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KP CNC Machine Tools Limited

Registration number : 09401463



















Annual Report and Unaudited Financial Statements

for the year ended 31 January 2023

 

KP CNC Machine Tools Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

KP CNC Machine Tools Limited

Company Information

Directors

Mrs Lynn Parker

Mr Karl William Parker

Registered office

150 Redgate
Ormskirk
Lancashire
L39 3NY

Accountants

McParland Williams Limited
Accountants and Tax Practitioners
13 Liverpool Road North
Maghull
Merseyside
L31 2HB

 

KP CNC Machine Tools Limited

(Registration number: 09401463)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

19,722

21,841

Current assets

 

Stocks and work-in-progress

6

40,506

40,823

Debtors

7

94,578

81,712

Cash at bank and in hand

 

86,959

99,284

 

222,043

221,819

Creditors: Amounts falling due within one year

8

(56,476)

(51,265)

Net current assets

 

165,567

170,554

Total assets less current liabilities

 

185,289

192,395

Creditors: Amounts falling due after more than one year

8

(24,108)

(33,912)

Provisions for liabilities

(1,237)

(802)

Net assets

 

159,944

157,681

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

159,844

157,581

Total equity

 

159,944

157,681

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 August 2023 and signed on its behalf by:
 

 

KP CNC Machine Tools Limited

(Registration number: 09401463)
Balance Sheet as at 31 January 2023

.........................................
Mrs Lynn Parker
Director

   
     
 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
150 Redgate
Ormskirk
Lancashire
L39 3NY

These financial statements were authorised for issue by the Board on 15 August 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25 % reducing balance method

Computer equipment

33 % straight line method

Motor vehicles

25% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 directors) during the year, was 3 (2022 - 3).

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

18,402

25,378

Deferred taxation

Arising from origination and reversal of timing differences

434

(2,762)

Tax expense in the income statement

18,836

22,616

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

9,351

3,750

37,167

50,268

Additions

4,705

-

1,180

5,885

Disposals

(4,334)

-

-

(4,334)

At 31 January 2023

9,722

3,750

38,347

51,819

Depreciation

At 1 February 2022

8,403

2,564

17,460

28,427

Charge for the year

2,485

297

5,222

8,004

Eliminated on disposal

(4,334)

-

-

(4,334)

At 31 January 2023

6,554

2,861

22,682

32,097

Carrying amount

At 31 January 2023

3,168

889

15,665

19,722

At 31 January 2022

948

1,186

19,707

21,841

6

Stocks and work-in-progress

2023
£

2022
£

Other inventories

40,506

40,823

7

Debtors

2023
£

2022
£

Trade debtors

86,172

69,099

Other debtors

5,900

10,800

Prepayments

2,506

1,813

94,578

81,712

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

9,809

9,648

Trade creditors

 

18,946

5,115

Taxation and social security

 

26,212

34,764

Other creditors

 

1,509

1,738

 

56,476

51,265

Due after one year

 

Loans and borrowings

11

24,108

33,912

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

24,108

33,912

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,255

25,742

 

KP CNC Machine Tools Limited

Notes to the Unaudited Financial Statements for the year ended 31 January 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,108

33,912

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,809

9,648