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Registration number: 09152443

K Glover Limited

Report of the Directors and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

K Glover Limited

Contents of The Financial Statements
for the Year Ended 31 December 2021

 

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

K Glover Limited

Company Information
for the Year Ended 31 December 2021

Directors

Mr Terrence Edward Dersley

Ms Kim Jacqueline Glover

Registered office

1 Sutton Court Drive
Rochford
Essex
SS4 1HR

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
K Glover Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K Glover Limited for the year ended 31 December 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of K Glover Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of K Glover Limited and state those matters that we have agreed to state to the Board of Directors of K Glover Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www .accaglobal .com/gb/en /technical -activities /technica l -resources -search /2009/ october/ factsheet- 163-audit-exempt -companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K Glover Limited and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that K Glover 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 Glover Limited. You consider that K Glover 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 accounts of K Glover 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 accounts.

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

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

15 August 2022

 

K Glover Limited

(Registration number: 09152443 )
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

8,224

-

Current assets

 

Debtors

5

14,695

31,954

Cash at bank and in hand

 

1,802

632

 

16,497

32,586

Creditors: Amounts falling due within one year

6

(9,433)

(11,396)

Net current assets

 

7,064

21,190

Total assets less current liabilities

 

15,288

21,190

Creditors: Amounts falling due after more than one year

6

(13,667)

(20,000)

Provisions for liabilities

(1,563)

-

Net assets

 

58

1,190

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(42)

1,090

Shareholders' funds

 

58

1,190

For the financial year ending 31 December 2021 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

K Glover Limited

(Registration number: 09152443 )
Balance Sheet as at 31 December 2021

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 Board on 15 August 2022 and signed on its behalf by:
 

.........................................
Mr Terrence Edward Dersley
Director

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
1 Sutton Court Drive
Rochford
Essex
SS4 1HR
England

These financial statements were authorised for issue by the Board on 15 August 2022.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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.

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.

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

1,575

1,575

Additions

9,675

9,675

At 31 December 2021

11,250

11,250

Depreciation

At 1 January 2021

1,575

1,575

Charge for the year

1,451

1,451

At 31 December 2021

3,026

3,026

Carrying amount

At 31 December 2021

8,224

8,224

5

Debtors

2021
£

2020
£

Other debtors

14,695

31,954

14,695

31,954

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

7

4,000

-

Trade creditors

 

813

1,701

Taxation and social security

 

3,666

8,064

Accruals and deferred income

 

954

1,631

 

9,433

11,396

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

13,667

20,000

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

13,667

20,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

4,000

-

 

K Glover Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Related party transactions

Transactions with directors

2021

At 1 January 2021
£

Advances to directors
£

Repayments by director
£

At 31 December 2021
£

Ms Kim Jacqueline Glover

14,715

23,635

(34,609)

3,741

         
       

Mr Terrence Edward Dersley

14,715

23,635

(34,609)

3,741

         
       

 

2020

At 1 January 2020
£

Advances to directors
£

Repayments by director
£

At 31 December 2020
£

Ms Kim Jacqueline Glover

3,083

38,752

(27,120)

14,715

         
       

Mr Terrence Edward Dersley

3,083

38,752

(27,120)

14,715