Caseware UK (AP4) 2016.0.181 2016.0.181 2018-06-302018-06-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truefalseNo description of principal activityfalse2017-07-01 09069273 2017-07-01 2018-06-30 09069273 2016-07-01 2017-06-30 09069273 2018-06-30 09069273 2017-06-30 09069273 c:Director1 2017-07-01 2018-06-30 09069273 d:PlantMachinery 2017-07-01 2018-06-30 09069273 d:PlantMachinery 2018-06-30 09069273 d:PlantMachinery 2017-06-30 09069273 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-07-01 2018-06-30 09069273 d:Goodwill 2017-07-01 2018-06-30 09069273 d:Goodwill 2018-06-30 09069273 d:Goodwill 2017-06-30 09069273 d:CurrentFinancialInstruments 2018-06-30 09069273 d:CurrentFinancialInstruments 2017-06-30 09069273 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 09069273 d:CurrentFinancialInstruments d:WithinOneYear 2017-06-30 09069273 d:ShareCapital 2018-06-30 09069273 d:ShareCapital 2017-06-30 09069273 d:RetainedEarningsAccumulatedLosses 2018-06-30 09069273 d:RetainedEarningsAccumulatedLosses 2017-06-30 09069273 d:AcceleratedTaxDepreciationDeferredTax 2018-06-30 09069273 d:AcceleratedTaxDepreciationDeferredTax 2017-06-30 09069273 c:FRS102 2017-07-01 2018-06-30 09069273 c:AuditExempt-NoAccountantsReport 2017-07-01 2018-06-30 09069273 c:FullAccounts 2017-07-01 2018-06-30 09069273 c:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30 iso4217:GBP xbrli:pure
Registered number: 09069273









KGA SUPPLIES LTD

FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018







































 
KGA SUPPLIES LTD
REGISTERED NUMBER: 09069273

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018

2018
2017
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,023
20,045

Tangible assets
 5 
9,233
2,558

  
19,256
22,603

Current assets
  

Stocks
 6 
169,198
120,689

Debtors: amounts falling due within one year
 7 
25,943
75,135

Cash at bank and in hand
 8 
45,125
24,425

  
240,266
220,249

Creditors: amounts falling due within one year
 9 
(168,998)
(142,472)

Net current assets
  
 
 
71,268
 
 
77,777

Total assets less current liabilities
  
90,524
100,380

Provisions for liabilities
  

Deferred tax
 10 
(1,570)
(435)

  
 
 
(1,570)
 
 
(435)

Net assets
  
88,954
99,945


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
88,854
99,845

  
88,954
99,945


Page 1

 
KGA SUPPLIES LTD
REGISTERED NUMBER: 09069273
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr G Boniface
Director

Date: 12 November 2018

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

1.


General information

KGA Supplies Limited is a private limited company incorporated in England.
Registered Office:
George Court
Bartholomew's Walk
Ely
Cambridgeshire
CB7 4JW

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 July 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.4

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

2.Accounting policies (continued)

 
2.10

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2017 - 7).

Page 6

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2017
50,111



At 30 June 2018

50,111



Amortisation


At 1 July 2017
30,066


Charge for the year
10,022



At 30 June 2018

40,088



Net book value



At 30 June 2018
10,023



At 30 June 2017
20,045

Page 7

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 July 2017
6,170


Additions
10,048


Disposals
(2,642)



At 30 June 2018

13,576



Depreciation


At 1 July 2017
3,612


Charge for the year on owned assets
3,080


Disposals
(2,349)



At 30 June 2018

4,343



Net book value



At 30 June 2018
9,233



At 30 June 2017
2,558


6.


Stocks

2018
2017
£
£

Finished goods and goods for resale
169,198
120,689

169,198
120,689


Page 8

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

7.


Debtors

2018
2017
£
£


Trade debtors
640
75,100

Other debtors
25,303
-

Prepayments and accrued income
-
35

25,943
75,135



8.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
45,125
24,425

45,125
24,425



9.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
91,852
79,341

Corporation tax
9,024
24,526

Other taxation and social security
580
5,186

Other creditors
67,542
33,419

168,998
142,472


Page 9

 
KGA SUPPLIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018

10.


Deferred taxation




2018


£






At beginning of year
(435)


Charged to profit or loss
-


Utilised in year
(1,135)



At end of year
(1,570)

The provision for deferred taxation is made up as follows:

2018
2017
£
£


Accelerated capital allowances
(1,570)
(435)

(1,570)
(435)


11.


Related party transactions

At the balance sheet date the company owed the director £40,042 (2017 - £33,419). This loan is interest free.

 
Page 10