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Registered Number: 08267278
England

 

 

 

KGN PRIVATE LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022
 
 
Notes
 
2022
£
  2021
£
Fixed assets      
Tangible fixed assets 3   402 
  402 
Current assets      
Cash at bank and in hand 40,137    40,130 
Creditors: amount falling due within one year 4 (3,893)   (500)
Net current assets 36,244    39,630 
 
Total assets less current liabilities 36,244    40,032 
Creditors: amount falling due after more than one year 5 (23,957)   (44,463)
Net assets 12,287    (4,431)
 

Capital and reserves
     
Called up share capital 6 1    1 
Profit and loss account 12,286    (4,432)
Shareholder's funds 12,287    (4,431)
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 30 September 2023 and were signed by:


-------------------------------
Imran Tailor
Director
1
General Information
KGN PRIVATE LTD is a private company, limited by shares, registered in England, registration number 08267278, registration address 175 , Pleckgate Road, Blackburn, BB1 8QR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 20% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees

Average number of employees during the year was 1 (2021 : 1).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 January 2022 4,470    4,470 
Additions  
Disposals  
At 31 December 2022 4,470    4,470 
Depreciation
At 01 January 2022 4,068    4,068 
Charge for year 402    402 
On disposals  
At 31 December 2022 4,470    4,470 
Net book values
Closing balance as at 31 December 2022  
Opening balance as at 01 January 2022 402    402 


4.

Creditors: amount falling due within one year

2022
£
  2021
£
Corporation Tax 3,393   
Accrued Expenses 500    500 
3,893    500 

5.

Creditors: amount falling due after more than one year

2022
£
  2021
£
Bank Loans & Overdrafts 23,957    44,463 
23,957    44,463 

6.

Share Capital

Authorised
1 Class A share of £1.00 each
Allotted, called up and fully paid
2022
£
  2021
£
1 Class A share of £1.00 each  
 

2