Company registration number 09571384 (England and Wales)
K.W. MAINTAIN & SECURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
K.W. MAINTAIN & SECURE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
K.W. MAINTAIN & SECURE LTD
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,739
22,720
Current assets
Stocks
1,280
1,290
Debtors
5
5,304
11,264
Cash at bank and in hand
27,103
33,700
33,687
46,254
Creditors: amounts falling due within one year
6
(17,178)
(25,180)
Net current assets
16,509
21,074
Total assets less current liabilities
32,248
43,794
Creditors: amounts falling due after more than one year
7
(2,232)
(5,119)
Provisions for liabilities
(2,991)
(4,317)
Net assets
27,025
34,358
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
26,925
34,258
Total equity
27,025
34,358
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
K.W. MAINTAIN & SECURE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023
31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
J Goddard
Director
Company Registration No. 09571384
K.W. MAINTAIN & SECURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information
K.W. Maintain & Secure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Kindle Warren, Mangrove Road, Hertford, Hertfordshire, United Kingdom, SG13 8QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on cost
Office equipment
20% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Financial instruments
Trade and other debtors
Trade and other debtors are measured at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.
K.W. MAINTAIN & SECURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 4 -
Trade and other creditors
Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transactions costs. they are subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet sate.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably they will be recovered against the reversal if deferred tax liabilities or other future taxable profits.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The directors consider that there are no significant judgements of estimates in the preparation of these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
K.W. MAINTAIN & SECURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
45,678
Additions
1,819
At 31 May 2023
47,497
Depreciation and impairment
At 1 June 2022
22,958
Depreciation charged in the year
8,800
At 31 May 2023
31,758
Carrying amount
At 31 May 2023
15,739
At 31 May 2022
22,720
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,381
9,034
Other debtors
1,923
2,230
5,304
11,264
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,886
2,815
Trade creditors
650
600
Corporation tax
1,845
3,728
Other creditors
11,797
18,037
17,178
25,180
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,232
5,119