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COMPANY REGISTRATION NUMBER: 06820994
Kimpton Creative Limited
Filleted Unaudited Financial Statements
28 February 2022
Kimpton Creative Limited
Balance Sheet
28 February 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
37,802
1,540
Current assets
Debtors
6
16,409
14,862
Cash at bank and in hand
34,488
63,610
--------
--------
50,897
78,472
Creditors: amounts falling due within one year
7
24,405
14,106
--------
--------
Net current assets
26,492
64,366
--------
--------
Total assets less current liabilities
64,294
65,906
Creditors: amounts falling due after more than one year
8
61,499
50,000
--------
--------
Net assets
2,795
15,906
--------
--------
Capital and reserves
Called up share capital
101
101
Profit and loss account
2,694
15,805
-------
--------
Shareholders funds
2,795
15,906
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 28 February 2022 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kimpton Creative Limited
Balance Sheet (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 29 June 2022 , and are signed on behalf of the board by:
Mr D Kimpton
Director
Company registration number: 06820994
Kimpton Creative Limited
Notes to the Financial Statements
Year ended 28 February 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture and fixtures
-
20% straight line
Vehicles
-
20% straight line
Office equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).
5. Tangible assets
Fixtures and fittings
Vehicles
Equipment
Total
£
£
£
£
Cost
At 1 March 2021
3,015
1,792
5,478
10,285
Additions
46,784
749
47,533
-------
--------
-------
--------
At 28 February 2022
3,015
48,576
6,227
57,818
-------
--------
-------
--------
Depreciation
At 1 March 2021
3,015
1,792
3,938
8,745
Charge for the year
9,356
1,915
11,271
-------
--------
-------
--------
At 28 February 2022
3,015
11,148
5,853
20,016
-------
--------
-------
--------
Carrying amount
At 28 February 2022
37,428
374
37,802
-------
--------
-------
--------
At 28 February 2021
1,540
1,540
-------
--------
-------
--------
6. Debtors
2022
2021
£
£
Trade debtors
6,232
8,061
Other debtors
10,177
6,801
--------
--------
16,409
14,862
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
9,687
Trade creditors
584
540
Social security and other taxes
4,357
5,356
Other creditors
9,777
8,210
--------
--------
24,405
14,106
--------
--------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,206
50,000
Other creditors
28,293
--------
--------
61,499
50,000
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2022
2021
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
40,788
71,671
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
81,648
58,852
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Kimpton
( 95)
163
68
----
----
----
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr D Kimpton
( 1,292)
1,197
( 95)
-------
-------
----