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Company registration number: 04485035
K.A.P.S. Building Services Limited
Unaudited financial statements
31 July 2023
K.A.P.S. Building Services Limited
Contents
Directors and other information
Director's report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
K.A.P.S. Building Services Limited
Directors and other information
Director Mr K R Wood
Secretary K R Wood
Company number 04485035
Registered office 100 High Street
Whitstable
Kent
CT5 1AZ
Business address Church Hall, Turner Close
Acorn Street
Sheerness
Kent
ME12 2ST
Accountants The Bubb Sherwin Partnership Ltd
100 High Street
Whitstable
Kent
CT5 1AZ
K.A.P.S. Building Services Limited
Director's report
Year ended 31 July 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2023.
Director
The director who served the company during the year was as follows:
Mr K R Wood
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 02 November 2023 and signed on behalf of the board by:
Mr K R Wood
Director
K.A.P.S. Building Services Limited
Report to the director on the preparation of the
unaudited statutory financial statements of K.A.P.S. Building Services Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of K.A.P.S. Building Services Limited for the year ended 31 July 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of K.A.P.S. Building Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of K.A.P.S. Building Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than K.A.P.S. Building Services Limited and its director as a body for our work or for this report.
It is your duty to ensure that K.A.P.S. Building Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of K.A.P.S. Building Services Limited. You consider that K.A.P.S. Building Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of K.A.P.S. Building Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Bubb Sherwin Partnership Ltd
Chartered Certified Accountants
100 High Street
Whitstable
Kent
CT5 1AZ
2 November 2023
K.A.P.S. Building Services Limited
Statement of comprehensive income
Year ended 31 July 2023
2023 2022
Note £ £
Turnover 590,066 317,397
Cost of sales ( 430,111) ( 211,709)
_______ _______
Gross profit 159,955 105,688
Administrative expenses ( 69,682) ( 77,913)
Other operating income 5,145 4,429
_______ _______
Operating profit 95,418 32,204
Other interest receivable and similar income 551 312
Profit before taxation 5 95,969 32,516
Tax on profit ( 19,337) ( 6,123)
_______ _______
Profit for the financial year and total comprehensive income 76,632 26,393
_______ _______
All the activities of the company are from continuing operations.
K.A.P.S. Building Services Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 25,704 17,838
_______ _______
25,704 17,838
Current assets
Stocks 6,940 1,888
Debtors 7 86,504 82,184
Cash at bank and in hand 94,858 27,228
_______ _______
188,302 111,300
Creditors: amounts falling due
within one year 8 ( 51,553) ( 15,310)
_______ _______
Net current assets 136,749 95,990
_______ _______
Total assets less current liabilities 162,453 113,828
Provisions for liabilities ( 193) -
_______ _______
Net assets 162,260 113,828
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 162,258 113,826
_______ _______
Shareholder funds 162,260 113,828
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared 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'.
These financial statements were approved by the board of directors and authorised for issue on 02 November 2023 , and are signed on behalf of the board by:
Mr K R Wood
Director
Company registration number: 04485035
K.A.P.S. Building Services Limited
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2021 2 98,433 98,435
Profit for the year 26,393 26,393
_______ _______ _______
Total comprehensive income for the year - 26,393 26,393
Dividends paid and payable ( 11,000) ( 11,000)
_______ _______ _______
Total investments by and distributions to owners - ( 11,000) ( 11,000)
_______ _______ _______
At 31 July 2022 and 1 August 2022 2 113,826 113,828
Profit for the year 76,632 76,632
_______ _______ _______
Total comprehensive income for the year - 76,632 76,632
Dividends paid and payable ( 28,200) ( 28,200)
_______ _______ _______
Total investments by and distributions to owners - ( 28,200) ( 28,200)
_______ _______ _______
At 31 July 2023 2 162,258 162,260
_______ _______ _______
K.A.P.S. Building Services Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 100 High Street, Whitstable, Kent, CT5 1AZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2022: 4 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 8,586 5,947
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 7,811 15,363 41,733 64,907
Additions 212 3,004 16,250 19,466
Disposals - ( 13,110) ( 10,918) ( 24,028)
_______ _______ _______ _______
At 31 July 2023 8,023 5,257 47,065 60,345
_______ _______ _______ _______
Depreciation
At 1 August 2022 7,486 14,160 25,423 47,069
Charge for the year 141 952 7,493 8,586
Disposals - ( 12,687) ( 8,327) ( 21,014)
_______ _______ _______ _______
At 31 July 2023 7,627 2,425 24,589 34,641
_______ _______ _______ _______
Carrying amount
At 31 July 2023 396 2,832 22,476 25,704
_______ _______ _______ _______
At 31 July 2022 325 1,203 16,310 17,838
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 75,785 62,685
Other debtors 10,719 19,499
_______ _______
86,504 82,184
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 3,270 6,444
Corporation tax 19,144 6,420
Social security and other taxes 27,269 462
Other creditors 1,870 1,984
_______ _______
51,553 15,310
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K R Wood 15,346 19,085 ( 30,086) 4,345
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr K R Wood 10,789 31,347 ( 26,790) 15,346
_______ _______ _______ _______