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Registration number: 03552462

K Gunby Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Xebra Accounting Fareham Limited
5 Funtley Court
Funtley Hill
Fareham
Hampshire
PO16 7UY

 

K Gunby Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

K Gunby Ltd

Company Information

Director

Kevin Edward Thomas Gunby

Registered office

5 Funtley Court
Funtley Hill
Fareham
Hampshire
PO16 7UY

Accountants

Xebra Accounting Fareham Limited
5 Funtley Court
Funtley Hill
Fareham
Hampshire
PO16 7UY

 

K Gunby Ltd

(Registration number: 03552462)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

1,088

3,053

Current assets

 

Debtors

5

6,218

-

Cash at bank and in hand

 

2,504

11,373

 

8,722

11,373

Creditors: Amounts falling due within one year

6

(21,867)

(18,874)

Net current liabilities

 

(13,145)

(7,501)

Net liabilities

 

(12,057)

(4,448)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(12,058)

(4,449)

Total equity

 

(12,057)

(4,448)

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 November 2018
 

.........................................

Kevin Edward Thomas Gunby

Director

 

K Gunby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5 Funtley Court
Funtley Hill
Fareham
Hampshire
PO16 7UY

These financial statements were authorised for issue by the director on 12 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

K Gunby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

 

K Gunby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

399

300

7,586

8,285

Disposals

-

-

(1,911)

(1,911)

At 31 March 2018

399

300

5,675

6,374

Depreciation

At 1 April 2017

399

300

4,533

5,232

Charge for the year

-

-

1,965

1,965

Eliminated on disposal

-

-

(1,911)

(1,911)

At 31 March 2018

399

300

4,587

5,286

Carrying amount

At 31 March 2018

-

-

1,088

1,088

At 31 March 2017

-

-

3,053

3,053

5

Debtors

2018
£

2017
£

Other debtors

6,218

-

6,218

-

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Accruals and deferred income

-

5,807

Other creditors

21,867

13,067

21,867

18,874

7

Share capital

Allotted, called up and fully paid shares

 

K Gunby Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

 

2018

2017

 

No.

£

No.

£

Ordinary Shares of £1 each

1

1

1

1

         

8

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Repayments by director
£

At 31 March 2018
£

Kevin Edward Thomas Gunby

Director's Loan Account

(21,252)

(615)

(21,867)