Company Registration No. 08977282 (England and Wales)
KAREN EDWARDS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
KAREN EDWARDS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KAREN EDWARDS LIMITED
BALANCE SHEET
- 1 -
2022
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
622
Current assets
Cash at bank and in hand
28,213
81,170
Creditors: amounts falling due within one year
4
(10,250)
(52,957)
Net current assets
17,963
28,213
Total assets less current liabilities
17,963
28,835
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
17,962
28,834
Total equity
17,963
28,835
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 10 August 2022
Ms K Edwards
Director
Company Registration No. 08977282
KAREN EDWARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
- 2 -
1
Accounting policies
Company information
Karen Edwards Limited is a private company limited by shares incorporated in England and Wales. The registered office is Little Strood, Mark Cross, Wadhurst Road, Crowborough, East Sussex, TN6 3PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance basis
KAREN EDWARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
2022
Number
Number
Total
1
1
KAREN EDWARDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
1,194
Disposals
(1,194)
At 31 July 2022
Depreciation and impairment
At 1 April 2022
572
Eliminated in respect of disposals
(572)
At 31 July 2022
Carrying amount
At 31 July 2022
At 31 March 2022
622
4
Creditors: amounts falling due within one year
2022
2022
£
£
Taxation and social security
17
Other creditors
10,250
52,940
10,250
52,957