolsEquipment
2023-11-30
NI048442
core:MotorVehicles
2023-11-30
NI048442
core:WithinOneYear
2023-11-30
NI048442
core:WithinOneYear
2022-11-30
NI048442
core:AfterOneYear
2023-11-30
NI048442
core:AfterOneYear
2022-11-30
NI048442
core:ShareCapital
2023-11-30
NI048442
core:ShareCapital
2022-11-30
NI048442
core:RetainedEarningsAccumulatedLosses
2023-11-30
NI048442
core:RetainedEarningsAccumulatedLosses
2022-11-30
NI048442
bus:OrdinaryShareClass1
core:ShareCapital
2023-11-30
NI048442
bus:OrdinaryShareClass1
core:ShareCapital
2022-11-30
NI048442
core:NetGoodwill
2022-11-30
NI048442
core:AcceleratedTaxDepreciationDeferredTax
2023-11-30
NI048442
core:AcceleratedTaxDepreciationDeferredTax
2022-11-30
NI048442
core:FurnitureFittingsToolsEquipment
2022-11-30
NI048442
core:MotorVehicles
2022-11-30
NI048442
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2023-11-30
NI048442
core:LeasedAssetsHeldAsLessee
core:MotorVehicles
2022-11-30
NI048442
core:DeferredTaxation
2023-11-30
NI048442
bus:SmallEntities
2022-12-01
2023-11-30
NI048442
bus:AuditExemptWithAccountantsReport
2022-12-01
2023-11-30
NI048442
bus:FullAccounts
2022-12-01
2023-11-30
NI048442
bus:SmallCompaniesRegimeForAccounts
2022-12-01
2023-11-30
NI048442
bus:PrivateLimitedCompanyLtd
2022-12-01
2023-11-30
NI048442
1
2022-12-01
2023-11-30
Company registration number:
NI048442
J & R Keys (Tiles) Limited
Unaudited filleted financial statements
30 November 2023
J & R Keys (Tiles) Limited
Contents
Directors and other information
Directors responsibilities statement
Accountants report
Balance sheet
Notes to the financial statements
J & R Keys (Tiles) Limited
Directors and other information
|
|
|
|
Directors |
Mr Jonathan Keys |
|
|
Mrs Karen Keys |
|
|
|
|
|
|
|
Secretary |
Mr Jonathan Keys |
|
|
|
|
|
|
|
Company number |
NI048442 |
|
|
|
|
|
|
|
Registered office |
19 Castle Street |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT43 7BT |
|
|
|
|
|
|
|
Business address |
19 Castle Street |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT43 7BT |
|
|
|
|
|
|
|
Accountants |
Potter Finnegan Limited |
|
|
Unit 25 The Courtyard Business Park |
|
|
190 Galgorm Road |
|
|
Ballymena |
|
|
Co Antrim |
|
|
BT42 1HL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
Ulster Bank Limited |
|
|
49 Wellington Street |
|
|
Ballymena |
|
|
Co.Antrim |
|
|
BT43 6AD |
|
|
|
J & R Keys (Tiles) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of J & R Keys (Tiles) Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of J & R Keys (Tiles) Limited for the year ended 30 November 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of J & R Keys (Tiles) Limited, as a body, in accordance with the terms of our engagement letter dated 2 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of J & R Keys (Tiles) Limited and state those matters that we have agreed to state to the board of directors of J & R Keys (Tiles) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & R Keys (Tiles) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that J & R Keys (Tiles) 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 J & R Keys (Tiles) Limited. You consider that J & R Keys (Tiles) 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 J & R Keys (Tiles) 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.
Potter Finnegan Limited
Chartered Accountants
Unit 25 The Courtyard Business Park
190 Galgorm Road
Ballymena
Co Antrim
BT42 1HL
21 March 2024
J & R Keys (Tiles) Limited
Balance sheet
30 November 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
4 |
- |
|
|
|
- |
|
|
Tangible assets |
|
5 |
147,430 |
|
|
|
116,658 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
147,430 |
|
|
|
116,658 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
6 |
33,689 |
|
|
|
26,565 |
|
|
Debtors |
|
7 |
54,148 |
|
|
|
79,917 |
|
|
Cash at bank and in hand |
|
|
86,275 |
|
|
|
162,615 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
174,112 |
|
|
|
269,097 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
99,123) |
|
|
|
(
114,697) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
74,989 |
|
|
|
154,400 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
222,419 |
|
|
|
271,058 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
52,645) |
|
|
|
(
59,062) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
10 |
|
|
(
18,322) |
|
|
|
(
13,304) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
151,452 |
|
|
|
198,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
12 |
|
|
15,000 |
|
|
|
15,000 |
Profit and loss account |
|
|
|
|
136,452 |
|
|
|
183,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
151,452 |
|
|
|
198,692 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge 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 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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 March 2024
, and are signed on behalf of the board by:
Mr Jonathan Keys
Mrs Karen Keys
Director
Director
Company registration number:
NI048442
J & R Keys (Tiles) Limited
Notes to the financial statements
Year ended 30 November 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is J & R Keys (Tiles) Limited, 19 Castle Street, Ballymena, Co Antrim, BT43 7BT.
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.
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.
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.
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:
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:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
10 % |
reducing balance |
|
Motor vehicles |
- |
20 % |
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.
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.
Hire purchase and finance leases
Assets held under finance leases 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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
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.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 December 2022 and 30 November 2023 |
170,000 |
170,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 December 2022 and 30 November 2023 |
170,000 |
170,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 30 November 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 30 November 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Tangible assets
|
|
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 December 2022 |
61,227 |
152,711 |
213,938 |
|
|
|
|
|
Additions |
42,192 |
19,000 |
61,192 |
|
|
|
|
|
Disposals |
- |
(
9,490) |
(
9,490) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 November 2023 |
103,419 |
162,221 |
265,640 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 December 2022 |
42,736 |
54,544 |
97,280 |
|
|
|
|
|
Charge for the year |
6,070 |
23,204 |
29,274 |
|
|
|
|
|
Disposals |
- |
(
8,344) |
(
8,344) |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 November 2023 |
48,806 |
69,404 |
118,210 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 November 2023 |
54,613 |
92,817 |
147,430 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 November 2022 |
18,491 |
98,167 |
116,658 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 November 2023 |
84,210 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 30 November 2022 |
86,263 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Stocks
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Finished goods |
|
33,689 |
26,565 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
51,243 |
77,585 |
|
Other debtors |
|
2,905 |
2,332 |
|
|
|
_______ |
_______ |
|
|
|
54,148 |
79,917 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
45,377 |
55,280 |
|
Corporation tax |
|
15,315 |
19,051 |
|
Social security and other taxes |
|
5,318 |
19,379 |
|
Other creditors |
|
33,113 |
20,987 |
|
|
|
_______ |
_______ |
|
|
|
99,123 |
114,697 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
52,645 |
59,062 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Provisions
|
|
Deferred tax (note 11) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 December 2022 and 30 November 2023 |
18,322 |
18,322 |
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
11.
Deferred tax
The deferred tax included in the Balance sheet is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 10) |
|
18,322 |
13,304 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
18,322 |
13,304 |
|
|
|
_______ |
_______ |
|
|
|
|
|
12.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
15,000 |
|
15,000 |
|
15,000 |
|
15,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
13.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
|
|
Rent of business premises from the directors |
18,000 |
18,000 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
14.
Controlling party
The company is controlled by the directors.