Registered number
11446255
KMS Bespoke Limited
Unaudited Filleted Accounts
31 July 2022
KMS Bespoke Limited
Registered number: 11446255
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 23,509 10,761
Current assets
Stocks 5,460 15,495
Debtors 4 84,587 63,183
Cash at bank and in hand 172,712 202,712
262,759 281,390
Creditors: amounts falling due within one year 5 (137,810) (142,025)
Net current assets 124,949 139,365
Net assets 148,458 150,126
Capital and reserves
Called up share capital 2 2
Profit and loss account 148,456 150,124
Shareholders' funds 148,458 150,126
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Karen Howe
Director
Approved by the board on 25 October 2023
KMS Bespoke Limited
Notes to the Accounts
for the year ended 31 July 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery at 25% RB
Fixtures, fittings, tools and equipment at 25% RB
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2021 7,175 7,173 14,348
Additions 904 20,682 21,586
Disposals - (1,334) (1,334)
At 31 July 2022 8,079 26,521 34,600
Depreciation
At 1 August 2021 1,794 1,793 3,587
Charge for the year 1,572 6,265 7,837
On disposals - (333) (333)
At 31 July 2022 3,366 7,725 11,091
Net book value
At 31 July 2022 4,713 18,796 23,509
At 31 July 2021 5,381 5,380 10,761
4 Debtors 2022 2021
£ £
Trade debtors 77,053 55,858
Other debtors 7,534 7,325
84,587 63,183
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 15,137 62,519
Taxation and social security costs 31,433 54,387
Other creditors 91,240 25,119
137,810 142,025
6 Other information
KMS Bespoke Limited is a private company limited by shares and incorporated in England. Its registered office is:
Wansbeck House,
Redburn Road,
Newcastle Upon Tyne,
NE5 1NB
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