2021-06-012022-05-312022-05-31false11359071KERS Innovations 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KERS Innovations Limited

Registered Number
11359071
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2022

KERS Innovations Limited
Company Information
for the year from 1 June 2021 to 31 May 2022

Directors

Neil Frederick Guest

Registered Address

Whiteleaf Business Centre
11 Little Balmer
Buckingham
MK18 1TF

Registered Number

11359071 (England and Wales)
KERS Innovations Limited
Balance Sheet as at
31 May 2022

Notes

2022

2021

£

£

£

£

Current assets
Stocks-23,800
Debtors58,2207,256
Cash at bank and on hand37515,301
8,59546,357
Creditors amounts falling due within one year6(44,451)(28,007)
Net current assets (liabilities)(35,856)18,350
Total assets less current liabilities(35,856)18,350
Creditors amounts falling due after one year-(18,000)
Net assets(35,856)350
Capital and reserves
Called up share capital100100
Profit and loss account(35,956)250
Shareholders' funds(35,856)350
The financial statements were approved and authorised for issue by the Board of Directors on 13 September 2022, and are signed on its behalf by:
Neil Frederick Guest
Director
Registered Company No. 11359071
KERS Innovations Limited
Notes to the Financial Statements
for the year ended 31 May 2022

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Going concern
The Company has now ceased trading and the Directors do not believe that the accounts should be prepared on a going concern basis.
4.Employee information

20222021
Average number of employees during the year22
5.Debtors

2022

2021

££
Trade debtors / trade receivables3,3841,606
Other debtors4,8365,650
Total8,2207,256
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Other debtors includes a Corporation Tax Refund of £4,241 which was repaid in August 2022.
6.Creditors within one year

2022

2021

££
Trade creditors / trade payables17,79813,544
Taxation and social security3,0382,703
Other creditors23,61511,760
Total44,45128,007
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The Company had a Bounce Back Loan of £14,400 as at 31-07-2022 which is unlikely to be repaid in full. The prior year loan balance of £18,000 was included in Long Term Creditors.