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Registration number: 11390569

KYO Developments Ltd

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2021

 

KYO Developments Ltd

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 5

 

KYO Developments Ltd

Company Information

Director

Mrs P. M. Toole

Registered office

C/o Azets Bulman House Regent Centre
Gosforth
Newcastle Upon Tyne
NE3 3LS

Accountants

Azets
Chartered Accountants
10 Manchester Street
Morpeth
Northumberland
NE61 1BH

 

KYO Developments Ltd

(Registration number: 11390569)
Statement of Financial Position as at 31 May 2021

Note

2021
£

2020
£

           

Current assets

   

 

Cash at bank and in hand

   

119,708

 

7

Creditors: Amounts falling due within one year

4

 

(30,901)

 

(47)

Net assets/(liabilities)

   

88,807

 

(40)

Capital and reserves

   

 

Called up share capital

1

 

1

 

Profit and loss account

88,806

 

(41)

 

Total equity

   

88,807

 

(40)

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

The director acknowledges her 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 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 Income Statement has been taken.

Approved and authorised by the director on 19 August 2022
 

.........................................
Mrs P. M. Toole
Director

   
     
 

KYO Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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 C/o Azets Bulman House Regent Centre, Gosforth, Newcastle Upon Tyne, NE3 3LS.England

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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations. The director has assessed the potential impact of the COVID-19 virus and the financial impact on the company and has developed a business continuity plan should the impact of the pandemic widen.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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.

 

KYO Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

2

Accounting policies (continued)

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.

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 the director) during the year, was 1 (2020 - 1).

4

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Accruals and deferred income

2,400

-

Corporation tax liability

28,454

-

Directors loan accounts

47

47

30,901

47

5

Related party transactions

Transactions with directors

2021

At 1 June 2020
£

Advances to directors
£

Repayments by director
£

At 31 May 2021
£

Mrs P. M. Toole

Loan to the company

47

(36,708)

36,708

47

         
       

 

 

KYO Developments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021 (continued)

5

Related party transactions (continued)

2020

Advances from directors
£

At 31 May 2020
£

Mrs P. M. Toole

Loan to the company

47

47